UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
___________
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the
Securities
Exchange Act of 1934
Date of
Report (Date of earliest event reported): March 11, 2010
GLOBALSTAR,
INC.
(Exact
name of registrant as specified in its charter)
|
Delaware
(State
or Other Jurisdiction of Incorporation)
|
001-33117
(Commission
File
Number)
|
41-2116508
(IRS
Employer
Identification
No.)
|
|
461
South Milpitas Blvd. Milpitas, California
(Address of Principal
Executive Offices)
|
95035
(Zip
Code)
|
Registrant’s
telephone number, including area code: (408) 933-4000
N/A
(Former
Name or Former Address, if Changed Since Last Report)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
□ Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
□ Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
□ Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
□ Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item
2.02 Results of Operations and Financial Condition.
On March
11, 2010, Globalstar, Inc. issued a press release to report 2009 fourth quarter
and full year financial results. The text of the press release and the
presentation materials are furnished as Exhibit 99.1 to this Form
8-K.
Item
7.01 Regulation FD Disclosure.
During
Globalstar’s previously announced conference call at 5 p.m. Eastern time on
March 11, 2010, written presentation materials will be used and will be
available on the company’s website. The text of the presentation materials is
furnished as Exhibit 99.2 to this Form 8-K.
The information in this Current Report
on Form 8-K and the Exhibits attached hereto is furnished pursuant to the rules
and regulations of the Securities and Exchange Commission and shall not be
deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934
(the “Exchange Act”) or otherwise subject to the liabilities of that section,
nor shall it be deemed incorporated by reference in any filing under the
Securities Act of 1933 or the Exchange Act, except as expressly set forth by
specific reference in such a filing.
Item
9.01 Financial Statements and Exhibits.
(d)
Exhibits.
99.1 Press
release dated March 11, 2010
99.2 Presentation
materials dated March 11, 2010
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
| GLOBALSTAR, INC. | |||
|
Date: March 11,
2010
|
By:
|
/s/ Fuad Ahmad | |
| Fuad Ahmad | |||
| Senior Vice President and Chief Financial Officer | |||
Exhibit
99.1
461 SO.
MILPITAS BLVD.
MILPITAS
CA
95035
USA
NEWS
For
Immediate Release
GLOBALSTAR
ANNOUNCES FULL YEAR AND FOURTH QUARTER
RESULTS
FOR 2009
Key
Annual Highlights;
|
|
·
|
Globalstar
secured $738m financing for the launch of its second-generation satellite
constellation scheduled to begin this
summer
|
|
|
·
|
Company
further established its retail consumer market presence by introducing new
products and services and expanding to over 10,000 points of retail
distribution for SPOT Satellite GPS Messenger™
products
|
|
|
·
|
Globalstar
became the first mobile satellite provider to monetize its ATC spectrum
authority by leasing its satellite spectrum to wireless broadband services
provider Open Range
Communications
|
|
|
·
|
Globalstar
expanded coverage in Africa with new gateway ground station and increased
Simplex messaging capacity by 10X with data network
upgrades
|
|
|
·
|
Company
increased total subscriber base by approximately 13 percent growing to
over 390,000 subscribers
|
MILPITAS, CA. -- (March
11, 2010) – Globalstar, Inc. (NASDAQ:GSAT), a leading provider of mobile
satellite voice and data services to businesses, governments and consumers,
today announced its operational and financial results for the three and
twelve-month periods ended December 31, 2009.
Major
Company Highlights:
|
|
·
|
Globalstar
became the first mobile satellite services (MSS) company to monetize its
ancillary terrestrial component (ATC) spectrum authority. In
January 2009 Globalstar announced that its service partner, Open Range
Communications Inc. had closed on its Rural Utilities Service loan and its
equity financing of $100 million, permitting Open Range to commence
deployment of WiMAX wireless broadband service in rural America under its
spectrum lease agreement with
Globalstar.
|
|
|
·
|
On
July 1st
Globalstar announced it had completed a $738 million
financing. The financing funds the deployment of the Company’s
24 second-generation satellites. Globalstar now has the
resources needed to deploy a new constellation designed to last beyond
2025. The window for the first launch of six second-generation
satellites is scheduled to open on July 5, 2010 and the launch is expected
to take place in late summer.
