I don't know the answer, but would presume there would have been...

I don't know the answer, but would presume there would have been significant dilution as you suspect.

After all Iridium commited to extra R&D (for messaging) and only began EBITDA break-even a few months back.

An important thing to note is that they only need ~100,000 to subscribers to break even. But new subscribers cost ~ZERO so the bottom line could start heading for the North Pole (which only Iridium can service). ~30% sales growth is extremely promising.

Iridium has even finally updated its new page,

www.iridium.com

(duh)

Sabre, may I suggest you read that, after which you will have no basis for posting your ignorant non bon mots.