Globalstar Swings To Profit

(RTTNews) - Globalstar Inc (GSAT), a provider of mobile satellite voice and data services, on Monday reported fourth-quarter net earnings of $92 million or $0.08 per share, compared with a loss of $234.8 million or $0.36 per share last year.

The company said results for the latest quarter were helped mainly by non-cash gains due to a decrease in the value of its derivative liabilities, while the prior year was hurt by derivative loss of $179 million.

Revenues for the quarter were $22.1 million compared with $21 million in the prior year.

Analysts polled by Thomson Reuters estimated a loss of $0.03 per share on revenues of $24.2 million for the quarter. Analysts' estimates typically exclude special items.

"As we look forward to the full year 2015, we are at an important stage for the company's satellite business and spectrum opportunities," said CEO Jay Monroe.