Nov. 5, 2009 (GlobeNewswire) --
Key Quarterly Highlights;
* Globalstar began to ship new smaller and lighter SPOT Satellite GPS
Messenger
* New Best Buy and Pep Boys distribution agreements expand SPOT points
of distribution to nearly 10,000
* Globalstar total subscriber base grew to over 382,000
* Globalstar began implementation of Simplex data network upgrades
designed to increase messaging capacity by 10X
MILPITAS, Calif., Nov. 5, 2009 (GLOBE NEWSWIRE) -- Globalstar, Inc. (Nasdaq:GSAT), a leading provider of mobile satellite voice and data services to businesses, governments and consumers, today announced its operational and financial results for the three and nine-month periods ended September 30, 2009.
Major Company Highlights:
* On July 1st Globalstar announced it had completed a $738 million
financing. The financing funds the deployment of the Company's
24 second-generation satellites. Globalstar now has the resources
needed to deploy a new constellation designed to last beyond 2025.
* Globalstar continued to exhibit significant growth in subscribers
for Simplex data and SPOT Satellite GPS Messenger(TM) during the
third quarter of 2009. The Company completed the period ended
September 30, 2009 with 382,313 subscribers, 52,925 more than it
had at September 30, 2008.
* As of September 30, 2009, Globalstar had received orders to ship
more than 167,000 units to the nearly 10,000 SPOT Satellite GPS
Messenger points of distribution in North America, Europe, Latin
America, Australia, New Zealand, and Southeast Asia. During the
quarter, SPOT Satellite GPS Messenger distribution agreements were
completed with Best Buy Co., Inc. and The Pep Boys retailers in
the United States
* On July 9 the Company announced that Peter Dalton had been
appointed as its Chief Executive Officer. Mr. Dalton has served
as a director of the Company since 2004, as Chair of the Audit
Committee and has served as chief executive officer of Dalton
Partners, Inc., a turnaround management firm, since January 1989.
As chief executive officer of Dalton Partners, Inc., Mr. Dalton
also has served as chief executive officer and director of a number
of its clients.
* Globalstar began to ship initial limited quantities of its new
enhanced SPOT Satellite GPS Messenger. The new SPOT device is
approximately 30 percent smaller and lighter than the original
award-winning product. Initial shipments of the new product began
in late September.
* Globalstar continued to demonstrate its commitment to growing its
consumer SPOT Satellite GPS Messenger and commercial Simplex data
M2M markets by commencing installation of Simplex 2.0 network
upgrades, supplied by Comtech Aero Astro. The software upgrades,
expected to be completed later this fall, are designed to enhance
the overall customer messaging capacity by 10X and increase the
data receiver sensitivity of the Globalstar Simplex data network.
* The Company's total revenue, net loss and net loss per share for
the three-month period ended September 30, 2009 were $17.5 million,
$5.5 million and $0.04 respectively, compared to $22.5 million,
$26.0 million and $0.31, respectively, for the same three months
of 2008. Globalstar's nine-month results, consolidated statements
of operations and other financial and operating information appear
later in this press release.
"With the financing completed, we can now focus our energies on the major operational milestones pertaining to the manufacture and launch of our second-generation satellite constellation," said Jay Monroe, Executive Chairman, Globalstar, Inc. "The deployment of our new satellite constellation, expected to begin in 2010, will pave the way for the immediate return of the high quality and reliability historically provided to Globalstar's voice and duplex data subscribers. It will also position us to be first to market with a second-generation satellite network and a host of advanced IP Multimedia Subsystem or IMS based mobile satellite."
"Throughout the quarter we continued to expand our Simplex data network messaging capacity and geographic coverage capabilities while we introduced enhanced new SPOT Satellite GPS Messenger products and services," said Peter Dalton, Chief Executive Officer, Globalstar, Inc. Mr. Dalton added, "Thanks to the innovation of Globalstar, we are in the enviable position of owning and operating a low-cost highly reliable global Simplex satellite data network capable of delivering affordable high utility consumer and enterprise solutions. We intend to fully take advantage of this by effectively identifying SPOT Satellite GPS Messenger consumer and enterprise opportunities and by working within each of the markets to deliver the required hardware and service solutions."
About Globalstar, Inc.
With over 350,000 subscribers, Globalstar is a leading provider of mobile satellite voice and data services. Globalstar offers these services to commercial and recreational users in more than 120 countries around the world. The Company's products include mobile and fixed satellite telephones, simplex and duplex satellite data modems and flexible service packages. Many land based and maritime industries benefit from Globalstar with increased productivity from remote areas beyond cellular and landline service. Global customer segments include: oil and gas, government, mining, forestry, commercial fishing, utilities, military, transportation, heavy construction, emergency preparedness, and business continuity as well as individual recreational users. Globalstar data solutions are ideal for various asset and personal tracking, data monitoring and SCADA applications.
For more information regarding Globalstar, please visit Globalstar's web site at www.globalstar.com
Safe Harbor Language for Globalstar Releases
This press release contains certain statements such as, "We intend to fully take advantage of this by effectively identifying SPOT Satellite GPS Messenger consumer and enterprise opportunities and by working within each of the markets to deliver the required hardware and service solutions," that are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995.