2013 Q1 Form 10-Q Financial Statement

#000114420413027603 Filed on May 10, 2013

View on sec.gov

Income Statement

Concept 2013 Q1 2012 Q1
Revenue $19.33M $16.74M
YoY Change 15.5% -8.31%
Cost Of Revenue $7.527M $7.262M
YoY Change 3.65% 2.85%
Gross Profit $11.81M $9.476M
YoY Change 24.59% -15.34%
Gross Profit Margin 61.07% 56.61%
Selling, General & Admin $6.924M $6.620M
YoY Change 4.59% -34.99%
% of Gross Profit 58.65% 69.86%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $19.87M $14.47M
YoY Change 37.38% 36.34%
% of Gross Profit 168.33% 152.66%
Operating Expenses $6.924M $6.620M
YoY Change 4.59% -34.99%
Operating Profit -$18.39M -$14.93M
YoY Change 23.17% 17.01%
Interest Expense -$7.752M -$3.050M
YoY Change 154.16% 151.65%
% of Operating Profit
Other Income/Expense, Net -$6.585M -$9.438M
YoY Change -30.23% -247.42%
Pretax Income -$24.98M -$24.37M
YoY Change 2.49% 283.27%
Income Tax $103.0K $157.0K
% Of Pretax Income
Net Earnings -$25.08M -$24.53M
YoY Change 2.25% 279.29%
Net Earnings / Revenue -129.72% -146.52%
Basic Earnings Per Share -$0.05 -$0.07
Diluted Earnings Per Share -$0.05 -$0.07
COMMON SHARES
Basic Shares Outstanding 472.2M shares 357.4M shares
Diluted Shares Outstanding 472.2M shares 357.4M shares

Balance Sheet

Concept 2013 Q1 2012 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.300M $7.700M
YoY Change -83.12% -7.23%
Cash & Equivalents $6.237M $7.735M
Short-Term Investments
Other Short-Term Assets $75.60M $7.600M
YoY Change 894.74% -52.8%
Inventory $39.82M $41.24M
Prepaid Expenses
Receivables $14.40M $11.98M
Other Receivables $0.00 $0.00
Total Short-Term Assets $131.1M $68.58M
YoY Change 91.19% -28.79%
LONG-TERM ASSETS
Property, Plant & Equipment $1.221B $1.232B
YoY Change -0.91% 6.67%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $26.60M $109.6M
YoY Change -75.73% 23.01%
Total Long-Term Assets $1.259B $1.356B
YoY Change -7.12% 7.54%
TOTAL ASSETS
Total Short-Term Assets $131.1M $68.58M
Total Long-Term Assets $1.259B $1.356B
Total Assets $1.391B $1.425B
YoY Change -2.39% 4.96%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $32.57M $31.19M
YoY Change 4.43% 52.13%
Accrued Expenses $38.25M $34.02M
YoY Change 12.43% 14.93%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $657.5M
YoY Change
Total Short-Term Liabilities $770.1M $80.02M
YoY Change 862.41% 18.73%
LONG-TERM LIABILITIES
Long-Term Debt $97.74M $732.7M
YoY Change -86.66% 7.93%
Other Long-Term Liabilities $16.80M $18.34M
YoY Change -8.4% -76.84%
Total Long-Term Liabilities $150.9M $810.9M
YoY Change -81.4% 6.96%
TOTAL LIABILITIES
Total Short-Term Liabilities $770.1M $80.02M
Total Long-Term Liabilities $150.9M $810.9M
Total Liabilities $921.0M $890.9M
YoY Change 3.38% 7.91%
SHAREHOLDERS EQUITY
Retained Earnings -$393.0M -$280.3M
YoY Change 40.23%
Common Stock $49.00K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $469.6M $533.8M
YoY Change
Total Liabilities & Shareholders Equity $1.391B $1.425B
YoY Change -2.39% 4.96%

Cashflow Statement

Concept 2013 Q1 2012 Q1
OPERATING ACTIVITIES
Net Income -$25.08M -$24.53M
YoY Change 2.25% 279.29%
Depreciation, Depletion And Amortization $19.87M $14.47M
YoY Change 37.38% 36.34%
Cash From Operating Activities -$533.0K -$2.583M
YoY Change -79.37% -28.11%
INVESTING ACTIVITIES
Capital Expenditures $239.0K $120.0K
YoY Change 99.17% -85.04%
Acquisitions
YoY Change
Other Investing Activities $8.630M -$2.650M
YoY Change -425.66%
Cash From Investing Activities -$9.183M -$23.31M
YoY Change -60.6% -30.11%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$489.0K $23.26M
YoY Change -102.1% 92.29%
NET CHANGE
Cash From Operating Activities -$533.0K -$2.583M
Cash From Investing Activities -$9.183M -$23.31M
Cash From Financing Activities -$489.0K $23.26M
Net Change In Cash -$10.21M -$2.635M
YoY Change 287.29% -89.4%
FREE CASH FLOW
Cash From Operating Activities -$533.0K -$2.583M
Capital Expenditures $239.0K $120.0K
Free Cash Flow -$772.0K -$2.703M
YoY Change -71.44% -38.5%

