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www.EquityTradingAlert.com: Reports Hot Stocks To Watch For March 12, 2010 Are March 11, 2010 - Globalstar, Inc. (Nasdaq: GSAT), March 11, 2010 - GeoEye, Inc. (Nasdaq: GEOY), March 11, 2010 - LIN TV Corp. (NYSE:TVL): Sign Up Today!
Mar 12, 2010 (M2 PRESSWIRE via COMTEX) --
Reports Hot Stocks To Watch For March 12, 2010 Are March 11, 2010 - Globalstar, Inc. (Nasdaq: GSAT), March 11, 2010 - GeoEye, Inc. (Nasdaq: GEOY), March 11, 2010 - LIN TV Corp. (NYSE:TVL): Sign Up Today!
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DeLorme Places Large Initial Order for New GPS Satellite Communicators From Globalstar
SPOT Satellite Communicator and Earthmate PN-60w Combines GPS Navigation With Custom Messaging and Emergency Notification
MILPITAS, Calif., March 11, 2010 - Globalstar, Inc. (Nasdaq: GSAT), a leading provider of mobile satellite voice and data services to businesses, governments and consumers, today announced it has received a substantial order for the initial delivery of more than 15,000 SPOT Satellite Communicators from DeLorme, an innovation leader in mapping and GPS technologies. The introductory order will address DeLorme's retail distribution channel fill requirements. Earlier this year at the Consumer Electronics Show in Las Vegas, the two companies jointly announced the introduction of the world's first rugged, handheld GPS and satellite communicator product. The DeLorme Earthmate(R) PN-60w with SPOT Satellite Communicator is the first handheld GPS navigation device capable of sending customized text messages even when the user is operating far beyond the range of cellular communications. The product is expected to be ready for general availability beginning in late spring.
"The DeLorme Earthmate PN-60w with the SPOT Satellite Communicator provides customers with the utility of a sophisticated handheld GPS device combined with SPOT's global satellite messaging and tracking capability," said Peter Dalton, Chief Executive Officer of Globalstar Inc. "We were very pleased with the reception this new product received when it was unveiled at CES and today's announcement further demonstrates the level of market excitement and potential pent up demand there is for a handheld GPS device capable of sending customized text messages and location coordinates from virtually anywhere in the world."
The revolutionary SPOT Satellite Communicator, designed exclusively for the new PN-60w, merges SPOT satellite message functionality with DeLorme's state-of-the-art GPS mapping utility. Together, this integrated solution offers broad messaging capabilities enabling users to send freeform text messages using the PN-60w's keyboard to select individuals or groups, even when the user is far beyond the range of traditional terrestrial-based wireless communications.
Established SPOT technology allows real-time location updates and the ability to summon help in an emergency. Custom messages and waypoints can easily be shared with social networking sites like SPOTadventures.com, Geocaching.com, Twitter, and Facebook. As an emergency back-up, the SPOT Satellite Communicator has stand-alone capability to send location-based SOS notification to an emergency response center.
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
About DeLorme
DeLorme is the longtime leader in innovative mapping and GPS solutions serving millions of satisfied consumers and enterprise customers. Based in Yarmouth, ME, DeLorme offers a unique set of core competencies across the complex areas of map data creation and management, software development, and integration with GPS. The ability to develop all the critical components necessary to compete in the fast-changing navigation world provides a distinct competitive advantage. DeLorme is one of a handful of mapmakers that still own and produce their own content, and its Street Atlas USA, Topo USA, XMap, and Earthmate GPS products have introduced countless first-to-market innovations. To learn more, go to www.delorme.com.
Safe Harbor Language for Globalstar Releases
This press release contains certain statements such as, "The product is expected to be ready for general availability beginning in late spring," 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.
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GeoEye Selects Lockheed Martin to Begin Engineering and Manufacturing of GeoEye-2, the Company's Next Commercial Earth-Imaging Satellite
GeoEye-2 Will Provide the World's Highest Resolution and Most Accurate Color Imagery to Government and Commercial Customers
DULLES, Va., March 11, 2010 - GeoEye, Inc. (Nasdaq: GEOY), a premier provider of superior satellite and aerial-based geospatial information and services, announced today it selected Lockheed Martin Space Systems Company, a major operating unit of Lockheed Martin Corporation (Bethesda, Md., NYSE: LMT) to build GeoEye-2, the Company's next-generation, high-resolution Earth-imaging satellite system. Lockheed has already begun purchasing long-lead material and labor for the design, engineering and manufacturing of the satellite and the associated command and control system.
