$GSAT
Globalstar, Inc. Stock $gsat

$gsat Overview Financials Valuation SEC Filings Company Website

2016 Q1 Form 10-Q Financial Statement

#000136686816000147 Filed on May 05, 2016

Income Statement

Concept	2016 Q1	2015 Q1
Revenue	$21.84M	$21.02M
YoY Change	3.87%	2.37%
Cost Of Revenue	$7.591M	$7.434M
YoY Change	2.11%	7.15%
Gross Profit	$14.25M	$13.59M
YoY Change	4.84%	-0.07%
Gross Profit Margin	65.24%	64.64%
Selling, General & Admin	$8.610M	$8.596M
YoY Change	0.16%	10.64%
% of Gross Profit	60.44%	63.26%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization	$19.05M	$18.90M
YoY Change	0.77%	-17.85%
% of Gross Profit	133.72%	139.12%
Operating Expenses	$8.610M	$8.596M
YoY Change	0.16%	10.64%
Operating Profit	-$15.70M	-$17.19M
YoY Change	-8.65%	-16.48%
Interest Expense	-$9.105M	-$8.517M
YoY Change	6.9%	-22.01%
% of Operating Profit
Other Income/Expense, Net	-$11.06M	-$112.3M
YoY Change	-90.15%	-51.12%
Pretax Income	-$26.76M	-$129.5M
YoY Change	-79.34%	-48.27%
Income Tax	$191.0K	$228.0K
% Of Pretax Income
Net Earnings	-$26.95M	-$129.7M
YoY Change	-79.23%	-48.22%
Net Earnings / Revenue	-123.41%	-617.1%
Basic Earnings Per Share	-$0.03	-$0.13
Diluted Earnings Per Share	-$0.03	-$0.13
COMMON SHARES
Basic Shares Outstanding	1.041B shares	1.001B shares
Diluted Shares Outstanding	1.041B shares	1.001B shares

Balance Sheet

Concept	2016 Q1	2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments	$11.90M	$13.70M
YoY Change	-13.14%	-30.1%
Cash & Equivalents	$11.86M	$13.66M
Short-Term Investments
Other Short-Term Assets	$4.400M	$7.300M
YoY Change	-39.73%	-56.55%
Inventory	$11.36M	$13.58M
Prepaid Expenses
Receivables	$14.45M	$15.30M
Other Receivables	$0.00	$0.00
Total Short-Term Assets	$42.06M	$49.82M
YoY Change	-15.58%	-39.08%
LONG-TERM ASSETS
Property, Plant & Equipment	$1.070B	$1.101B
YoY Change	-2.73%	-4.25%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets	$42.40M	$98.90M
YoY Change	-57.13%	-11.22%
Total Long-Term Assets	$1.125B	$1.209B
YoY Change	-6.92%	-4.68%
TOTAL ASSETS
Total Short-Term Assets	$42.06M	$49.82M
Total Long-Term Assets	$1.125B	$1.209B
Total Assets	$1.167B	$1.259B
YoY Change	-7.26%	-6.76%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable	$6.135M	$5.010M
YoY Change	22.46%	-62.58%
Accrued Expenses	$26.84M	$26.71M
YoY Change	0.52%	2.42%
Deferred Revenue
YoY Change
Short-Term Debt	$0.00	$0.00
YoY Change
Long-Term Debt Due	$32.84M	$6.450M
YoY Change	409.07%	59.42%
Total Short-Term Liabilities	$110.9M	$79.05M
YoY Change	40.34%	-55.85%
LONG-TERM LIABILITIES
Long-Term Debt	$555.0M	$626.7M
YoY Change	-11.43%	-5.08%
Other Long-Term Liabilities	$11.55M	$11.23M
YoY Change	2.8%	-23.82%
Total Long-Term Liabilities	$839.4M	$1.219B
YoY Change	-31.15%	-2.09%
TOTAL LIABILITIES
Total Short-Term Liabilities	$110.9M	$79.05M
Total Long-Term Liabilities	$839.4M	$1.219B
Total Liabilities	$950.4M	$1.298B
YoY Change	-26.8%	-8.85%
SHAREHOLDERS EQUITY
Retained Earnings	-$1.377B	-$1.552B
YoY Change	-11.29%	28.28%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity	$216.9M	-$39.58M
YoY Change
Total Liabilities & Shareholders Equity	$1.167B	$1.259B
YoY Change	-7.26%	-6.76%

