Satellite communications company Globalstar Inc. in Covington on Friday reported second-quarter net income of $6.2 million, or 1 cent per share, compared with a $7 million loss, or 1 cent per diluted share, a year ago.
The company's adjusted earnings before interest, taxes, depreciation and amortization were $8.8 million for the quarter, compared with $11.2 million in the second quarter of 2018.
Company officials have said EBITDA is the measuring stick satellite phone companies use because they are severely affected by depreciation of their equipment.
The change in EBITDA was caused by a drop in total revenue, which was down $1.3 million in service revenue and $1.2 million in revenue from subscriber equipment sales. Total revenue was $31.2 million compared with $33.7 million a year ago.
Globalstar said it is nearing an agreement to improve its capital structure and address liquidity issues by refinancing its existing debt or amending its debt facility agreement.
Shares of Globalstar closed Friday at 41 cents, down a penny.