GlobalStar (NYSE: GSAT) reported Q4 EPS of ($0.07), which may not compare to the analyst estimate of ($0.02). Revenue for the quarter came in at $31.95 million versus the consensus estimate of $29.4 million.

Dave Kagan, Chief Executive Officer of Globalstar, commented, “In December, we completed pivotal events positioning us well to realize the value of our assets. First, we announced that the Third Generation Partnership Project (“3GPP”) approved Globalstar’s S-band spectrum at 2483.5-2495 MHz for terrestrial use. The 3GPP standardization approval represents the culmination of intensive standards work driven by our technical team and the wireless industry’s support leading to Globalstar’s newly designated 3GPP Band 53. Second, we settled an ongoing litigation with certain large shareholders. As part of this settlement agreement, the parties agreed to enact changes to our corporate governance structure and joined together to support the late 2018 financing. We raised $60 million in a fully backstopped equity financing to secure funding for our December 2018 debt obligations and continue our ongoing compliance with the terms of our Facility Agreement. Of our corporate governance changes, the addition of a Strategic Review Committee is among the most significant with new members having substantial operating, spectrum and capital structure experience. This Committee is laser-focused on helping to drive the Company to realize the full value of our assets and fortify our balance sheet.”

Dave Kagan continued, “Turning to 2018 financial performance, our operating business continued its positive trajectory with significantly improved results, highlighted by a 15% increase in total revenuefrom 2017, a reduced net loss and the highest annual Adjusted EBITDA ever recognized by Globalstar. While I am proud of what we have accomplished to date, I remain focused on the future. I believe that the Company\'s significant assets combined with an enhanced leadership team provide a foundation for financial growth and asset value realization that is more solid than ever.”

For earnings history and earnings-related data on GlobalStar (GSAT) click here.