GSAT went public November 2, 2006 at $17.00.
|An SI Board Since December 2006|
Globalstar provides mobile phone and data communications in more than 120 countries via satellite, a technology that is useful in undeveloped areas without traditional communications services.
It is also licensed for so-called ancillary terrestrial component services, or ATC, a land-based spectrum that could provide service to customers in places where satellite-based phones and modems don't normally function, such as urban areas and inside buildings. No satellite company currently has this hybrid capability, but Globalstar said in its prospectus it could introduce ATC as early as 2007.
Globalstar's current constellation of 43 satellites was designed and launched in the late 1990s through a technology partnership between Loral Space & Communications Ltd. and Qualcomm Inc.
In February 2002, Globalstar filed for Chapter 11 bankruptcy protection amid low demand for satellite communications; investor Thermo Capital Partners acquired it out of bankruptcy in 2004 for $40 million.
Customer interest in satellite phones has increased in the wake of Hurricane Katrina, when cell and land lines failed.
Among Globalstar's largest customers are government, public safety and disaster relief agencies. The firm had 236,515 subscribers as of June, up from 195,968 at the end of 2005. Its revenue in the first six months of the year rose 37 percent to $68.7 million, and its net income increased seven-fold to $21.7 million.
Globalstar, Inc. offers satellite communications services. It provides mobile and fixed voice and data services, asset tracking and monitoring services, high-speed Internet access, video and audio broadcasting, and remote file transfer and virtual private networking services. The company also offers voice and data equipment; portable handsets, fixed phones, data communications, encryption devices, and aviation communication equipment; emergency management communications system; and data-only equipment. Globalstar holds licenses to operate a wireless communications network via satellites over 27.85 MHz in two blocks of global radio frequency spectrum. It serves government, public safety, and disaster relief; recreation and personal; maritime and fishing; business, financial, and insurance; natural resources, mining, and forestry; oil and gas; construction; utilities; and transportation sectors.