Matt O'Connell, GeoEye's chief executive officer and president, said, "We chose Lockheed Martin Space Systems Company to build GeoEye-2 to ensure high confidence in mission success. They have a 50-year heritage of building imaging systems for the U.S. Government and have built several hundred Earth-imaging satellites-more than anyone else."
Bill Schuster, GeoEye's chief operating officer, said, "GeoEye-2 will be the same class of satellite as GeoEye-1 but will benefit from significant improvements in capabilities to better serve our customers' demands for increased quantities of imagery at higher resolution. Some of these improvements include enhanced tasking capabilities and the ability to collect more imagery at a faster rate."
Joanne Maguire, executive vice president of Lockheed Martin Space Systems Company, said, "GeoEye-2's increased resolution, along with the need for greater spacecraft agility, leverages our unparalleled experience in delivering highly reliable, precision remote sensing space systems for our customers."
Lockheed Martin built GeoEye's IKONOS satellite. Launched in 1999, IKONOS has exceeded 10 years of successful on-orbit operations. It continues to provide high-resolution imagery of the Earth to GeoEye's commercial and government customers around the world.
"The IKONOS satellite, which continues to perform with outstanding results for GeoEye, ushered in the first generation of commercial high-resolution space imaging systems, and we look forward to building a third-generation satellite that will provide even greater remote sensing capabilities for GeoEye's customers," added Maguire.
In October 2007, GeoEye announced it had contracted with ITT Corporation's Geospatial Systems Division (Rochester, N.Y., NYSE: ITT) to begin advance work on the camera for GeoEye-2.
Chris Young, president of ITT Corporation's Geospatial Systems Division, commented, "We designed GeoEye-2's advanced optics and sensor using a combination of flight-proven and state-of-the-art technologies. We feel confident that our imaging system's improved resolution and outstanding image quality will offer GeoEye the best sensor and most comprehensive capabilities for years to come."
"This two-year head start on the development of the camera and camera electronics enables us to launch GeoEye-2 in late 2012," added Schuster. "Our goal is to be ready when our government moves ahead with any contracting activity, so our government and other customers overseas have continued access to high-quality satellite imagery well into this decade."
About Lockheed Martin
Headquartered in Bethesda, Md., Lockheed Martin is a global security company that employs about 140,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services. The Corporation reported 2009 sales of $45.2 billion.
About GeoEye
GeoEye, Inc. is an international information services company serving government and commercial markets. The Company is recognized as one of the geospatial industry's imagery experts, delivering exceptional quality imagery products, services and solutions to customers around the world. Headquartered in Dulles, Virginia, the Company has 534 employees, as of December 31, 2009, dedicated to developing best-in-class geospatial information products and services. GeoEye is a public company listed on the NASDAQ stock exchange under the symbol GEOY. The Company provides support to academic institutions and non-governmental organizations through the GeoEye Foundation (http://www.geoeyefoundation.org). Additional information about GeoEye is available at www.geoeye.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Without limitation, the words "anticipates," "believes," "estimates," "expects," "intends," "plans," "will" and similar expressions are intended to identify forward-looking statements. All statements that address operating performance, events or developments that we expect or anticipate will occur in the future, including statements relating to growth, expected levels of expenditures and statements expressing general optimism about future operating results, are forward-looking statements. Similarly, statements that describe our business strategy, outlook, objectives, plans, intentions or goals also are forward-looking statements. All such forward-looking statements and those presented elsewhere by our management from time to time are subject to certain risks and uncertainties that could cause actual results to differ materially from those in forward-looking statements. These risks and uncertainties include, but are not limited to, those described in "Risk Factors" included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2008, which we filed with the Securities and Exchange Commission ("SEC") on April 2, 2009, and our Quarterly Reports on Form 10-Q for the period ended March 31, 2009, June 30, 2009 and Sept. 30, 2009, which we filed with the SEC on May 12, 2009, Aug. 10, 2009 and Nov. 9, 2009, respectively. Copies of all SEC filings may be obtained from the SEC's EDGAR web site, http://www.sec.gov/, or by contacting: William L. Warren, Senior Vice President, General Counsel and Secretary, at 703-480-5672.
