Attached files
| file | filename |
|---|---|
| 8-K - Globalstar, Inc. | v188424_8k.htm |
| EX-99.2 - Globalstar, Inc. | v188424_ex99-2.htm |
| EX-99.4 - Globalstar, Inc. | v188424_ex99-4.htm |
| EX-99.3 - Globalstar, Inc. | v188424_ex99-3.htm |
Exhibit
99.1
Item
6. Selected Financial Data
The
following table presents our selected historical consolidated financial
information and other data for the last five years, and as of December 31, 2009,
2008, 2007, 2006 and 2005. Our selected historical consolidated financial data
for the years ended December 31, 2006 and 2005 and as of December 31, 2007, 2006
and 2005 has been derived from our audited consolidated balance sheets as of
those dates, which are not included in this Report.
You
should read the selected historical consolidated financial data set forth below
together with our consolidated financial statements and the related notes and
“Management’s Discussion and Analysis of Financial Condition and Results of
Operations,” all included in Items 6 and 7 of this Report. The selected
historical consolidated financial data set forth below are not necessarily
indicative of the results of future operations.
|
Year Ended December 31,
|
||||||||||||||||||||
|
2009
|
2008
|
2007
|
2006
|
2005
|
||||||||||||||||
|
(Dollars in thousands)
|
||||||||||||||||||||
|
Statement of Operations Data:
|
||||||||||||||||||||
|
Revenue:
|
|
|
|
|
|
|||||||||||||||
|
Service revenue
|
$
|
50,228
|
$
|
61,794
|
$
|
78,313
|
$
|
92,037
|
$
|
81,472
|
||||||||||
|
Subscriber equipment sales (1)
|
14,051
|
24,261
|
20,085
|
44,634
|
45,675
|
|||||||||||||||
|
Total revenue
|
64,279
|
86,055
|
98,398
|
136,671
|
127,147
|
|||||||||||||||
|
Operating Expenses:
|
|
|
|
|
|
|||||||||||||||
|
Cost of services (exclusive of depreciation and amortization
shown separately below)
|
36,204
|
37,132
|
27,775
|
28,091
|
25,432
|
|||||||||||||||
|
Cost of subscriber equipment sales:
|
|
|
|
|
|
|||||||||||||||
|
Cost
of subscriber equipment sales (2)
|
9,881
|
17,921
|
13,863
|
40,396
|
38,742
|
|||||||||||||||
|
Cost of subscriber equipment sales – Impairment of
assets
|
913
|
405
|
19,109
|
1,943
|
—
|
|||||||||||||||
|
Total cost of subscriber equipment sales
|
10,794
|
18,326
|
32,972
|
42,339
|
38,742
|
|||||||||||||||
|
Marketing, general and administrative
|
49,210
|
61,351
|
49,146
|
43,899
|
37,945
|
|||||||||||||||
|
Depreciation and amortization
|
21,862
|
26,956
|
13,137
|
6,679
|
3,044
|
|||||||||||||||
|
Impairment of assets
|
—
|
—
|
—
|
—
|
114
|
|||||||||||||||
|
Total operating expenses
|
118,070
|
143,765
|
123,030
|
121,008
|
105,277
|
|||||||||||||||
|
Operating Income (Loss)
|
(53,791
|
)
|
(57,710
|
)
|
(24,632
|
)
|
15,663
|
21,870
|
||||||||||||
|
Gain on extinguishment of debt
|
—
|
41,411
|
—
|
—
|
—
|
|||||||||||||||
|
Interest income
|
502
|
4,713
|
3,170
|
1,172
|
242
|
|||||||||||||||
|
Interest expense (3)
|
(6,730
|
)
|
(5,733
|
)
|
(9,023
|
)
|
(587
|
)
|
(269
|
)
|
||||||||||
|
Derivative loss, net
|
(15,585
|
)
|
(3,259
|
)
|
(3,232
|
)
|
(2,716
|
)
|
—
|
|||||||||||
|
Other
|
665
|
(4,497
|
)
|
8,656
|
(3,980
|
)
|
(622
|
)
|
||||||||||||
|
Total other income (expense)
|
(21,148
|
)
|
32,635
|
(429
|
)
|
(6,111
|
)
|
(649
|
)
|
|||||||||||
|
Income (loss) before income taxes
|
(74,939
|
)
|
(25,075
|
)
|
(25,061
|
)
|
9,552
|
21,221
|
||||||||||||
|
Income tax expense (benefit)
|
(16
|
)
|
(2,283
|
)
|
2,864
|
(14,071
|
)
|
2,502
|
||||||||||||
|
Net Income (Loss)
|
$
|
(74,923
|
)
|
$
|
(22,792
|
)
|
$
|
(27,925
|
)
|
$
|
23,623
|
$
|
18,719
|
|||||||
|
Balance Sheet Data:
|
As of
December 31,
2009
|
As of
December 31,
2008
|
As of
December 31,
2007
|
As of
December 31,
2006
|
As of
December 31,
2005
|
|||||||||||||||
|
(In
Thousands)
|
||||||||||||||||||||
|
Cash
and cash equivalents
|
$ | 67,881 | $ | 12,357 | $ | 37,554 | $ | 43,698 | $ | 20,270 | ||||||||||
|
Restricted cash
(4)
|
$ | 40,473 | $ | 57,884 | $ | 80,871 | $ | 52,581 | $ | — | ||||||||||
|
Total assets
|
$ | 1,266,640 | $ | 816,878 | $ | 512,975 | $ | 331,701 | $ | 113,545 | ||||||||||
|
Long-term debt
|
$ | 463,551 | $ | 238,345 | $ | 50,000 | $ | 417 | $ | 631 | ||||||||||
|
Redeemable common stock
|
$ | — | $ | — | $ | — | $ | 4,949 | $ | — | ||||||||||
|
Ownership equity
|
$ | 595,792 | $ |
445,397`
|
$ | 405,544 | $ | 260,697 | $ | 71,430 | ||||||||||
|
(1)
|
Includes related party sales of
$0, $0, $59, $3,423 and $440 for the years ended December 31, 2009, 2008,
2007, 2006 and 2005,
respectively.
|
|
(2)
|
Includes costs of related party
sales of $0, $0, $46, $3,041 and $314 for the years ended December 31,
2009, 2008, 2007, 2006 and 2005,
respectively.
|
|
(3)
|
Includes related party amounts of
$0, $0, $83, $0 and $176 for the years ended December 31, 2009, 2008,
2007, 2006 and 2005,
respectively.
|
|
(4)
|
Restricted cash is comprised of
funds held in escrow by two financial institutions to secure our payment
obligations related to (i) our contract for the construction of the
second-generation satellite constellation and (ii) the next five
semi-annual interest payments on our 5.75% Notes and (iii) cash related to
the Axonn acquisition.
|