Making a ton of money
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I agree we will have to give them away if we sell to them.
Big turns no revs.
Charting is always interesting to follow. Here is the latest.
CMF needs to turn northward. RSI holding above 50 line. MACD turning nicely upward. Boardmarks 113 and building.
Man o Man she wants to keep on climbing. Plus .03 again today and plus .03 after hours. Hopefully you got back in early after you sold. Glty.
Man o Man she wants to keep on climbing. Plus .03 again today and plus .03 after hours. Hopefully you got back in early after you sold. Glty.
I'm down here in the South so mostly cooling calls here. Just West of Orlando. I noticed a member or two on the board being close by. I believe one of the board members on Eyecity BOD is from Maitland Fl. which is just minutes from Orlando. We will have to keep an eye on things from here. Excited to be in at the bottom of what I believe will be a great experience for all involved.
Yes sir. Hopefully the new website idea will keep us all up to speed and slow down the critics and speculators. I've used a few Rigid pipe dies back in the day myself. Good Luck to You fellow pipe fitter.
I have been adding a few here myself. We are definitely due for an update on the set top box. Boardmarks 146 at this time. Have a great Easter Weekend all.
Little quiet on the home front. Patience is the key here. They promised news in the coming few days. So hang in there crew and
get ready for a great Easter Weekend.
Update Mrna please it keeps going and going and going upppppppppp
Like the Energizer Easter Bunny. TIA and hope you and yours have a joyous Easter Season.
Thank you sir, Have a great day.
Just got on board with a few million on the ask.
Wow what a close today. If I were a betting man which I am, there is news on the horizon. Here is the latest chart.
Nice close today. Even for the day. Many shares traded. Latest chart compliments of Epicstocks.
Level two heating up and volume coming in. Should be a strong close.
Still working on support levels and such. How about an update on MRNA another strong day today. Thanks Much.
Another good day of trading. Over 1/2 million shares traded up a dime. Glta
Nice $22,000 buy after close. @ .40 GLTA
8-k filed this morning.
Pro
Form 8-K for MDRNA, INC.
1-Apr-2009
Other Events, Financial Statements and Exhibits
Item 8.01 Other Events.
On April 1, 2009, MDRNA, Inc. (the "Company") announced that it entered into an Asset Purchase Agreement, dated as of March 31, 2009, with Par Pharmaceutical, Inc. ("Par"), pursuant to which Par will acquire from the Company all of the Company's assets relating to its generic calcitonin-salmon nasal spray and the manufacturing of its Nascobal product, including, without limitation, the Company's manufacturing facilities in Hauppauge, New York, and the Company's Abbreviated New Drug Application for generic calcitonin-salmon nasal spray. Under the terms of the Asset Purchase Agreement, the Company will receive an upfront cash payment and double-digit profit sharing on commercial sales of calcitonin. In addition, Par will assume the Company's supply and manufacturing obligations as well as all operating costs associated with the Hauppauge facilities.
In connection with the transactions contemplated by the Asset Purchase Agreement, the Company and Par mutually terminated the License and Supply Agreement effective as of October 22, 2004 between the parties, and Par assumed from the Company: (i) the Lease Agreement effective as of July 1, 2005 for the facilities at 45 Davids Drive, Hauppauge, New York; (ii) the Lease Agreement effective as of July 1, 2005 for the facilities at 80 Davids Drive, Hauppauge, New York; and (iii) the Agreement dated as of September 23, 2005 between the Company and QOL Medical, LLC with respect to the supply and manufacturing of Nascobal.
On April 1, 2009, the Company issued a press release announcing the transaction, a copy of which is furnished herewith as Exhibit 99.1 and is incorporated herein by reference
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Top of the Form
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Nice news again today. Hopefully trading will be positive today.
Mrna gapping again this morning. Buck right around the corner
Have a good day..
We are gappping up again this morning, pre-market trades going through. plus .23. Hopefully we can hit the 1.00 plus mark today. Very nice. GLTA
Good news. Mgmt. is very active in keeping everything moving forward.
Yes I know the feeling.. Been moving very nice on little volume.
Looking forward to a nice week here. Any positive news from here out we should hit a buck easily. Best of Luck
Hold your horses there pilgrim. I am still gathering my shares.
Sounds like something John Wayne would have said back int the day.
LOL GLTY
Thank you for the input. I believe we are making headway. Slowly but surely. GLTY
Very nice Charts are wanting more. GLTA
Epic are you still in MRNA? Looking very nice as of late. Any thoughts? TIA
Huge News!!!!!!!!!!!!!!
Tuesday, March 31, 2009 5:44:00 PM EST
Show Me
Globalstar IncNASDAQ:GSAT
*
Headline & BriefHeadlines Only
Globalstar Announces Annual and Fourth Quarter Results for 2008
5:23p ET March 31, 2009 (GlobeNewswire)
Key 2008 highlights included: * Consumer market breakthrough with SPOT Satellite GPS Messenger helps boost subscriber growth by over 60,000 net new subscribers * Manufacture of second-generation satellites * FCC expansion of Globalstar's ATC spectrum authority * Expansion of Simplex data coverage in Southeast Asia and Alaska * Signing next-generation ground core-network contract with Ericsson
MILPITAS, Calif., March 31, 2009 (GLOBE NEWSWIRE) -- Globalstar, Inc. (Nasdaq:GSAT), a leading provider of mobile satellite voice and data services to businesses, governments and individuals, today announced its operational and financial results for the three- and twelve-month periods ended December 31, 2008.
