NEW YORK (Thomson Financial) - Globalstar Inc reported third-quarter net
earnings of $652,000, or 1 cent a share. The mean estimate of analysts polled by
Thomson Financial was for Globalstar to break even.
The Milpitas, Calif.-based company posted a third-quarter operating loss of
$300,000 and adjusted EBITDA (earnings before interest, taxes, depreciation and
amortization) of $7.8 million compared with operating income of $8.8 million and
adjusted EBITDA of $10.1 million in the year-earlier period.
Revenue fell to $25.7 million, below Wall Street's consensus view of $26.5
million. The company blamed lower equipment sales and decreased average revenue
per unit compared with the same period last year.
In the same period a year earlier, the company's net income was $2.7
million, or 4 cents a share, on sales of $38.7 million.
The satellite communications company's stock closed Tuesday at $8.70.
Michelle Rama
mr/tk1
COPYRIGHT
Copyright Thomson Financial News Limited 2007. All rights reserved.
The copying, republication or redistribution of Thomson Financial News Content,
including by framing or similar means, is expressly prohibited without the prior
written consent of Thomson Financial News.
|