Globalstar Loss Widens On Derivative Loss

(RTTNews) - Globalstar Inc (GSAT), a provider of mobile satellite voice and data services, Wednesday reported first-quarter net loss of $250.5 million or $0.29 per share compared with a loss of $25 million or $0.05 per share last year.

Results for the recent quarter included, among other items, non-cash charges of $209 million related to derivatives, and debt-extinguishment loss of $10 million.

Revenues for the quarter were higher at $20.5 million compared with $19.3 million in the prior year, on growth in both service revenue and subscriber equipment sales.

Operating expenses for the quarter climbed to $41 million from $37.7 million a year ago.