2008 Major Company Highlights:
* Globalstar exhibited substantial subscriber growth during 2008. The Company completed the year with 344,330 subscribers, 60,204 more than it had at December 31, 2007. The Company's net new subscribers in 2008 increased by 182% over the 21,324 net subscribers added during 2007, due to an increase in Simplex and SPOT Satellite GPS Messenger subscribers. * Globalstar became the first mobile satellite services (MSS) provider to successfully distribute a product to the mainstream retail consumer market. The SPOT Satellite GPS Messenger won numerous industry awards throughout 2008, including The Wall Street Journal Technology Innovation Award, in the category of consumer electronics. Globalstar completed the year with orders to ship more than 120,000 units to the more than 7,500 SPOT points of distribution in North America, Europe, Latin America, Australia and New Zealand. * In August Globalstar announced that satellite manufacturer Thales Alenia Space had begun production assembly, integration and testing of the first Globalstar second-generation flight model satellites. The new satellites, scheduled for delivery beginning later this year, will be used to provide Globalstar's next- generation of advanced mobile satellite voice and data services beyond 2025. * In April the U.S. Federal Communications Commission (FCC) issued a Report & Order expanding Globalstar's authority to offer Ancillary Terrestrial Component services (ATC) in the United States in conjunction with its mobile satellite services. As a consequence of the FCC decision Globalstar is now permitted to use 19.275 MHz of its spectrum for ATC services. In October the FCC granted Globalstar the additional authority it needed to deploy the first ever ATC system with its partner, Open Range Communications, Inc. * In October Globalstar announced its gateway located in Singapore was operational. The new gateway provides Globalstar satellite Simplex data coverage throughout Singapore, Malaysia, and significant portions of Indonesia, and much of the surrounding maritime region. Singapore Telecommunications Limited (SingTel) has commenced operating the gateway located at SingTel's Seletar Satellite earth Station facility. * During the summer Globalstar announced that it had expanded its satellite Simplex data coverage to include all of Alaska, the Aleutian Islands and the surrounding maritime regions including t the Gulf of Alaska and portions of both the north Pacific and south Arctic Oceans. * In October Globalstar signed a $22.7 million agreement with Ericsson Federal Inc. to develop, implement and maintain a ground interface or core network system to be installed at Globalstar's satellite gateway ground stations. The new ground network architecture is designed to be backward compatible for current Globalstar subscribers and to support increased data speeds in a flexible all IP configuration. Products and services supported are expected to include: -- push to talk and multicasting -- advanced messaging capabilities such as multimedia messaging or MMS -- mobile video applications -- geo-location services -- multi-band and multi-mode handsets and data devices -- GPS integration * The Company's total revenue, net loss and net loss per share for 2008 were $86.1 million, $68.0 million and $.79, respectively, compared to $98.4 million, $27.9 million and $.36, respectively, for 2007. Globalstar's consolidated statement of income and other financial and operating information appear below in this press release.
"We believe that Globalstar is only months away from taking delivery of the first of our second-generation satellites, paving the way for the return of high quality Globalstar satellite services for customers of our legacy voice and duplex data products," said Jay Monroe, Chairman and Chief Executive Officer, Globalstar, Inc. Mr. Monroe added, "In 2010 we expect to complete the deployment of the initial phase of our second-generation constellation that is designed to provide high quality advanced satellite services beyond 2025. Most importantly, we expect that completing the deployment of our satellites on schedule will provide us with nearly a six-year second-generation head start based on the current plans of our present primary MSS competitor."
"Throughout a challenging 2008, we continued to show resilience and tremendous Simplex subscriber growth as Globalstar became the first mobile satellite services provider to market successfully an award-winning product into the mainstream retail consumer market," said Thomas Colby, Chief Operating Officer, Globalstar, Inc. Mr. Colby added, "Despite the global economic downturn, and following negative fourth quarter growth just one year ago, Globalstar rebounded by adding more than 16,000 net subscribers compared to the same quarter in 2007. Thanks to the innovation and consumer appeal of our high quality, reliable Globalstar Simplex products such as the SPOT satellite messenger and our voice and duplex data customer retention programs, we once again completed the year with the largest customer base of any mobile satellite voice and data services provider."