|
|
|
·
|
Throughout
2009 Globalstar continued to build on its award-wining presence in the
consumer retail marketplace.
|
|
|
o
|
In
January Globalstar announced the introduction of SPOT Assist™, a new GPS
safety service offered in conjunction with the SPOT Satellite GPS
Messenger. SPOT Assist Roadside service provides 24 hour
roadside assistance seven days a week in the Continental United States and
Canada. SPOT Assist Maritime services were introduced for the
recreational maritime market in
December.
|
|
|
o
|
In
March the Company’s SPOT Satellite GPS Messenger received the 2009
Innovation Award from the Mobile Satellite Users Association (MSUA) for
helping introduce mobile satellite services to the large mainstream
consumer market and for elevating the visibility of the entire Mobile
Satellite industry.
|
|
|
o
|
In
October the Company unveiled a new SPOT satellite-based, security,
recovery and messaging product for recreational maritime users. SPOT HUG
is scheduled to be commercially available in North America summer
2010. SPOT HUG monitors a boat’s location and sends
“unauthorized movement” alerts to the SPOT Asset Monitoring Center
providing satellite-based theft
protection.
|
|
|
o
|
Globalstar
expanded its retail product line by introducing the new enhanced SPOT
Satellite GPS Messenger (SPOT 2). The new SPOT 2 device is
approximately 30 percent smaller and lighter than the original
award-winning SPOT product.
|
|
|
o
|
As
of December 31, 2009, Globalstar had received orders to ship approximately
190,000 SPOT and SPOT 2 units to over 10,000 SPOT Satellite GPS Messenger
points of distribution in North America, Europe, Latin America, Australia,
New Zealand, and Southeast Asia. Since its inception in
November 2007, the SPOT product line has helped initiate more than 550
rescues in 51 countries on land and at
sea.
|
|
|
·
|
On
July 9 the Company announced that Peter Dalton had been appointed as its
Chief Executive Officer. Mr. Dalton has served as a director of
the Company since 2004 and as Chair of the Audit Committee since
2006. Mr. Dalton served as chief executive officer of Dalton
Partners, Inc., a turnaround management firm, since January 1989. As
chief executive officer of Dalton Partners, Inc., Mr. Dalton also has
served as chief executive officer and director of a number of its
clients.
|
|
|
·
|
In
November the Company announced the installation of a simplex data appliqué
and the completion of a new gateway ground station in Nigeria. The
gateway provides Globalstar satellite coverage to Nigeria, the surrounding
portions of Western and Central Africa, as well as parts of the coastal
Atlantic and Gulf of Guinea maritime region. Globalstar independent
service provider Globaltouch (West Africa) Limited (GWAL) based in Lagos,
Nigeria owns and operates the gateway located in Kaduna. Globalstar
owns a 30 percent equity stake in
Globaltouch.
|
|
|
·
|
In
December Globalstar acquired substantially all of the assets of Axonn,
L.L.C. (Axonn). Axonn is a leading developer and manufacturer of
high quality and affordable satellite GPS asset-tracking and messaging
products including Globalstar’s award-winning consumer retail device, the
SPOT Satellite GPS Messenger. Axonn also designs and markets
enterprise products which utilize the highly reliable Globalstar Simplex
data network, including the AXTracker™ and SMARTONE asset-tracking
solutions.
|
|
|
·
|
In
December 2009 Globalstar completed installation of Simplex 2.0 network
upgrades designed to enhance the overall Simplex data customer messaging
capacity by 10X and increase the data receiver sensitivity of the Simplex
data network. The upgrades also resulted in the overall expansion of
Globalstar’s Simplex data network geographic coverage. Globalstar
now offers Simplex coverage in previously un-served areas including parts
of Western Asia and numerous maritime coastal and oceanic regions plus
continuous northern hemisphere coverage across the Atlantic
Ocean.
|
|
|
·
|
In
2009 Globalstar continued to exhibit significant growth in subscribers for
Simplex data and SPOT Satellite GPS Messenger™ during 2009. The
Company completed the period ended December 31, 2009 with 390,594
subscribers, 46,264 more than it had at December 31,
2008.
