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Globalstar Announces Results For Second Quarter 2012 - Company Reports Continued Improvement In Adjusted EBITDA

Key Highlights:

  • Globalstar Inc. ("Globalstar" or the "Company") reports positive Adjusted EBITDA for the third consecutive quarter and a substantial increase over the second quarter of 2011
  • Continued deployment of its second-generation constellation and expects network performance to continue to rise significantly as additional new satellites become operational
  • Settled prior disputes with Thales Alenia Space and agreed to the principal terms for the purchase of six additional satellites
  • Gained 42,000 activations during the second quarter 2012 – the most gross subscriber additions during a quarter in the Company's history

COVINGTON, La., Aug. 9, 2012 (GLOBE NEWSWIRE) -- Globalstar, Inc. (Nasdaq:GSAT) today announced its financial results for the three-month period ended June 30, 2012.

FINANCIAL RESULTS

 
  Three Months Ended June 30,
  2012 2011
  (in thousands)
     
Revenue  $ 19,981  $ 18,999
Net loss  (27,533)  (14,068)
Adjusted EBITDA (1)  2,890  (2,004)
     
(1) Refer to definition of Adjusted EBITDA later in this release and a reconciliation of Adjusted EBITDA to net loss for the periods.

Revenue

Globalstar reported revenue of $20.0 million for the three months ended June 30, 2012 compared to $19.0 million for the three months ended June 30, 2011. The primary driver of the revenue increase was SPOT service revenue, which grew by $1.6 million, or 33%, for the three months ended June 30, 2012 compared to the three months ended June 30, 2011. As expected, Duplex service revenue was lower in the second quarter of 2012 compared to the same period in 2011, but increased by approximately 7% from the first quarter of 2012. The Company anticipates further Duplex revenue growth later this year as additional second-generation satellites are placed into service.

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