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LIN TV Corp. Announces Fourth Quarter 2009 and Full Year 2009 Results
PROVIDENCE, R.I. - March 11, 2010 - LIN TV Corp. (NYSE: TVL) today reported results for the fourth quarter 2009 and full year ended December 31, 2009.
Results for the fourth quarter ended December 31, 2009
Commenting on the fourth quarter and full year 2009 results, LIN TV's President and Chief Executive Officer Vincent L. Sadusky said: "We are encouraged by early signs of economic recovery during the fourth quarter of 2009. The strategic decisions we made, including our focus on building our digital business, helped us emerge from this downturn a stronger and more efficient company. We look forward to building on our momentum in 2010."
Special Items During the quarter ended December 31, 2009, the Company recorded an impairment charge of $4.0 million, or $2.6 million after-tax, relating to an accrued loan to the Company's joint venture with NBC Universal, which continues to be impacted by the economic downturn. The charge relates to a write down of amounts the Company expects to advance to the joint venture during 2010 and through the first quarter of 2011 under a shortfall funding agreement with NBC Universal. During the year ended December 31, 2009, the Company recorded special items netting to an operating charge of $40.4 million, and recorded special items netting to an after-tax gain of $2.3 million.
Key Balance Sheet and Cash Flow Items
Total debt outstanding at December 31, 2009 was $683.0 million, compared to $743.4 million outstanding at December 31, 2008. Cash and cash equivalent balances at December 31, 2009 were $11.1 million. The Company paid $4.0 million and $15.9 million of principal on its term loan balances during the quarter and year ended December 31, 2009, respectively. The Company's outstanding revolving credit facility balance was $204.0 million at December 31, 2009, with $21.0 million available for borrowing under that facility. Consolidated leverage, as defined in the Company's credit agreement, was approximately 7.6x as of December 31, 2009 compared to 5.7x as of December 31, 2008. Other components of cash flow for the fourth quarter of 2009 were cash capital expenditures of $5.5 million and cash payments for programming of $6.7 million.
Business Outlook
The results presented in this release, including all of the amounts discussed in this Business Outlook section, reflect the classification of the operations of the Banks Broadcasting, Inc. joint venture as discontinued operations for all periods presented. The Company has provided historical quarterly financial information for its continuing operations on its web site. Interested parties should go to www.lintv.com and in the "Investor Relations" section, click on "Financial Reports & Releases," then "Quarterly and Other Reports" and then "Supplemental Financial Data."
Based on current sales order pacings, the Company expects that first quarter 2010 net revenues will increase in the range of 21% to 25% (or $15.5 million to $18.5 million), compared to reported net revenues of $74.5 million for the first quarter of 2009.
In addition, the Company expects that its direct operating and SG&A expenses, which include variable sales related expenses, will increase in the range of 2% to 5% (or $1.0 million to $2.5 million) for the first quarter of 2010 compared to reported expenses of $52.5 million for the first quarter of 2009. Excluding RMM, expenses will be down slightly for the first quarter of 2010 compared to the same quarter in 2009. For the full year, the Company expects station direct operating and SG&A expenses will increase in the range of 6% to 9% (or $12.0 million to $18.0 million) compared to reported expenses of $209.5 million for 2009. Excluding RMM, expenses are expected to be flat for 2010 compared to 2009. The Company's current outlook for revenues, expenses and cash flow items for the first quarter and full year 2010, excluding special items, are anticipated to be in the following ranges:
LIN TV advises that all of the information and factors set forth above are subject to risks, uncertainties and assumptions (see the "Forward Looking Statements" heading below), which could individually or collectively cause actual results to differ materially from those projected above.
Conference Call LIN TV will hold a conference call to discuss its fourth quarter and full year results today, March 11, 2010, at 9:00 AM Eastern Time. To participate in the call, please dial 1-888-587-0613 for U.S. callers and 1-719-325-2481 for international callers. The call-in pass code is 5275774. Callers who intend to participate in the call should dial-in 10 minutes before the start of the call to ensure access. The conference call will also be webcast simultaneously from LIN TV Corp.'s web site, www.lintv.com, and can be accessed there through a link on the home page (under the Latest News section). For those unavailable to participate in the live teleconference, a replay can be accessed via the Investor Relations section of www.lintv.com or by dialing 1-888-203-1112 and entering the same passcode as above. The telephone replay will be available through March 25, 2010.