Cashflow Statement

Concept	2016 Q1	2015 Q1
OPERATING ACTIVITIES
Net Income	-$26.95M	-$129.7M
YoY Change	-79.23%	-48.22%
Depreciation, Depletion And Amortization	$19.05M	$18.90M
YoY Change	0.77%	-17.85%
Cash From Operating Activities	$2.603M	$2.521M
YoY Change	3.25%	-33.66%
INVESTING ACTIVITIES
Capital Expenditures	$2.949M	$1.133M
YoY Change	160.28%	164.72%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities	-$4.908M	-$5.808M
YoY Change	-15.5%	224.47%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net	$6.500M	$10.00M
YoY Change	-35.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities	$6.528M	$10.06M
YoY Change	-35.12%	6607.33%
NET CHANGE
Cash From Operating Activities	$2.603M	$2.521M
Cash From Investing Activities	-$4.908M	-$5.808M
Cash From Financing Activities	$6.528M	$10.06M
Net Change In Cash	$4.223M	$6.774M
YoY Change	-37.66%	213.61%
FREE CASH FLOW
Cash From Operating Activities	$2.603M	$2.521M
Capital Expenditures	$2.949M	$1.133M
Free Cash Flow	-$346.0K	$1.388M
YoY Change	-124.93%	-58.84%

