Globalstar reports smaller loss in first quarter results

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Covington-based Globalstar reported a loss of $129.7 million, or 13 cents per share, in the first quarter of this year.

Those results are better than the same period last year, when the satellite telephone services provider reported a loss of $250 million, or 29 cents per share.

But the company saw lower adjusted earnings before interest, taxes, depreciation and amortization. The numbers showed $3.1 million compared to $3.8 million in the first quarter of last year.

Higher sales and marketing expenses drove the decrease as Globalstar attempted to attract more subscribers, company officials said.

Revenue was up in the first quarter of 2015, rising to $21 million. That’s about a half-million higher than the first quarter of 2015.

Globalstar saw its subscriber base for phone service rise by 12 percent, but the company said the rising U.S. dollar hurt the results.

“The adverse impact of converting our international subsidiaries’ revenue at a lower exchange rate offset the revenue growth that would have otherwise been recognized,” the company announced in a release.

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