Globalstar… Financially Speaking…

[SatNews] Globalstar, Inc. has unveiled their operational and financial results for the three-month period ended June 30, 2010 — the major company highlights include…

• Throughout the first half of 2010 Globalstar continued to grow its subscriber base of customers due mainly to its continued consumer retail market success with the enhanced SPOT Satellite GPS Messenger (SPOT). the three-month period ended June 30, 2010, the Company recorded 17,449 SPOT unit activations, the highest number of SPOT activations per quarter since the company began selling the revolutionary mobile satellite consumer product. Globalstar completed the quarter with 412,295 total subscribers.
• Since the inception of the SPOT product in November 2007, Globalstar has received orders to ship more than 252,000 SPOT retail devices to over 10,000 SPOT Satellite GPS Messenger points of distribution in North America, Europe, Latin America, Australia, and Southeast Asia. During the three-month period ended June 30, 2010 Globalstar received orders to ship 34,094 SPOT units compared with orders for 13,223 SPOT units received during the previous quarter. Since its introduction, the SPOT product line has helped initiate more than 600 rescues in over 50 countries on land and at sea.
• During the quarter the Company announced its operational milestone schedule for the first launch of six new second-generation satellites. Globalstar plans to launch the six new satellites in October 2010 from the Baikonur Cosmodrome in Kazakhstan using the highly reliable Soyuz launch vehicle. The human-rated Soyuz is used to ferry astronauts and cosmonauts to the International Space Station and has been used to successfully launch Globalstar satellites on eight previous occasions.
• In June Globalstar and Arion Communication Co. Ltd., a leading provider of mobile satellite voice and data products and services to maritime customers in Korea, completed its joint venture agreement to form Globalstar Asia Pacific. The new joint venture company is now operating the Globalstar gateway ground station in Korea and is preparing to offer Simplex and duplex mobile satellite voice and data services, including SPOT products and services, to customers in Korea and the surrounding maritime region.
• Due to Management’s cost containment initiatives and an expanding subscriber base, Adjusted EBITDA loss for the three-month period ended June 30, 2010 was $0.3 million compared with an Adjusted EBITDA loss of $3.3 million for the second-quarter in 2009, a reduction of over 90 percent. The Company’s operating loss for the three-month period ended June 30, 2010 was $9.0 million compared to a loss of $ 12.6 million during the same three-month period in 2009, an improvement of $3.6 million.
• Total revenue, net loss and net loss per share for the three-month period ended June 30, 2010 were $17.6 million, $19.2 million and $0.07 respectively, compared to $15.7 million, a net loss of $13.8 million and a net loss per share of $0.12 respectively, for the same three months of 2009.

To read the entire financial report, access this direct link.