|
|
|
·
|
The
Company’s operating loss for the three-month period ended December 31,
2009 was $11.9 million compared to a loss of $16.6 million during the same
three-month period in 2008, an improvement of $4.7 million. The
adjusted EBITDA for the three-month period ended December 31, 2009
decreased by $4.0 million or by approximately 67 percent compared to the
same period in 2008. Total revenue, net loss and net loss per
share for the three-month period ended December 31, 2009 were $15.9
million, $33.9 million and $0.20 respectively, compared to $18.4 million,
a net gain of $24.7 million and a net gain per share of $0.27,
respectively, for the same three months of 2008. (The net loss
for the three month period ended December 31, 2009 included a non-cash
loss of $21 million based on the re-valuation of derivative
liabilities. The net gain for the same three-month period in
2008 included a non-cash gain due to an extinguishment of debt of
approximately $49 million. The 2008 gain and gain per share
were calculated using newly adopted GAAP requirements for convertible debt
instruments that may be settled in cash upon
conversion.) Globalstar’s twelve-month results, consolidated
statements of operations and other financial and operating information
appear later in this press release.
|
“Completing
our $738 million financing was the 2009 watershed event for Globalstar as the
funding empowered us to re-focus our energies on completing the milestones
required to launch our second-generation satellite constellation,” said Jay
Monroe, Executive Chairman, Globalstar, Inc. “We are now less than
four months away from the opening of our first launch window. We
expect the deployment of our first six satellites to have an immediate positive
impact on the quality and reliability of our voice and duplex data
services. Once the constellation is fully deployed, it will not only
fully restore our legacy voice and duplex data services, but it will also
position us to be the first MSS to market a second-generation network and a host
of advanced IP Multimedia Subsystem or IMS-based mobile satellite
services.”
“Throughout
2009 we enhanced our unique mobile satellite consumer retail market presence as
we introduced new SPOT Satellite GPS Messenger products and services, grew the
number of retail global points of distribution, increased our SPOT Satellite GPS
Messenger and Simplex data network messaging capacity and expanded our
coverage,” said Peter Dalton, Chief Executive Officer. “With the
first of our satellite launches planned for this summer, 2010 represents a
game-changing year for Globalstar. Once we fully deploy our new
constellation, we expect to be the envy of the mobile satellite industry,
capable of providing ubiquitous high quality, high revenue-generating voice and
duplex data solutions plus an equally compelling lineup of high value but
affordable consumer products and services.”
Conference
Call Note
The
earnings conference call scheduled for today, March 11, 2010 at 5:00 p.m.
Eastern Time, will discuss the fourth quarter and full-year results for
2009.
|
Details
are as follows:
|
|
|
Earnings
Call:
|
Dial: 866.277.1182 (US and Canada), 617.597.5359
(International) and
participant pass code # 28628176
|
|
Audio
Replay:
|
A
replay of the earnings call will be available for a limited time and can
be heard after 7:00 p.m. ET on March 11, 2010. Dial: 888.286.8010 (US
and Canada), 617.801.6888 (International) and pass
code #
95068490
|
About
Globalstar, Inc.
With over
375,000 subscribers, Globalstar is a leading provider of mobile satellite voice
and data services. Globalstar offers these
services to commercial and recreational users in more than 120 countries around
the world. The Company's products include mobile and fixed satellite telephones,
simplex and duplex satellite data modems and flexible service packages. Many
land based and maritime industries benefit from Globalstar with increased
productivity from remote areas beyond cellular and landline service. Global
customer segments include: oil and gas, government, mining, forestry, commercial
fishing, utilities, military, transportation, heavy construction, emergency
preparedness, and business continuity as well as individual recreational users.
Globalstar data solutions are ideal for various asset and personal tracking,
data monitoring and SCADA applications.
For more
information regarding Globalstar, please visit Globalstar's web site at www.globalstar.com
###
For further media information:
Globalstar, Inc.
