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 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 clear voice quality, Globlastar believes this will contribute to 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.