Post Quarter Information:
* On March 25, 2009, Globalstar announced that Coface, the export credit agency acting on behalf of the French government, has advised Globalstar that it intends to provide long-term credit insurance to facilitate a proposed $574 million credit facility. Banks who have received initial credit committee approvals in relation to the credit facility include BNP Paribas, Natixis, and Societe Generale, which would act as mandated lead arrangers (BNP Paribas is acting as Coface Agent). The credit facility and receipt of funding by Globalstar is subject to completion of documentation and satisfaction of closing conditions and there can be no assurance at this time that any such closing will actually occur. * The principal closing conditions include the conversion into equity at closing of senior secured term and revolving credit loans to Globalstar from its principal stockholder Thermo Funding Company LLC and the receipt by Globalstar of additional equity and contingent equity in an amount of approximately $100 million, most of which is expected to be provided by Thermo Funding. * Globalstar intends to use the financing to solidify its long-term space system by funding the manufacture and delivery of the Globalstar second-generation satellites by Thales Alenia Space as well as the launch of those satellites by launch services provider Arianespace. The financing would also be used to facilitate certain long-lead items connected with the accelerated delivery of the Company's second-generation satellites, the completion of Globalstar's next-generation ground facilities and the design of Globalstar's next-generation of satellite interface chipsets. * Later today Globalstar will file its Annual Report on Form 10-K for the year ended December 31, 2008. This filing will be available for review on Globalstar's website at www.globalstar.com by clicking on "Corporate Site," "Investor Relations" and "SEC Filings," or on the Securities and Exchange Commission's web site at www.sec.gov. Stockholders may also receive a hard copy of the Form 10-K upon request. As required under NASDAQ Marketplace Rule 4350(b)(1)(B), Globalstar is also announcing that the Annual Report on Form 10-K will include an audit opinion with a "going concern" explanatory paragraph due to the need for substantial additional financing.
Conference Call Note
Globalstar plans to hold an investor conference call upon the closing of the credit facility described above Globalstar will release dial-in information and details once the call is scheduled.
About Globalstar, Inc.
With over 325,000 subscribers, Globalstar is a leading provider of mobile satellite voice and data services. Globalstar offers these services to commercial and recreational users in more than 120 countries around the world. The Company's products include mobile and fixed satellite telephones, simplex and duplex satellite data modems and flexible service packages. Many land based and maritime industries benefit from Globalstar with increased productivity from remote areas beyond cellular and landline service. Global customer segments include: oil and gas, government, mining, forestry, commercial fishing, utilities, military, transportation, heavy construction, emergency preparedness, and business continuity as well as individual recreational users. Globalstar data solutions are ideal for various asset and personal tracking, data monitoring and SCADA applications.
For more information regarding Globalstar, please visit Globalstar's web site at www.globalstar.com
Safe Harbor Language for Globalstar Releases
This press release contains certain statements such as, "We believe that Globalstar is only months away from taking delivery of the first of our second-generation satellites, paving the way for the return of high quality Globalstar satellite services for customers of our legacy voice and duplex data products," that are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond our control, including demand for our products and services, including commercial acceptance of our new Simplex products, including SPOT Satellite Messenger, and the ability to retain and migrate our two-way communications services subscribers to our second-generation constellation when it is deployed; problems relating to the construction, launch or in-orbit performance of our existing and future satellites; including the effects of the degrading ability of our first-generation satellite constellation to support two-way communication; problems relating to the ground-based facilities operated by us or by independent gateway operators; our ability to attract sufficient additional funding to meet our future capital requirements including deployment of our second-generation constellation; competition and its competitiveness vis-a-vis other providers of satellite and ground-based communications products and services; the pace and effects of industry consolidation; the continued availability of launch insurance on commercially reasonable terms, and the effects of any insurance exclusions; changes in technology; our ability to continue to attract and retain qualified personnel; worldwide economic, geopolitical and business conditions and risks associated with doing business on a global basis; and legal, regulatory, and tax developments, including changes in domestic and international government regulation.
Any forward-looking statements made in this press release speak as of the date made and are not guarantees of future performance. Actual results or developments may differ materially from the expectations expressed or implied in the forward-looking statements, and we undertake no obligation to update any such statements. Additional information on factors that could influence our financial results is included in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
GLOBALSTAR, INC CONSOLIDATED STATEMENTS OF INCOME (LOSS) (In thousands, except per share data) Year Ended December 31, ------------------------------- 2008 2007 2006 --------- --------- --------- Revenue: Service revenue $ 61,794 $ 78,313 $ 92,037 Subscriber equipment sales 24,261 20,085 44,634 --------- --------- --------- Total revenue 86,055 98,398 136,671 --------- --------- --------- Operating expenses: Cost of services (exclusive of depreciation and amortization shown separately below) 37,132 27,775 28,091 Cost of subscriber equipment sales: Cost of subscriber equipment sales 17,921 13,863 40,396 Cost of subscriber equipment sales - Impairment of assets 405 19,109 1,943 ------------------------------- Total cost of subscriber equipment sales 18,326 32,972 42,339 Marketing, general, and administrative 61,351 49,146 43,899 Depreciation and amortization 26,956 13,137 6,679 ------------------------------- Total operating expenses 143,765 123,030 121,008 --------- --------- --------- Operating income (loss) (57,710) (24,632) 15,663 --------- --------- --------- Other income (expense): Interest income 4,713 3,170 1,172 Interest expense (6,779) (9,023) (587) Interest rate derivative loss (3,259) (3,232) (2,716) Other income (expense) (4,497) 8,656 (3,980) --------- --------- --------- Total other income (expense) (9,822) (429) (6,111) --------- --------- --------- Income (loss) before income taxes (67,532) (25,061) 9,552 Income tax expense (benefit) 480 2,864 (14,071) --------- --------- --------- Net income (loss) $ (68,012) $ (27,925) $ 23,623 ========= ========= ========= Earnings (loss) per common share: Basic $ (0.79) $ (0.36) $ 0.37 Diluted $ (0.79) $ (0.36) $ 0.37 Weighted-average shares outstanding: Basic 86,405 77,169 63,710 Diluted 86,405 77,169 64,076
Definition of Terms and Reconciliation of Non-GAAP Financial Measures
We utilize certain financial measures that are widely used in the telecommunications industry and are not calculated based on GAAP. A reconciliation of these measures to GAAP and a discussion of certain other operating metrics used in the industry are presented below.