Dean Hirasawa
(408) 933-4006
Safe
Harbor Language for Globalstar Releases
This
press release contains certain statements such as, “We expect the deployment of
these first six satellites to have an almost immediate positive impact on the
quality and reliability of our voice and duplex data services,” that are
“forward-looking statements” within the meaning of the Private Securities
Litigation Reform Act of 1995. These statements are subject to a number of
assumptions, risks and uncertainties, many of which are beyond our control,
including demand for our products and services, including commercial acceptance
of our Simplex products, including SPOT Satellite GPS Messenger, and the ability
to retain and migrate our two-way communications services subscribers to our
second-generation constellation when it is deployed; problems relating to the
construction, launch or in-orbit performance of our existing and future
satellites, including the effects of the degrading ability of our
first-generation satellite constellation to support two-way communication;
problems relating to the ground-based facilities operated by us or by
independent gateway operators; competition and its competitiveness vis-a-vis
other providers of satellite and ground-based communications products and
services; the pace and effects of industry consolidation; the continued
availability of launch insurance on commercially reasonable terms, and the
effects of any insurance exclusions; changes in technology; our ability to
continue to attract and retain qualified personnel; worldwide economic,
geopolitical and business conditions and risks associated with doing business on
a global basis; and legal, regulatory, and tax developments, including changes
in domestic and international government regulation.
Any
forward-looking statements made in this press release speak as of the date made
and are not guarantees of future performance. Actual results or developments may
differ materially from the expectations expressed or implied in the
forward-looking statements, and we undertake no obligation to update any such
statements. Additional information on factors that could influence our financial
results is included in our filings with the Securities and Exchange Commission,
including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and
Current Reports on Form 8-K.
GLOBALSTAR, INC.
CONSOLIDATED
STATEMENTS OF LOSS
(In
thousands, except per share data)
| Year Ended December 31, | ||||||||||||
|
2009
|
2008
|
2007
|
||||||||||
|
Revenue:
|
||||||||||||
|
Service
revenue
|
$ | 50,228 | $ | 61,794 | $ | 78,313 | ||||||
|
Subscriber
equipment sales
|
14,051 | 24,261 | 20,085 | |||||||||
|
Total
revenue
|
64,279 | 86,055 | 98,398 | |||||||||
|
Operating
expenses:
|
||||||||||||
|
Cost
of services (exclusive of depreciation and amortization shown
separately below)
|
36,204 | 37,132 | 27,775 | |||||||||
|
Cost
of subscriber equipment sales:
|
||||||||||||
|
Cost
of subscriber equipment sales
|
9,881 | 17,921 | 13,863 | |||||||||
|
Cost
of subscriber equipment sales—impairment of assets
|
913 | 405 | 19,109 | |||||||||
|
Total
cost of subscriber equipment sales
|
10,794 | 18,326 | 32,972 | |||||||||
|
Marketing,
general, and administrative
|
49,210 | 61,351 | 49,146 | |||||||||
|
Depreciation
and amortization
|
21,862 | 26,956 | 13,137 | |||||||||
|
Total
operating expenses
|
118,070 | 143,765 | 123,030 | |||||||||
|
Operating
loss
|
(53,791 | ) | (57,710 | ) | (24,632 | ) | ||||||
|
Other
income (expense):
|
||||||||||||
|
Gain
on extinguishment of debt
|
--- | 49,042 | --- | |||||||||
|
Interest
income
|
502 | 4,713 | 3,170 | |||||||||
|
Interest
expense
|
(6,730 | ) | (5,733 | ) | (9,023 | ) | ||||||
|
Derivative
loss, net
|
(15,585 | ) | (3,259 | ) | (3,232 | ) | ||||||
|
Other
income (expense)
|
665 | (4,497 | ) | 8,656 | ||||||||
|
Total
other income (expense)
|
(21,148 | ) | 40,266 | (429 | ) | |||||||
|
Loss
before income taxes
|
(74,939 | ) | (17,444 | ) | (25,061 | ) | ||||||
|
Income
tax expense (benefit)
|
(16 | ) | (2,283 | ) | 2,864 | |||||||
|
Net
loss
|
$ | (74,923 | ) | $ | (15,161 | ) | $ | (27,925 | ) | |||
|
Loss
per common share:
|
||||||||||||
|
Basic
|
$ | (0.52 | ) | $ | (0.18 | ) | $ | (0.36 | ) | |||
|
Diluted
|
(0.52 | ) | (0.18 | ) | (0.36 | ) | ||||||
|
Weighted-average
shares outstanding:
|
||||||||||||
|
Basic
|
145,430 | 86,405 | 77,169 | |||||||||
|
Diluted
|
145,430 | 86,405 | 77,169 | |||||||||
See notes
to consolidated financial statements.
