Globalstar Q2 Loss Widens - Quick Facts

(RTTNews) - Globalstar Inc (GSAT), a provider of mobile satellite voice and data services, Monday reported second-quarter net loss of $433.7 million or $0.48 per share, wider than $126.3 million or $0.25 per share in the comparable quarter last year.

Net loss for the latest second quarter included a non-cash charge for the extinguishment of debt, which was resulted from the value of the equity issued in connection with note conversions during the second quarter of 2014.

Revenues for the quarter were $23.99 million, up 21% from $19.84 million in the prior year, due to increases in both service revenue and revenue from subscriber equipment sales.

Operating expenses for the quarter climbed to $49.0 million from $39.4 million a year ago.