Globalstar Q1 Loss Narrows - Quick Facts

(RTTNews) - Globalstar, Inc. (GSAT) reported a net loss of $129.7 million for the first quarter of 2015 as compared to a net loss of $250.5 million for the first quarter of 2014. Loss per share was $0.13, compared to a loss of $0.29. The company noted that the fluctuation in results was primarily from the impact of non-cash derivative losses in the first quarter of 2015 declining by $101.5 million year-over-year.

The company noted that the first quarter of 2015 was also favorably impacted by a lower loss on extinguishment of debt of $10.2 million due to conversions during the first quarter of 2014 that did not recur during 2015. Lower depreciation and interest expense also contributed to the reduction in net loss.

Loss from operations was $17.19 million, compared to a loss of $20.58 million, previous year. Adjusted EBITDA was $3.1 million compared to $3.8 million, last year.

Analysts polled by Thomson Reuters expected the company to report a loss per share of $0.03 for the quarter. Analysts' estimates typically exclude special items.

Revenue improved to $21.0 million for the first quarter of 2015 from $20.5 million for the first quarter of 2014, which was driven primarily by a 12% increase in the total subscriber base from March 31, 2014 to March 31, 2015. Analysts expected revenue of $23.59 million for the quarter.