Definition
of Terms and Reconciliation of Non-GAAP Financial Measures
We
utilize certain financial measures that are widely used in the
telecommunications industry and are not calculated based on GAAP. A
reconciliation of these measures to GAAP and a discussion of certain other
operating metrics used in the industry are presented below.
|
GLOBALSTAR,
INC.
|
||||||||
|
RECONCILIATION
OF GAAP TO ADJUSTED
|
||||||||
|
(Dollars
in thousands, except ARPU)
|
||||||||
|
(Unaudited)
|
|
Three
months ended
|
Year
ended
|
|||||||||||||||
|
December
31, 2009
|
December
31, 2008
|
December
31, 2009
|
December
31, 2008
|
|||||||||||||
|
Revenue
|
||||||||||||||||
|
Service
Revenue
|
$ | 13,275 | $ | 12,961 | $ | 50,228 | $ | 61,794 | ||||||||
|
Equipment
Revenue
|
2,604 | 5,436 | 14,051 | 24,261 | ||||||||||||
|
Total
Revenue
|
$ | 15,879 | $ | 18,397 | $ | 64,279 | $ | 86,055 | ||||||||
|
Operating
Expenses
|
||||||||||||||||
|
Cost
of Services
|
8,432 | 10,598 | 36,204 | 37,132 | ||||||||||||
|
Cost
of Subscriber Equipment
|
2,325 | 3,872 | 10,794 | 18,326 | ||||||||||||
|
Marketing,
General and Administrative
|
11,497 | 12,749 | 49,210 | 61,351 | ||||||||||||
|
Depreciation
& Amortization
|
5,497 | 7,821 | 21,862 | 26,956 | ||||||||||||
|
Impairment
of Assets
|
- | - | - | - | ||||||||||||
|
Total
Operating Expenses
|
$ | 27,751 | $ | 35,040 | $ | 118,070 | $ | 143,765 | ||||||||
|
Operating
Income/(Loss)
|
$ | (11,872 | ) | $ | (16,643 | ) | $ | (53,791 | ) | $ | (57,710 | ) | ||||
|
Interest
and Derivative Income/(Expense)
|
(22,230 | ) | (6,162 | ) | (21,813 | ) | (4,279 | ) | ||||||||
|
Gain
on Extinguishment of Debt
|
- | 49,042 | - | 49,042 | ||||||||||||
|
Other
Income/(Expense)
|
272 | (6,084 | ) | 665 | (4,497 | ) | ||||||||||
|
Income
Tax Expense (Benefit)
|
54 | (4,517 | ) | (16 | ) | (2,283 | ) | |||||||||
|
Net
Income/(Loss)
|
$ | (33,884 | ) | $ | 24,670 | $ | (74,923 | ) | $ | (15,161 | ) | |||||
|
EBITDA (1)
|
$ | (6,103 | ) | $ | (14,906 | ) | $ | (31,264 | ) | $ | (35,251 | ) | ||||
|
Impairment
of Assets
|
259 | - | 913 | 404 | ||||||||||||
|
Non-Cash
Compensation
|
2,231 | 2,277 | 10,576 | 12,932 | ||||||||||||
|
2nd
Generation Development
|
15 | 589 | 4,328 | 2,678 | ||||||||||||
|
Other
One Time Non Recurring Charges
|
1,897 | - | 3,480 | 552 | ||||||||||||
|
Foreign
Exchange and Other Loss/(Income)
|
(272 | ) | 6,084 | (665 | ) | 4,497 | ||||||||||
|
Adjusted
EBITDA (2)
|
$ | (1,973 | ) | $ | (5,956 | ) | $ | (12,632 | ) | $ | (14,188 | ) | ||||
|
Adjusted
EBITDA Margin
|
(12 | %) | (32 | %) | (20 | %) | (16 | %) | ||||||||
|
Retail
ARPU (3)
|
$ | 24.39 | $ | 28.71 | $ | 25.22 | $ | 35.19 | ||||||||
|
|
(1)
|
EBITDA
represents earnings before interest, income taxes, depreciation and
amortization. EBITDA does not represent and should not be
considered as an alternative to GAAP measurements, such as net income, and
the Company’s calculations thereof may not be comparable to similarly
entitled measures reported by other
companies.
