To all: Here's something I thought would be of interest. It may help us gauge the meaning and breadth of timeline delays. The following is a Reuters news story written today about Iridium, one of my many timeline delayed stock holdings. This should put some better perspective on our FNTN timeline woes...AND Oh YEAH!..
Iridium's share price is finally taking off... After only 11 years.
-w-
Iridium (NASDAQ:IRIDF) says making progress for Nov. 1
Reuters, Wednesday, October 28, 1998 at 10:17
WASHINGTON, D.C., Oct 28 (Reuters) - Iridium LLC (NASDAQ:IRIDF),
which delayed the commercial launch of its $5 billion global
telecommunications systems in September, said on Wednesday it
has made "substantial progress" in the third quarter toward
meeting its goal of achieving worldwide service availability on November 1.
Following 11 years of design, development and
implementation, the 66 low-Earth-orbit satellite system will allow users to make phone calls or receive pages anywhere in the world.
The company said in a release it successfully launched seven additional satellites and advanced its technical, infrastructure, licensing and distribution activities during the quarter in order to meet its November 1 goal.
The company said costs incurred and capitalized for the communications systems assets totaled $128 million for the quarter ending September 30. Since inception, amounts capitalized for the systems assets have totaled about $3.47 billion. Iridium said it recorded a net loss for the quarter of $364 million, or $2.59 a share, compared to a loss of $85.4 million, or $0.60 a share. Wall Street analysts' estimates for the quarter was a loss of $2.64 a share, according to First Call, a company that tracks such figures.
Copyright 1998, Reuters News Service
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