Globalstar’s revenue for the second quarter 2013 decreased...
Globalstar’s revenue for the second quarter 2013 decreased to $19.8 million, down from $20 million in the same period last year. Service revenue increased 9 percent to $15.4 million in the quarter, but equipment revenue was adversely affected by a…
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delay in the release of SPOT Gen3, its next-generation personal tracking device, “associated with product testing and final certification,” Globalstar said in a press release (http://bit.ly/18y6t8l). The company reported a $126.3 million net loss for the quarter compared to $27.5 million in 2012, it said. The greater loss was driven in part by a non-cash loss on extinguishment of debt of $47.2 million resulting from refinancing notes in May, it said. The company plans to launch the final satellite of its second-generation constellation, “fully restoring the service capability of our Duplex growth engine,” it said. Globalstar also said it hopes the FCC will make a decision on the company’s pending petition to use its mobile satellite service spectrum terrestrially to support mobile broadband applications.