GLOBALSTAR, INC. RECONCILIATION OF GAAP TO ADJUSTED (Dollars in thousands, except ARPU) (Unaudited) Three months ended Year ended ------------------ ------------------ Dec. 31, Dec. 31, Dec. 31, Dec. 31, 2008 2007 2008 2007 -------- -------- -------- -------- Revenue Service Revenue $ 12,961 $ 19,600 $ 61,794 $ 78,313 Equipment Revenue 5,436 4,119 24,261 20,085 -------- -------- -------- -------- Total Revenue $ 18,397 $ 23,719 $ 86,055 $ 98,398 Operating Expenses Cost of Services 10,598 7,347 37,132 27,775 Cost of Subscriber Equipment 3,872 4,319 18,326 32,972 Marketing, General and Administrative 12,749 14,961 61,351 49,146 Depreciation & Amortization 7,821 4,912 26,956 13,137 Impairment of Assets -- -- -- -- -------- -------- -------- -------- Total Operating Expenses $ 35,040 $ 31,539 $143,765 $123,030 -------- -------- -------- -------- Operating Income/(Loss) $(16,643) $ (7,820) $(57,710) $(24,632) Interest Income/(Expense) (6,953) (9,550) (5,325) (9,085) Other Income/(Expense) (6,084) 3,782 (4,497) 8,656 Income Tax Expense (Benefit) (1,754) 2,746 480 2,864 -------- -------- -------- -------- Net Income/(Loss) $(27,926) $(16,334) $(68,012) $(27,925) ======== ======== ======== ======== EBITDA $(14,906) $ 874 $(35,251) $ (2,839) Impairment of Assets -- 1,854 405 19,109 Non-Cash Compensation 2,277 4,265 12,932 10,525 2nd Generation Development 589 -- 2,678 -- Other One Time Non Recurring Charges -- 80 552 278 Foreign Exchange Loss (Income) 6,084 (3,782) 4,497 (8,656) Adjusted EBITDA $ (5,956) $ 3,291 $(14,187) $ 18,417 Adjusted EBITDA Margin (32%) 14% (16%) 19% Retail ARPU $ 28.71 $ 46.45 $ 35.19 $ 46.26 (1) Average monthly revenue per unit (ARPU) measures service revenues per month divided by the average number of retail subscribers during that month. Average monthly revenue per unit as so defined may not be similar to average monthly revenue per unit as defined by other companies in the Company's industry, is not a measurement under GAAP and should be considered in addition to, but not as a substitute for, the information contained in the Company's statement of income. The Company believes that average monthly revenue per unit provides useful information concerning the appeal of its rate plans and service offerings and its performance in attracting and retaining high value customers. (2) EBITDA represents earnings before interest, income taxes, depreciation and amortization. EBITDA does not represent and should not be considered as an alternative to GAAP measurements, such as net income, and the Company's calculations thereof may not be comparable to similarly entitled measures reported by other companies. The Company uses EBITDA as a supplemental measurement of its operating performance because, by eliminating interest, taxes and the non-cash items of depreciation and amortization, the company believes it best reflects changes across time in the company's performance, including the effects of pricing, cost control and other operational decisions. The company's management uses EBITDA for planning purposes, including the preparation of its annual operating budget. The company believes that EBITDA also is useful to investors because it is frequently used by securities analysts, investors and other interested parties in their evaluation of companies in similar industries. As indicated, EBITDA does not include interest expense on borrowed money or depreciation expense on our capital assets or the payment of income taxes, which are necessary elements of the company's operations. Because EBITDA does not account for these expenses, its utility as a measure of the Company's operating performance has material limitations. Because of these limitations, the company's management does not view EBITDA in isolation and also uses other measurements, such as net income, revenues and operating profit, to measure operating performance. (3) Adjusted EBITDA is further adjusted to exclude non-cash compensation expense, asset impairment charges, foreign exchange gains/(losses) and certain other non-cash charges. Management uses Adjusted figures for EBITDA in order to manage the Company's business and to compare its results more closely to the results of its peers.
GLOBALSTAR, INC. SCHEDULE OF SELECTED OPERATING METRICS (Dollars in thousands, except ARPU) (Unaudited) Three months ended Year ended ------------------ ------------------ Dec. 31, Dec. 31, Dec. 31, Dec. 31, 2008 2007 2008 2007 -------- -------- -------- -------- Subscribers (End of Period) 344,330 284,126 344,330 284,126 Retail 115,371 118,747 115,371 118,747 IGO 73,763 87,930 73,763 87,930 Simplex 155,196 77,449 155,196 77,449 Net Subscriber Additions/(Losses) 14,942 (1,142) 60,204 21,324 Retail (3,431) (2,595) (7,721) (6,218) IGO (509) (4,346) (7,545) 472 Simplex 18,882 5,799 75,470 27,070 Retail Churn 1.7% 2.0% 1.6% 1.8% ARPU Retail $ 28.71 $ 46.45 $ 35.19 $ 46.26 IGO $ 2.17 $ 4.89 $ 3.26 $ 4.12 Simplex $ 4.82 $ 2.97 $ 4.48 $ 3.11 Cash capital expenditures $ 76,716 $ 41,437 $286,086 $169,989 Liquidity at end of period /1 $ 89,774 Note: /1 Includes cash on hand ($12.4 million), Thales escrow ($43.5 million) and undrawn Thermo revolver ($33.9 million).
