Globalstar Inc (GSAT) saw its loss narrow to $20.16 million, or $0.02 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $26.95 million, or $0.03 a share. Revenue during the quarter grew 12.90 percent to $24.65 million from $21.84 million in the previous year period. Gross margin for the quarter contracted 17 basis points over the previous year period to 55.09 percent. Operating margin for the quarter stood at negative 61.67 percent as compared to a negative 71.89 percent for the previous year period.
Operating loss for the quarter was $15.20 million, compared with an operating loss of $15.70 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $5.41 million compared with $4.36 million in the prior year period. At the same time, adjusted EBITDA margin improved 196 basis points in the quarter to 21.95 percent from 19.98 percent in the last year period.
Jay Monroe, chairman and chief executive officer of Globalstar, commented, “In March 2017, our SPOT business reached a significant milestone, enabling the 5,000th rescue since its launch in 2007. SPOT is currently being used by customers to initiate approximately two rescues per day, proving how essential our technology is to saving lives. Our core operations also produced meaningful financial growth with a 13% increase in total revenue as we continue to improve ARPU across all of our major types of revenue. Duplex ARPU was up 26% during the first quarter, contributing significantly to the reduction in net loss and increase in Adjusted EBITDA. We also continue to focus on product and business development through expanding our one-way and two-way product portfolio. Our efforts involve a strong group of internal engineers as well as strategic partners, such as Carmanah, who is currently designing and manufacturing a new solar powered M2M satellite product. Finally, as discussed a couple of months ago, we have initiated requests for authority to provide terrestrial services over our 16.5 MHz of licensed 2.4 GHz spectrum in several international jurisdictions. While we cannot discuss the specific countries we are pursuing, we have a strategy and we will update you as we reach milestones towards our goal."
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