|
The
Company uses EBITDA as a supplemental measurement of its operating performance
because, by eliminating interest, taxes and the non-cash items of depreciation
and amortization, the company believes it best reflects changes across time in
the company’s performance, including the effects of pricing, cost control and
other operational decisions. The company’s management uses EBITDA for
planning purposes, including the preparation of its annual operating
budget. The company believes that EBITDA also is useful to investors
because it is frequently used by securities analysts, investors and other
interested parties in their evaluation of companies in similar industries. As
indicated, EBITDA does not include interest expense on borrowed money or
depreciation expense on our capital assets or the payment of income taxes, which
are necessary elements of the company’s operations. Because EBITDA
does not account for these expenses, its utility as a measure of the Company’s
operating performance has material limitations. Because of these
limitations, the company’s management does not view EBITDA in isolation and also
uses other measurements, such as net income, revenues and operating profit, to
measure operating performance.
|
|
(2)
|
Adjusted
EBITDA is further adjusted to exclude non-cash compensation expense, asset
impairment charges, foreign exchange gains/(losses) and certain other
one-time charges. Management uses Adjusted figures for EBITDA
in order to manage the Company’s business and to compare its results more
closely to the results of its
peers.
|
|
|
(3)
|
Average
monthly revenue per unit (ARPU) measures service revenues per month
divided by the average number of retail subscribers during that
month. Average monthly revenue per unit as so defined may not
be similar to average monthly revenue per unit as defined by other
companies in the Company’s industry, is not a measurement under GAAP and
should be considered in addition to, but not as a substitute for, the
information contained in the Company’s statement of income. The
Company believes that average monthly revenue per unit provides useful
information concerning the appeal of its rate plans and service offerings
and its performance in attracting and retaining high value
customers.
|
|
GLOBALSTAR,
INC.
|
||||||||
|
SCHEDULE
OF SELECTED OPERATING METRICS
|
||||||||
|
(Dollars
in thousands, except ARPU)
|
||||||||
|
(Unaudited)
|
|
Three
months ended
|
Year
ended
|
|||||||||||||||
|
December
31, 2009
|
December
31, 2008
|
December
31, 2009
|
December
31, 2008
|
|||||||||||||
|
Subscribers
(End of Period)
|
390,594 | 344,330 | 390,594 | 344,330 | ||||||||||||
|
Retail
|
106,974 | 115,371 | 106,974 | 115,371 | ||||||||||||
|
IGO
|
64,723 | 73,763 | 64,723 | 73,763 | ||||||||||||
|
Simplex
|
218,897 | 155,196 | 218,897 | 155,196 | ||||||||||||
|
Net
Subscriber Additions/(Losses)
|
8,281 | 14,942 | 46,264 | 60,204 | ||||||||||||
|
Retail
|
(3,319 | ) | (3,431 | ) | (8,397 | ) | (7,721 | ) | ||||||||
|
IGO
|
(875 | ) | (509 | ) | (9,040 | ) | (7,545 | ) | ||||||||
|
Simplex
|
12,475 | 18,882 | 63,701 | 75,470 | ||||||||||||
|
Retail
Churn
|
1.4 | % | 1.7 | % | 1.3 | % | 1.6 | % | ||||||||
|
ARPU
|
||||||||||||||||
|
Retail
|
$ | 24.39 | $ | 28.71 | $ | 25.22 | $ | 35.19 | ||||||||
|
IGO
|
$ | 1.98 | $ | 2.17 | $ | 1.42 | $ | 3.26 | ||||||||
|
Simplex
|
$ | 6.51 | $ | 4.82 | $ | 5.85 | $ | 4.48 | ||||||||
|
Cash
capital expenditures (in millions)
|
$ | 62.4 | $ | 76.7 | $ | 303.2 | $ | 286.1 | ||||||||
|
Liquidity
at end of period /1
|
$ | 389,777 | ||||||||||||||
|
Note:
|
|
/1 Includes
$67.9 million cash on hand, $34.3 million Debt Service Reserve Account,
$12.5 million guarantee,
|
|
$215.1
million available under the COFACE Facility, and $60.0 million Thermo
contingent equity reserve
account.
|