This news release was distributed by GlobeNewswire, www.globenewswire.com
SOURCE: Globalstar, Inc.
Globalstar, Inc. Dean Hirasawa (408) 933-4006 Dean.hirasawa@globalstar.com
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March 25, 2009
7:01a Globalstar Announces Coface Backing for Proposed Financing GlobeNewswire
6:00a SPOT Sponsored NASCAR Driver Robby Gordon Finishes in Top Half at Food City 500 GlobeNewswire
March 24, 2009
7:01a Globalstar Announces HTT Hybrid Satellite GSM Global Asset-Tracking Product GlobeNewswire
March 23, 2009
7:00a Globalstar Receives 2009 Innovation Award From Mobile Satellite Users Association GlobeNewswire
March 19, 2009
8:01a Photo Release -- SPOT Gets in the Fast Lane With NASCAR Driver Robby Gordon GlobeNewswire
March 9, 2009
7:00a SPOT Satellite GPS Messenger Now Available At Fry's Electronics Retail Locations GlobeNewswire
March 3, 2009
7:02a SPOT Rescue Alert: SPOT Satellite GPS Messenger Initiates Rescue for Off-Road Desert Motorcycle Accident GlobeNewswire
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The IR was true to there word. Very good sign. Should be fun in the a.m.
Huge NEWS!!!!!!!!!!!!!!
Tuesday, March 31, 2009 5:44:00 PM EST
Show Me
Globalstar IncNASDAQ:GSAT
*
Headline & BriefHeadlines Only
Globalstar Announces Annual and Fourth Quarter Results for 2008
5:23p ET March 31, 2009 (GlobeNewswire)
Key 2008 highlights included: * Consumer market breakthrough with SPOT Satellite GPS Messenger helps boost subscriber growth by over 60,000 net new subscribers * Manufacture of second-generation satellites * FCC expansion of Globalstar's ATC spectrum authority * Expansion of Simplex data coverage in Southeast Asia and Alaska * Signing next-generation ground core-network contract with Ericsson
MILPITAS, Calif., March 31, 2009 (GLOBE NEWSWIRE) -- Globalstar, Inc. (Nasdaq:GSAT), a leading provider of mobile satellite voice and data services to businesses, governments and individuals, today announced its operational and financial results for the three- and twelve-month periods ended December 31, 2008.
2008 Major Company Highlights:
* Globalstar exhibited substantial subscriber growth during 2008. The Company completed the year with 344,330 subscribers, 60,204 more than it had at December 31, 2007. The Company's net new subscribers in 2008 increased by 182% over the 21,324 net subscribers added during 2007, due to an increase in Simplex and SPOT Satellite GPS Messenger subscribers. * Globalstar became the first mobile satellite services (MSS) provider to successfully distribute a product to the mainstream retail consumer market. The SPOT Satellite GPS Messenger won numerous industry awards throughout 2008, including The Wall Street Journal Technology Innovation Award, in the category of consumer electronics. Globalstar completed the year with orders to ship more than 120,000 units to the more than 7,500 SPOT points of distribution in North America, Europe, Latin America, Australia and New Zealand. * In August Globalstar announced that satellite manufacturer Thales Alenia Space had begun production assembly, integration and testing of the first Globalstar second-generation flight model satellites. The new satellites, scheduled for delivery beginning later this year, will be used to provide Globalstar's next- generation of advanced mobile satellite voice and data services beyond 2025. * In April the U.S. Federal Communications Commission (FCC) issued a Report & Order expanding Globalstar's authority to offer Ancillary Terrestrial Component services (ATC) in the United States in conjunction with its mobile satellite services. As a consequence of the FCC decision Globalstar is now permitted to use 19.275 MHz of its spectrum for ATC services. In October the FCC granted Globalstar the additional authority it needed to deploy the first ever ATC system with its partner, Open Range Communications, Inc. * In October Globalstar announced its gateway located in Singapore was operational. The new gateway provides Globalstar satellite Simplex data coverage throughout Singapore, Malaysia, and significant portions of Indonesia, and much of the surrounding maritime region. Singapore Telecommunications Limited (SingTel) has commenced operating the gateway located at SingTel's Seletar Satellite earth Station facility. * During the summer Globalstar announced that it had expanded its satellite Simplex data coverage to include all of Alaska, the Aleutian Islands and the surrounding maritime regions including t the Gulf of Alaska and portions of both the north Pacific and south Arctic Oceans. * In October Globalstar signed a $22.7 million agreement with Ericsson Federal Inc. to develop, implement and maintain a ground interface or core network system to be installed at Globalstar's satellite gateway ground stations. The new ground network architecture is designed to be backward compatible for current Globalstar subscribers and to support increased data speeds in a flexible all IP configuration. Products and services supported are expected to include: -- push to talk and multicasting -- advanced messaging capabilities such as multimedia messaging or MMS -- mobile video applications -- geo-location services -- multi-band and multi-mode handsets and data devices -- GPS integration * The Company's total revenue, net loss and net loss per share for 2008 were $86.1 million, $68.0 million and $.79, respectively, compared to $98.4 million, $27.9 million and $.36, respectively, for 2007. Globalstar's consolidated statement of income and other financial and operating information appear below in this press release.