Facts In Submission

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CY2016Q1	us-gaap	Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent	-651000	USD
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CY2016Q1	us-gaap	Other Liabilities Noncurrent OtherLiabilitiesNoncurrent	11547000	USD
CY2016Q1	us-gaap	Other Noncash Income Expense OtherNoncashIncomeExpense	177000	USD
CY2015Q1	us-gaap	Other Nonoperating Income Expense OtherNonoperatingIncomeExpense	4068000	USD
CY2015Q1	us-gaap	Other Noncash Income Expense OtherNoncashIncomeExpense	-369000	USD
CY2016Q1	us-gaap	Other Nonoperating Income Expense OtherNonoperatingIncomeExpense	-609000	USD
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CY2016Q1	us-gaap	Payments To Acquire Intangible Assets PaymentsToAcquireIntangibleAssets	361000	USD
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CY2016Q1	us-gaap	Payments To Acquire Property Plant And Equipment PaymentsToAcquirePropertyPlantAndEquipment	2949000	USD
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CY2016Q1	us-gaap	Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent	4856000	USD
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CY2016Q1	us-gaap	Basis Of Accounting BasisOfAccounting	<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">BASIS OF PRESENTATION</font></div><div style="line-height:120%;text-align:justify;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Globalstar, Inc. (“Globalstar” or “the Company”) provides Mobile Satellite Services (“MSS”) including voice and data communications services through its global satellite network. Thermo Capital Partners LLC, through its affiliates, (collectively, “Thermo”) is the principal owner and largest stockholder of Globalstar. The Company’s Chairman and Chief Executive Officer controls Thermo. Two other members of the Company's Board of Directors are also directors, officers or minority equity owners of various Thermo entities.</font></div><div style="line-height:120%;text-align:justify;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">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 (“U.S. 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 (the "SEC"); 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.’s Annual Report on Form 10-K for the year ended December 31, 2015, as filed with the SEC on February 26, 2016 (the "2015 Annual Report"), and Management's Discussion and Analysis of Financial Condition and Results of Operations herein. </font></div><div style="line-height:120%;text-align:justify;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported 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. Actual results could differ from estimates. 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 and income taxes. Certain reclassifications have been made to prior period condensed consolidated financial statements to conform to current period presentation.</font></div><div style="line-height:120%;text-align:justify;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">These unaudited interim condensed consolidated financial statements include the accounts of Globalstar and all its subsidiaries. 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’s condensed consolidated statements of operations, condensed consolidated balance sheets, and condensed consolidated statements of cash flows for the periods presented. The results of operations for the </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">March 31, 2016</font><font style="font-family:inherit;font-size:10pt;"> are not necessarily indicative of the results that may be expected for the full year or any future period.</font></div><div style="line-height:120%;text-align:justify;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Recently Issued Accounting Pronouncements</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;"> </font></div><div style="line-height:120%;text-align:justify;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In May 2014, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") No. 2014-09, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Revenue from Contracts with Customers</font><font style="font-family:inherit;font-size:10pt;">. ASU No. 2014-09 outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. This ASU requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. In August 2015, the FASB decided to delay the effective date of ASU No. 2014-09. With the one-year deferral, ASU No. 2014-09 is now effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. Additionally, early adoption is now permitted. However, entities reporting under U.S. GAAP are not permitted to adopt the standard earlier than the original effective date of December 15, 2016. The standard permits the use of either the retrospective or cumulative effect transition method. In March 2016, the FASB issued ASU No. 2016-08, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Revenue from Contracts with Customers: Principal versus Agent Considerations (Reporting Revenue Gross versus Net), </font><font style="font-family:inherit;font-size:10pt;">which does not change the core principle of the guidance in ASU No. 2014-09 but clarifies the implementation guidance on principal versus agent considerations. The effective date and transition requirements for ASU No. 2016-08 are the same as those of ASU No. 2014-09. The Company is currently evaluating the impact that these standards will have on its financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of these standards on its ongoing reporting.</font></div><div style="line-height:120%;text-align:justify;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In July 2015, the FASB issued ASU No. 2015-11, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Simplifying the Measurement of Inventory</font><font style="font-family:inherit;font-size:10pt;">. ASU No. 2015-11 requires that inventory within the scope of the guidance be measured at the lower of cost and net realizable value. Inventory measured using last-in, first-out (LIFO) and retail inventory method (RIM) are excluded from this new guidance. This ASU replaces the concept of market with the single measurement of net realizable value and is intended to create efficiencies for preparers and more closely aligns U.S. GAAP with IFRS. This ASU is effective for public business entities in fiscal years beginning after December 15, 2016, including interim periods within those years. Prospective application is required and early adoption is permitted as of the beginning of an interim or annual reporting period. The Company is currently evaluating the impact this standard will have on its financial statements and related disclosures, but does not expect this ASU to have a material effect on its consolidated financial statements and related disclosures.</font></div><div style="line-height:120%;padding-top:6px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In November 2015, the FASB issued ASU. No. 2015-17, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Balance Sheet Classification of Deferred Taxes</font><font style="font-family:inherit;font-size:10pt;">. ASU No. 2015-17 simplifies the presentation of deferred taxes on the balance sheet by requiring classification of all deferred tax items as noncurrent including valuation allowances by jurisdiction. The ASU is effective for public entities for annual periods beginning after December 15, 2016, and interim periods within those annual reporting periods. Early adoption is permitted as of the beginning of any interim or annual reporting period. The Company has not yet determined the effect of the standard on its ongoing reporting.</font></div><div style="line-height:120%;padding-top:6px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In March 2016, the FASB issued ASU No. 2016-02, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Leases</font><font style="font-family:inherit;font-size:10pt;">. The main difference between the provisions of ASU No. 2016-02 and previous U.S. GAAP is the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases under previous U.S. GAAP. ASU No. 2016-02 retains a distinction between finance leases and operating leases, and the recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee have not significantly changed from previous U.S. GAAP. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. The accounting applied by a lessor is largely unchanged from that applied under previous U.S. GAAP. In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. This ASU is effective for public business entities in fiscal years beginning after December 15, 2018, including interim periods within those years. Early adoption is permitted as of the beginning of any interim or annual reporting period. The Company has not yet determined the effect of the standard on its ongoing reporting.</font></div><div style="line-height:120%;padding-top:6px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In March 2016, the FASB issued ASU No. 2016-04, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Liabilities-Extinguishment of Liabilities: Recognition of Breakage for Certain Prepaid Stored-Value Products</font><font style="font-family:inherit;font-size:10pt;">. ASU No. 2016-04 contains specific guidance for the derecognition of prepaid stored-value product liabilities within the scope of this ASU. This ASU is effective for public entities for annual periods beginning after December 15, 2017, and interim periods within those annual reporting periods. Early adoption is permitted as of the beginning of any interim or annual reporting period. The Company does not expect this ASU to have a material effect on its consolidated financial statements and related disclosures.</font></div><div style="line-height:120%;padding-top:6px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In March 2016, the FASB issued ASU. No. 2016-06, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Derivatives and Hedging: Contingent Put and Call Options in Debt Instruments</font><font style="font-family:inherit;font-size:10pt;">. ASU No. 2016-06 clarifies the requirements for assessing whether contingent call (put) options that can accelerate the payment of principal on debt instruments are clearly and closely related to their debt hosts. This ASU is effective for public entities for annual periods beginning after December 15, 2016, and interim periods within those annual reporting periods. Early adoption is permitted as of the beginning of any interim or annual reporting period. The Company has not yet determined the effect of this standard on its ongoing reporting.</font></div><div style="line-height:120%;padding-top:6px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In March 2016, the FASB issued ASU No. 2016-09, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Compensation-Stock Compensation</font><font style="font-family:inherit;font-size:10pt;">. ASU No. 2016-09 simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. This ASU is effective for public business entities for annual periods beginning after December 15, 2016, and interim periods within those annual reporting periods. Early adoption is permitted as of the beginning of any interim or annual reporting period. The Company has not yet determined the effect of this standard on its ongoing reporting.</font></div></div>

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$GSAT
Globalstar, Inc. Stock $gsat

2016 Q1 Form 10-Q Financial Statement

#000136686816000147 Filed on May 05, 2016

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$GSAT Globalstar, Inc. Stock $gsat

2016 Q1 Form 10-Q Financial Statement

#000136686816000147 Filed on May 05, 2016

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$GSAT
Globalstar, Inc. Stock $gsat