Iridium Communications Inc. provides satellite voice and data communications services to businesses, the U.S. and foreign governments, non-governmental organizations, and consumers worldwide.
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Iridium offers unique communications products and services, but from an investors perspective I could not make sense of their SEC 10-Q quarterly report that was filed on 11/16/2009. They do about $80M in gross revenues a year, but during this past quarter they incurred a $34M charge due to "Change in fair value of warrants". I tried to find an explanation for this, but I could find none to my satisfaction despite over 60 occurrences of the "warrants" text in this document.
I sense that future earnings may suffer from additional charges due to warrants. Until they post some earnings with a return for the investor, I project that they will underperform the S&P 500.
The warrant restructuring is on page 13 of the 10-Q.