Globalstar Swings To Q2 Profit

(RTTNews) - Globalstar, Inc. (GSAT) reported net income for the second quarter of $204.8 million or $0.17 per share, compared to a net loss of $433.7 million or $0.48 per share for the year-ago quarter.

The fluctuation resulted mainly from the impact of a non-cash derivative gain of $237.1 million during the second quarter of 2015 compared to a loss of $376.3 million during the second quarter of 2014, the company said.

Total revenue for the second quarter declined to $23.02 million from $24.00 million a year ago.

Analysts polled by Thomson Reuters expected the company to report a loss of $0.02 per share on revenue of $25.62 million for the second quarter. Analysts' estimates typically exclude special items.

The company ended the second quarter of 2015 with a total subscriber base of nearly 673,000, an increase of about 72,000, or 12%, over June 30, 2014.