Dallas, Texas 11/15/2013 (Financialstrend) – On November 13, 2013, Globalstar, Inc. (OTCMKTS:GSAT) announced its financial results for the period of 3 month ended September 30, 2013.
Jay Monroe, Chairman and CEO of Globalstar, commented, “The third quarter marked a momentous time for Globalstar as the Company achieved milestones across our operating, financial and regulatory efforts. In August, we placed the final satellite from our February launch into service, completing the MSS industry’s first second-generation Low Earth Orbit (“LEO”) constellation years ahead of the competition.”
The amount of revenue of the company for the 3rd quarter of 2013 was $22.5 million as compared to $20.5 million for the same 3rd quarter of a year ago, which indicates an increase of 10% and it was because of the increase in both the subscriber equipment sales and service revenue.
The amount of service revenue for the 3rd quarter of 2013 was $17.1 million as compared to $15.4 million for the same 3rd quarter of previous year, which indicates an increase of 11% or $1.7 million. The main reason behind this increase is due to growth in Duplex revenue, which was increased by 25% or $1.2 million and also it was because of higher usage
Service revenue growth for 3rd quarter of 2013 reflects SPOT revenue growth, which was increased by 6% as revenue-generating subscribers increased. In the 3rd quarter of 2013, Subscriber equipment revenue was $5.5 million, which indicates an increase of 6% from the same 3rd quarter of last year.
For the 3rd quarter of 2013, the company reported a net loss of $205 million as compared to $41.2 million for the same 3rd quarter of last year. This increase in net loss was mainly as a result of non-cash derivative losses.
Price update:
The stock opened the session at $1.75 and after increasing by 2.94% it closed at $1.75. The total volume of the stock was 6.26 million, while the average volume was 6.31 million by the end of the last trade.