Access to Non-GAAP Financial Measures and Other Supplemental Financial Data
The Company reports and discusses its operating results using financial measures consistent with generally accepted accounting principles (GAAP) and believes this should be the primary basis for evaluating its performance. The preceding discussion of our results includes a discussion of income from continuing operations, including special items, and includes a section detailing these items. Income from continuing operations, including special items, is a non-GAAP financial measure and is not intended to replace income from continuing operations, a directly comparable GAAP financial measure. Special items are items that are significant, and unusual or infrequent and provide more comparable information about the Company's operating performance. Additionally, non-GAAP financial measures such as Broadcast Cash Flow (BCF), Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) and Free Cash Flow (FCF) should not be viewed as alternatives or substitutes for GAAP reporting. However, BCF, Adjusted EBITDA and FCF are common supplemental measures of performance used by investors, lenders, rating agencies and financial analysts. As a result, these non-GAAP measures can provide certain additional insight about the market value of the Company and its stations; the Company's ability to fund acquisitions, investments and working capital needs; the Company's ability to service its debt; the Company's performance versus other peer companies in its industry; and other operating performance trends for its business. The Company makes available reconciliations of its operating income (loss), a GAAP reporting measure, to BCF, Adjusted EBITDA and FCF on the Company's web site. In addition, the Company provides additional information on its web site, at the same location, regarding historical revenue by source, pro forma income statement information and certain other components of cash flow. Interested parties should go to www.lintv.com and in the "Investor Relations" section, click on "Financial Reports & Releases", then "Quarterly and Other Reports" and then "Supplemental Financial Data".
Forward-Looking Statements
The information discussed in this press release, particularly in the section with the heading Business Outlook, includes forward-looking statements about the Company's future operating results within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The Company based these forward-looking statements on its current assumptions, knowledge, estimates and projections about factors that could affect its future operations. Although LIN TV believes that its assumptions made in connection with the forward-looking statements are reasonable, no assurances can be given that those assumptions and expectations will prove to be correct. Statements in this press release that are forward-looking include, but are not limited to, statements regarding quarter and full year station time sales order pacings; local, national and political advertising growth; digital, network compensation, barter and other revenue growth; direct operating, SG&A, barter, amortization of program rights and corporate expense growth; and cash programming, cash capital expenditures, cash interest expense and principal amortization, cash tax payments and effective tax rates and distributions from equity investments. These forward-looking statements are subject to various risks, uncertainties and assumptions which may cause these expectations and assumptions not to occur or to differ materially from those outcomes projected in the forward-looking statements. Such risks and uncertainties include, but are not limited to, the potential continuing deterioration of national and/or local economies; global or local events that could disrupt TV broadcasting; continuing softening of the domestic advertising market; further consolidation of national and local advertisers, and the national sales representation market; potential liabilities related to the Company's guarantee of the debt obligations of its joint venture with NBC Universal; risks associated with acquisitions, including integration of acquired businesses; changes in TV viewing patterns, ratings and commercial viewing measurement; increases in news and syndicated programming costs, and capital expenditures; changes in television network affiliation agreements; changes in retransmission consent agreements; changes in government regulation; competition; seasonality; restrictions on the Company's operations as a result of the Company's indebtedness; effects of complying with accounting standards; effects of the Company's control relationships, including the control of HM Capital Partners LLC and its affiliates, and other risks discussed in the Company's Annual Report on Form 10-K and other filings made with the Securities and Exchange Commission (which are available on the Company's web site, www.lintv.com, in the Investor Relations section), or at www.sec.gov, which discussions are incorporated in this release by reference. LIN TV undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless otherwise required to by applicable law.
About LIN TV
LIN TV Corp., along with its subsidiaries, is a local multi-media company that owns and/or operates 28 network-affiliated broadcast television stations and interactive television station and niche web sites in 17 U.S. markets. LIN TV's online advertising business, RMM, leverages unique technology, new product innovation and customized interactive and mobile advertising solutions to deliver measurable results to local, regional and national clients.
LIN TV is traded on the New York Stock Exchange under the symbol "TVL". Financial information about the company is available at www.lintv.com.
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