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Technology Stocks : IRID - Iridium World Communications IPO Announced!
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To: Geoff Goodfellow who wrote (1594)4/15/1999 2:49:00 PM
From: sjemmeri  Read Replies (1) of 2693
 
From Reuters' report on MOT earnings:
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Motorola shied away from specific questions about its exposure to global satellite communications provider Iridium World Communications Ltd (Nasdaq:IRID - news)., which said last week that it no longer expects to break even on a cash flow basis by year-end. Motorola owns about 18 percent of Iridium and also backs a heavy portion of the company's debt.

Motorola said it was reviewing Iridium's new business plans, but the officials repeatedly declined to comment on whether it would have to raise reserves or take additional charges to cover its Iridium debt exposure, an issue analysts had hoped Motorola would address during the conference call.

''Whether any additional financial support to Iridium may be provided by Motorola will depend upon many factors, including the content of their revised business plans,'' Growney said. ''Beyond that, there is nothing further to be said on this subject, as all discussions between the parties involved are confidential.''

Analysts were surprised by the tight-lipped response, saying Motorola had been more open in previous quarters.

''In the past they were much more willing to talk about it,'' Chris Chaney, an analyst at AG Edwards, told Reuters. ''They made the excuse that they wouldn't talk about it this time because (Iridium) is a public company, but it was public last quarter too, and they talked about it much more last quarter.''

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