Globalstar, a Covington satellite phone company, posted a third-quarter gain of $129.4 million, or 11 cents per share, after years of losses.

The company credited the gains on a decrease in the value of its derivative investments, along with improved operating margins. In the third quarter of 2013, Globalstar posted a loss of $205 million.

Earnings before interest, taxes, depreciation and amortization were $4.8 million during the quarter, a 92 percent gain over the year before. In the third quarter of 2013, Globalstar’s EBITDA was $2.5 million. Officials with the company have said EBITDA is the measuring stick satellite phone companies use because they are severely affected by depreciation of their equipment.

Revenue in the third quarter was $23.4 million, a 4 percent gain over the $22.5 million Globalstar brought in during the same period a year ago.

The company said that over the past year, the number of subscribers has increased 14 percent to nearly 620,000.

In a statement, Jay Monroe, Globalstar chairman and CEO, said the quarter was another successful period.

“Despite the recent unusual market activity in the company’s stock, we remain focused on our core operations, including an expanded footprint, upgrading the existing ground network and developing new products,” Monroe said.

Globalstar’s stock edged up 7 cents, or nearly 3 percent, to $2.48 in after-hours trading Thursday. Still, the stock is down from $3.66 a share on Sept. 30. Around Oct. 1, Kerrisdale Capital Management started bashing Globalstar, saying the company’s stock was worthless because its satellite phone service is unprofitable, and a potential land-based Wi-Fi channel will never be commercially viable.

Monroe has said Kerrisdale’s analysis was “fundamentally flawed and wrong” and “mischaracterized facts” all for personal gain. Kerrisdale is shorting Globalstar’s stock and could profit from a drop in share prices.

Globalstar said it expects the Federal Communications Commission will take action shortly on the company’s request to create a land-based Wi-Fi network by tapping the spectrum set aside for it in areas where satellite phones aren’t needed. “Post-approval, we plan to seek to establish one or more partnerships to deploy commercial service successfully and promptly,” Globalstar said.

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