Facts In Submission

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<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong>1. BASIS OF PRESENTATION</strong></p> <p style="TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company has prepared the accompanying unaudited interim condensed consolidated financial statements in accordance with generally accepted accounting principles in the United States of America ("GAAP") for interim financial information. Certain information and footnote disclosures normally in financial statements have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission; however, management believes the disclosures made are adequate to make the information presented not misleading. These financial statements and notes should be read in conjunction with the consolidated financial statements and notes thereto included in Globalstar, Inc.&#39;s Annual Report on Form 10-K for the year ended December 31, 2012 and Management&#39;s Discussion and Analysis of Financial Condition and Results of Operations herein.</p> <p style="TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <font style="COLOR: black">The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.</font> <font style="BACKGROUND-COLOR: white">Certain reclassifications have been made to prior period condensed consolidated financial statements to conform to current year presentation.</font> <font style="COLOR: black">The Company evaluates estimates on an ongoing basis. Significant estimates include the value of derivative instruments, the allowance for doubtful accounts, the net realizable value of inventory, the useful life and value of property and equipment, the value of stock-based compensation, the reserve for product warranties, and income taxes. Actual results could differ from these estimates.</font></p> <p style="TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> All significant intercompany transactions and balances have been eliminated in the consolidation. In the opinion of management, the information included herein includes all adjustments, consisting of normal recurring adjustments, that are necessary for a fair presentation of the Company&#39;s condensed consolidated statements of operations, condensed consolidated balance sheets, and condensed consolidated statements of cash flows for the periods presented. These unaudited interim condensed consolidated financial statements include the accounts of Globalstar and its majority owned or otherwise controlled subsidiaries. The results of operations for the three months ended March 31, 2013 are not necessarily indicative of the results that may be expected for the full year or any future period.</p> <p style="TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <em>Recently Issued Accounting Pronouncements</em></p> <p style="TEXT-INDENT: 13.2pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In February 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2013-02, <em>Reporting Amounts Reclassified Out of Accumulated Other Comprehensive Income.</em> This standard requires that companies present either in a single note or parenthetically on the face of the financial statements, the effect of significant amounts reclassified from each component of accumulated other comprehensive income based on its source and the income statement line items affected by the reclassification. ASU 2013-02 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2012. This adoption does not have an impact on the Company&#39;s condensed consolidated financial statements.</p> <!--EndFragment--></div> </div>
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USD
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CY2012Q1 us-gaap Income Tax Expense Benefit
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CY2013Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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CY2012Q1 us-gaap Increase Decrease In Deferred Revenue
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CY2012Q1 us-gaap Increase Decrease In Due To Affiliates
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CY2012Q1 us-gaap Increase Decrease In Other Operating Liabilities
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879000 USD
CY2013Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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89000 USD
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2500000 USD
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CY2013Q1 us-gaap Inventory Write Down
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CY2012Q1 us-gaap Inventory Write Down
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249000 USD
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OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
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CY2013Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
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CY2012Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
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OtherNoncashIncomeExpense
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OtherNoncashIncomeExpense
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OtherNonoperatingIncomeExpense
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CY2013Q1 us-gaap Payments For Construction In Process
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250000 USD
CY2013Q1 us-gaap Payments To Acquire Equity Method Investments
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CY2012Q1 us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
150000 USD
CY2013Q1 us-gaap Payments To Acquire Property Plant And Equipment
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239000 USD
CY2012Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
120000 USD
CY2013Q1 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
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CY2013Q1 us-gaap Preferred Stock Value
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CY2012Q4 us-gaap Preferred Stock Value
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CY2013Q1 us-gaap Prepaid Expense And Other Assets Current
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CY2013Q1 us-gaap Proceeds From Other Debt
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CY2012Q1 us-gaap Proceeds From Other Debt
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CY2013Q1 us-gaap Provision For Doubtful Accounts
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CY2012Q1 us-gaap Provision For Doubtful Accounts
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CY2013Q1 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
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CY2013Q1 us-gaap Revenues
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Revenues
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CY2012Q1 us-gaap Sales Revenue Goods Net
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CY2013Q1 us-gaap Sales Revenue Services Net
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CY2012Q1 us-gaap Sales Revenue Services Net
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CY2013Q1 us-gaap Selling General And Administrative Expense
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CY2012Q1 us-gaap Selling General And Administrative Expense
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CY2013Q1 us-gaap Share Based Compensation
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CY2012Q1 us-gaap Share Based Compensation
ShareBasedCompensation
206000 USD
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Maximum Number Of Shares Per Employee
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500000 shares
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
286 shares
CY2012Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
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CY2013Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Purchase Price Of Common Stock Percent
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0.85 pure
CY2013Q1 us-gaap Stockholders Equity
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CY2012Q4 us-gaap Stockholders Equity
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CY2013Q1 us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
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CY2013Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2012Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2013Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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472187000 shares
CY2012Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
357418000 shares

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