Globalstar, Inc (GSAT) saw its loss widen to $117.22 million, or $0.11 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $26.82 million, or $0.03 a share. Revenue during the quarter grew 7.15 percent to $24.40 million from $22.77 million in the previous year period. Gross margin for the quarter expanded 192 basis points over the previous year period to 57.21 percent. Operating margin for the quarter stood at negative 68.88 percent as compared to a negative 69.90 percent for the previous year period.
Operating loss for the quarter was $16.80 million, compared with an operating loss of $15.91 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $5.13 million compared with $4.61 million in the prior year period. At the same time, adjusted EBITDA margin improved 81 basis points in the quarter to 21.04 percent from 20.24 percent in the last year period.
Jay Monroe, chairman and chief executive officer of Globalstar, commented, "During 2016, we reached one of the most significant milestones in Globalstar's history when the FCC adopted a Report and Order that will enable us to provide terrestrial authority over our 11.5 MHz of licensed 2.4 GHz spectrum. Obtaining this Report and Order was a long and difficult process, and we thank all participants that helped bring it to a successful conclusion. We are now aggressively pursuing similar terrestrial authority in numerous international jurisdictions."
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