"We believe that Globalstar is only months away from taking delivery of the first of our second-generation satellites, paving the way for the return of high quality Globalstar satellite services for customers of our legacy voice and duplex data products," said Jay Monroe, Chairman and Chief Executive Officer, Globalstar, Inc. Mr. Monroe added, "In 2010 we expect to complete the deployment of the initial phase of our second-generation constellation that is designed to provide high quality advanced satellite services beyond 2025. Most importantly, we expect that completing the deployment of our satellites on schedule will provide us with nearly a six-year second-generation head start based on the current plans of our present primary MSS competitor."
"Throughout a challenging 2008, we continued to show resilience and tremendous Simplex subscriber growth as Globalstar became the first mobile satellite services provider to market successfully an award-winning product into the mainstream retail consumer market," said Thomas Colby, Chief Operating Officer, Globalstar, Inc. Mr. Colby added, "Despite the global economic downturn, and following negative fourth quarter growth just one year ago, Globalstar rebounded by adding more than 16,000 net subscribers compared to the same quarter in 2007. Thanks to the innovation and consumer appeal of our high quality, reliable Globalstar Simplex products such as the SPOT satellite messenger and our voice and duplex data customer retention programs, we once again completed the year with the largest customer base of any mobile satellite voice and data services provider."
Post Quarter Information:
* On March 25, 2009, Globalstar announced that Coface, the export credit agency acting on behalf of the French government, has advised Globalstar that it intends to provide long-term credit insurance to facilitate a proposed $574 million credit facility. Banks who have received initial credit committee approvals in relation to the credit facility include BNP Paribas, Natixis, and Societe Generale, which would act as mandated lead arrangers (BNP Paribas is acting as Coface Agent). The credit facility and receipt of funding by Globalstar is subject to completion of documentation and satisfaction of closing conditions and there can be no assurance at this time that any such closing will actually occur. * The principal closing conditions include the conversion into equity at closing of senior secured term and revolving credit loans to Globalstar from its principal stockholder Thermo Funding Company LLC and the receipt by Globalstar of additional equity and contingent equity in an amount of approximately $100 million, most of which is expected to be provided by Thermo Funding. * Globalstar intends to use the financing to solidify its long-term space system by funding the manufacture and delivery of the Globalstar second-generation satellites by Thales Alenia Space as well as the launch of those satellites by launch services provider Arianespace. The financing would also be used to facilitate certain long-lead items connected with the accelerated delivery of the Company's second-generation satellites, the completion of Globalstar's next-generation ground facilities and the design of Globalstar's next-generation of satellite interface chipsets. * Later today Globalstar will file its Annual Report on Form 10-K for the year ended December 31, 2008. This filing will be available for review on Globalstar's website at www.globalstar.com by clicking on "Corporate Site," "Investor Relations" and "SEC Filings," or on the Securities and Exchange Commission's web site at www.sec.gov. Stockholders may also receive a hard copy of the Form 10-K upon request. As required under NASDAQ Marketplace Rule 4350(b)(1)(B), Globalstar is also announcing that the Annual Report on Form 10-K will include an audit opinion with a "going concern" explanatory paragraph due to the need for substantial additional financing.
Conference Call Note
Globalstar plans to hold an investor conference call upon the closing of the credit facility described above Globalstar will release dial-in information and details once the call is scheduled.
About Globalstar, Inc.
With over 325,000 subscribers, Globalstar is a leading provider of mobile satellite voice and data services. Globalstar offers these services to commercial and recreational users in more than 120 countries around the world. The Company's products include mobile and fixed satellite telephones, simplex and duplex satellite data modems and flexible service packages. Many land based and maritime industries benefit from Globalstar with increased productivity from remote areas beyond cellular and landline service. Global customer segments include: oil and gas, government, mining, forestry, commercial fishing, utilities, military, transportation, heavy construction, emergency preparedness, and business continuity as well as individual recreational users. Globalstar data solutions are ideal for various asset and personal tracking, data monitoring and SCADA applications.
For more information regarding Globalstar, please visit Globalstar's web site at www.globalstar.com
Safe Harbor Language for Globalstar Releases
This press release contains certain statements such as, "We believe that Globalstar is only months away from taking delivery of the first of our second-generation satellites, paving the way for the return of high quality Globalstar satellite services for customers of our legacy voice and duplex data products," that are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond our control, including demand for our products and services, including commercial acceptance of our new Simplex products, including SPOT Satellite Messenger, and the ability to retain and migrate our two-way communications services subscribers to our second-generation constellation when it is deployed; problems relating to the construction, launch or in-orbit performance of our existing and future satellites; including the effects of the degrading ability of our first-generation satellite constellation to support two-way communication; problems relating to the ground-based facilities operated by us or by independent gateway operators; our ability to attract sufficient additional funding to meet our future capital requirements including deployment of our second-generation constellation; competition and its competitiveness vis-a-vis other providers of satellite and ground-based communications products and services; the pace and effects of industry consolidation; the continued availability of launch insurance on commercially reasonable terms, and the effects of any insurance exclusions; changes in technology; our ability to continue to attract and retain qualified personnel; worldwide economic, geopolitical and business conditions and risks associated with doing business on a global basis; and legal, regulatory, and tax developments, including changes in domestic and international government regulation.
