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Globalstar Returns to ProfitabilityCOVINGTON, La., Mar 13, 2012 (GlobeNewswire via COMTEX) -- Globalstar, Inc. (Nasdaq:GSAT) announced yesterday its financial results for the three-month and twelve-month periods ended December 31, 2011. For the first time in four years, the Company reported positive quarterly Adjusted EBITDA. Globalstar revenue increased 5 percent to $17.4 million in the fourth quarter 2011 compared to $16.5 million in the fourth quarter 2010. Revenue for 2011 increased 7 percent to $72.8 million compared to $67.9 million in 2010. During the fourth quarter of 2011, Adjusted EBITDA was $1.6 million compared with negative Adjusted EBITDA of $4.3 million during the same period in 2010. Globalstar launched 12 second-generation satellites during 2011. This year, the Company is expected to become the world's first LEO-based MSS provider with a second-generation constellation. Globalstar's fourth satellite launch is planned to take place in the second half of 2012. Globalstar customers responded to the improved coverage afforded by the launched satellites by increasing usage of the network and purchases of new airtime plans. With data speeds that are 3- 4 times faster than other satellite providers and the purest voice quality possible, Globlastar is poised for continued growth and profitability. "With the fourth launch expected later this year, 2012 represents an inflection point for Globalstar's business," said Jay Monroe, C.E.O. of Globalstar. "We know it will take some time to regain the growth and momentum we enjoyed historically, but by later in 2012 we expect to be solidly on our way to becoming the world's premier provider of high quality, reliable mobile satellite voice and data services to commercial, government and retail consumers." Since 2007, Globalstar has developed a successful line of consumer products targeting outdoor enthusiasts under the SPOT brand name. The award-winning Spot device has been responsible for the initiation of more than 1,700 rescues around the world. About Globalstar, Inc. Globalstar is a leading provider of mobile satellite voice and data services. Globalstar offers these services to commercial customers and recreational consumers in more than 120 countries around the world. The Company's products include mobile and fixed satellite telephones, simplex and duplex satellite data modems, the SPOT Satellite GPS Messenger 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. Note that all SPOT products described in this press release are the products of Spot LLC, which is not affiliated in any manner with Spot Image of Toulouse, France or Spot Image Corporation of Chantilly, Virginia. For more information regarding Globalstar, please visit Globalstar's web site at www.globalstar.com The Globalstar, Inc. logo is available at //www.globenewswire.com/newsroom/prs/?pkgid=8183 Safe Harbor Language for Globalstar Releases This press release contains certain statements such as, "Globalstar's fourth satellite launch is planned to take place in the second half of 2012," that are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties, which may cause actual results to differ materially from the forward-looking statements. Forward-looking statements, such as the statements regarding our ability to develop and expand our business, our anticipated capital spending (including for future satellite procurements and launches), our ability to manage costs, our ability to exploit and respond to technological innovation, the effects of laws and regulations (including tax laws and regulations) and legal and regulatory changes, the opportunities for strategic business combinations and the effects of consolidation in our industry on us and our competitors, our anticipated future revenues, our anticipated financial resources, our expectations about the future operational performance of our satellites (including their projected operational lives), the expected strength of and growth prospects for our existing customers and the markets that we serve, commercial acceptance of our new Simplex products, including our SPOT satellite GPS messenger (TM) products, problems relating to the ground-based facilities operated by us or by independent gateway operators, worldwide economic, geopolitical and business conditions and risks associated with doing business on a global basis and other statements contained in this release regarding matters that are not historical facts, involve predictions. 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. This news release was distributed by GlobeNewswire, www.globenewswire.com SOURCE: Globalstar, Inc. CONTACT: Ellie Rand, Globalstar Public Relations (504) 343-6551 [email protected] |