Another I* executive leaving
April 27, 1999
Iridium Reports Wider Losses
By REUTERS
ridium L.L.C., the satellite phone company, said Monday that its
first-quarter loss widened as the company's results fell short of Wall
Street's expectations amid disappointing sales.
The company, whose two top executives have
quit in less than a month, posted a net loss of
$505.4 million, or $3.45 a diluted share,
compared with a loss of $203.57 million, or
$1.45 a share, in the quarter a year earlier.
Analysts expected the company to lose $3.17 a share, according to the
First Call Corporation, which tracks company earnings. Shares of Iridium
World Communications Ltd., the publicly traded entity representing
Iridium, rose 37.5 cents, to $16.375.
Iridium, a consortium based in Washington that allows paging and
wireless communication anywhere in the world from a single phone
number, posted revenue of $1.45 million after reporting no revenue a
year earlier. Some investment firms expected revenue of $7.5 million.
In another executive departure, Mauro Sentinelli, an executive vice
president for marketing and distribution, will leave the company.
Copyright 1999 The New York Times Company
Search Our Reviews
Merlots
• Cabernets Fit for
the Cellar
• Four-Star Viogniers
• Russian River
Pinot Noirs
• Buttery
Chardonnays
• Custom Search
• Wine of the Week
• Wine Reviews for
Your PalmPilot
• New York Events
• Search All Events
• Add Your Event
• Feature Stories
• Special Reports
• Auction & Events
• Cellar Worthy
• Upcoming Stars
• Value Producer
• Custom Search
• Win an Instant
Wine Cellar!
• Win Event Tickets
|