Any forward-looking statements made in this press release speak as of the date made and are not guarantees of future performance. Actual results or developments may differ materially from the expectations expressed or implied in the forward-looking statements, and we undertake no obligation to update any such statements. Additional information on factors that could influence our financial results is included in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
GLOBALSTAR, INC CONSOLIDATED STATEMENTS OF INCOME (LOSS) (In thousands, except per share data) Year Ended December 31, ------------------------------- 2008 2007 2006 --------- --------- --------- Revenue: Service revenue $ 61,794 $ 78,313 $ 92,037 Subscriber equipment sales 24,261 20,085 44,634 --------- --------- --------- Total revenue 86,055 98,398 136,671 --------- --------- --------- Operating expenses: Cost of services (exclusive of depreciation and amortization shown separately below) 37,132 27,775 28,091 Cost of subscriber equipment sales: Cost of subscriber equipment sales 17,921 13,863 40,396 Cost of subscriber equipment sales - Impairment of assets 405 19,109 1,943 ------------------------------- Total cost of subscriber equipment sales 18,326 32,972 42,339 Marketing, general, and administrative 61,351 49,146 43,899 Depreciation and amortization 26,956 13,137 6,679 ------------------------------- Total operating expenses 143,765 123,030 121,008 --------- --------- --------- Operating income (loss) (57,710) (24,632) 15,663 --------- --------- --------- Other income (expense): Interest income 4,713 3,170 1,172 Interest expense (6,779) (9,023) (587) Interest rate derivative loss (3,259) (3,232) (2,716) Other income (expense) (4,497) 8,656 (3,980) --------- --------- --------- Total other income (expense) (9,822) (429) (6,111) --------- --------- --------- Income (loss) before income taxes (67,532) (25,061) 9,552 Income tax expense (benefit) 480 2,864 (14,071) --------- --------- --------- Net income (loss) $ (68,012) $ (27,925) $ 23,623 ========= ========= ========= Earnings (loss) per common share: Basic $ (0.79) $ (0.36) $ 0.37 Diluted $ (0.79) $ (0.36) $ 0.37 Weighted-average shares outstanding: Basic 86,405 77,169 63,710 Diluted 86,405 77,169 64,076
Definition of Terms and Reconciliation of Non-GAAP Financial Measures
We utilize certain financial measures that are widely used in the telecommunications industry and are not calculated based on GAAP. A reconciliation of these measures to GAAP and a discussion of certain other operating metrics used in the industry are presented below.
GLOBALSTAR, INC. RECONCILIATION OF GAAP TO ADJUSTED (Dollars in thousands, except ARPU) (Unaudited) Three months ended Year ended ------------------ ------------------ Dec. 31, Dec. 31, Dec. 31, Dec. 31, 2008 2007 2008 2007 -------- -------- -------- -------- Revenue Service Revenue $ 12,961 $ 19,600 $ 61,794 $ 78,313 Equipment Revenue 5,436 4,119 24,261 20,085 -------- -------- -------- -------- Total Revenue $ 18,397 $ 23,719 $ 86,055 $ 98,398 Operating Expenses Cost of Services 10,598 7,347 37,132 27,775 Cost of Subscriber Equipment 3,872 4,319 18,326 32,972 Marketing, General and Administrative 12,749 14,961 61,351 49,146 Depreciation & Amortization 7,821 4,912 26,956 13,137 Impairment of Assets -- -- -- -- -------- -------- -------- -------- Total Operating Expenses $ 35,040 $ 31,539 $143,765 $123,030 -------- -------- -------- -------- Operating Income/(Loss) $(16,643) $ (7,820) $(57,710) $(24,632) Interest Income/(Expense) (6,953) (9,550) (5,325) (9,085) Other Income/(Expense) (6,084) 3,782 (4,497) 8,656 Income Tax Expense (Benefit) (1,754) 2,746 480 2,864 -------- -------- -------- -------- Net Income/(Loss) $(27,926) $(16,334) $(68,012) $(27,925) ======== ======== ======== ======== EBITDA $(14,906) $ 874 $(35,251) $ (2,839) Impairment of Assets -- 1,854 405 19,109 Non-Cash Compensation 2,277 4,265 12,932 10,525 2nd Generation Development 589 -- 2,678 -- Other One Time Non Recurring Charges -- 80 552 278 Foreign Exchange Loss (Income) 6,084 (3,782) 4,497 (8,656) Adjusted EBITDA $ (5,956) $ 3,291 $(14,187) $ 18,417 Adjusted EBITDA Margin (32%) 14% (16%) 19% Retail ARPU $ 28.71 $ 46.45 $ 35.19 $ 46.26 (1) Average monthly revenue per unit (ARPU) measures service revenues per month divided by the average number of retail subscribers during that month. Average monthly revenue per unit as so defined may not be similar to average monthly revenue per unit as defined by other companies in the Company's industry, is not a measurement under GAAP and should be considered in addition to, but not as a substitute for, the information contained in the Company's statement of income. The Company believes that average monthly revenue per unit provides useful information concerning the appeal of its rate plans and service offerings and its performance in attracting and retaining high value customers. (2) EBITDA represents earnings before interest, income taxes, depreciation and amortization. EBITDA does not represent and should not be considered as an alternative to GAAP measurements, such as net income, and the Company's calculations thereof may not be comparable to similarly entitled measures reported by other companies. The Company uses EBITDA as a supplemental measurement of its operating performance because, by eliminating interest, taxes and the non-cash items of depreciation and amortization, the company believes it best reflects changes across time in the company's performance, including the effects of pricing, cost control and other operational decisions. The company's management uses EBITDA for planning purposes, including the preparation of its annual operating budget. The company believes that EBITDA also is useful to investors because it is frequently used by securities analysts, investors and other interested parties in their evaluation of companies in similar industries. As indicated, EBITDA does not include interest expense on borrowed money or depreciation expense on our capital assets or the payment of income taxes, which are necessary elements of the company's operations. Because EBITDA does not account for these expenses, its utility as a measure of the Company's operating performance has material limitations. Because of these limitations, the company's management does not view EBITDA in isolation and also uses other measurements, such as net income, revenues and operating profit, to measure operating performance. (3) Adjusted EBITDA is further adjusted to exclude non-cash compensation expense, asset impairment charges, foreign exchange gains/(losses) and certain other non-cash charges. Management uses Adjusted figures for EBITDA in order to manage the Company's business and to compare its results more closely to the results of its peers.
