Business
Globalstar Announces 2019 Fourth Quarter and Annual Results
COVINGTON, La.--(BUSINESS WIRE)-- Globalstar, Inc. (NYSE American: GSAT) today announced financial and operating results for the fourth quarter and year
About this update from Globalstar, Inc.
[{"type":"text","content":" COVINGTON, La.--(BUSINESS WIRE)--\nGlobalstar, Inc. (NYSE American: GSAT) today announced financial and operating results for the fourth quarter and year ended December 31, 2019.\n\n\nDave Kagan, Chief Executive Officer of Globalstar, commented, \"In November, we successfully refinanced our capital structure when we executed an amendment of our existing senior secured credit facility and raised a new second lien term loan facility led by Thermo and Echostar. This transaction significantly improved our balance sheet, provided us with extended runway and maintained the favorable interest rates of our existing credit facility. Our capital structure now positions us well to execute our plan for value creation from our spectrum and satellite assets.\"\n\n\nMr. Kagan continued, \"As our 2019 financial performance reflects, we continue to capitalize on the IoT growth opportunities in front of us, with a 26% increase in Commercial IoT service revenue over 2018 as both subscriber count and average pricing increased. We have focused our product development efforts around Commercial IoT devices, particularly modules that can be integrated into the products of our partners, which should broaden our current reach. These modules offer enhanced functionality in a very small form factor and competitive price point, which we think will be attractive to those needing data reporting capabilities in remote or harsh environments. Outside of Commercial IoT, 2019 was a transitional year in many respects. We believe we are back on the right track with the updates that we made to our consumer products based on the positive trajectory of SPOT subscriber additions following the release of SPOT X ® with Bluetooth® technology late in the third quarter. We also have received positive customer responses to our most recently launched Duplex product, Sat-Fi2® RAS. In the last 12 months, we have made many critical decisions, from how best to improve our capital structure to determining appropriate consumer service pricing. All of these decisions are founded on positioning Globalstar for growth, and we have the team, products and network advantages to be successful.”\n\n\nJay Monroe, Executive Chairman of Globalstar, added, \"Since our last business update call, we have made progress on terrestrial spectrum by cultivating the asset, adding to our roster of poten...