GLOBALSTAR, INC. SCHEDULE OF SELECTED OPERATING METRICS (Dollars in thousands, except ARPU) (Unaudited) Three months ended Year ended ------------------ ------------------ Dec. 31, Dec. 31, Dec. 31, Dec. 31, 2008 2007 2008 2007 -------- -------- -------- -------- Subscribers (End of Period) 344,330 284,126 344,330 284,126 Retail 115,371 118,747 115,371 118,747 IGO 73,763 87,930 73,763 87,930 Simplex 155,196 77,449 155,196 77,449 Net Subscriber Additions/(Losses) 14,942 (1,142) 60,204 21,324 Retail (3,431) (2,595) (7,721) (6,218) IGO (509) (4,346) (7,545) 472 Simplex 18,882 5,799 75,470 27,070 Retail Churn 1.7% 2.0% 1.6% 1.8% ARPU Retail $ 28.71 $ 46.45 $ 35.19 $ 46.26 IGO $ 2.17 $ 4.89 $ 3.26 $ 4.12 Simplex $ 4.82 $ 2.97 $ 4.48 $ 3.11 Cash capital expenditures $ 76,716 $ 41,437 $286,086 $169,989 Liquidity at end of period /1 $ 89,774 Note: /1 Includes cash on hand ($12.4 million), Thales escrow ($43.5 million) and undrawn Thermo revolver ($33.9 million).
This news release was distributed by GlobeNewswire, www.globenewswire.com
SOURCE: Globalstar, Inc.
Globalstar, Inc. Dean Hirasawa (408) 933-4006 Dean.hirasawa@globalstar.com
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March 25, 2009
7:01a Globalstar Announces Coface Backing for Proposed Financing GlobeNewswire
6:00a SPOT Sponsored NASCAR Driver Robby Gordon Finishes in Top Half at Food City 500 GlobeNewswire
March 24, 2009
7:01a Globalstar Announces HTT Hybrid Satellite GSM Global Asset-Tracking Product GlobeNewswire
March 23, 2009
7:00a Globalstar Receives 2009 Innovation Award From Mobile Satellite Users Association GlobeNewswire
March 19, 2009
8:01a Photo Release -- SPOT Gets in the Fast Lane With NASCAR Driver Robby Gordon GlobeNewswire
March 9, 2009
7:00a SPOT Satellite GPS Messenger Now Available At Fry's Electronics Retail Locations GlobeNewswire
March 3, 2009
7:02a SPOT Rescue Alert: SPOT Satellite GPS Messenger Initiates Rescue for Off-Road Desert Motorcycle Accident GlobeNewswire
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Alot of news hitting the wire about 5:30 EST will post later.
Just got in. Matt there is a ton of news hitting the wire on
TDA will try to post later.
Boardmarks 148 down from 151 on Friday. Lost a few weak at heart. Picked up a few today. Good Luck to All
Just got in today. Looks like a little sell off but we recovered fairly decent. Numbers where are our numbers? One more day in month. Is that the deadline for the financials?
End of Month. TIA
Nice, I believe we consolidate for a day or two and then next leg up. Good Luck This is of course My honest opinion.
Very nice. We held our own today on low volume/few sellers.
Chart is ready to rumble.
Did not see that. Is that the Investors Business Daily. What did they have to say or do you have link. TIA
We had a nice week here all. Look at this chart, Monday should be fun again. Enjoy your weekend all. Charting compliments of Epic Stocks
Not sure should be soon. We need a little pop into close to save the charts. Should be a bounce soon. IMHO
Buys creeping up on the sells. We should be green soon.
http://ih.advfn.com/p.php?pid=trades&cb=1238179019&symbol=N^MRNA
Yes sir, thought we might get a little bit more of a pop today.
Doesn't seem to want to go down from here so matter of patience.
See ya in the a.m.