Mobile satellite telephone serviceprovider Globalstar [OTC: GSTRF] reported first-quarter revenues of $11.6 million, a 290 percent increase over the January-March period in 2002. This jump in revenue was due in part to the acquisition of U.S. service provider operations in the second half of 2002. Globalstar reported a net loss of $15.2 million, a drop of 81percent compared to a year ago.

Through March, San Jose, Calif.-based Globalstar had approximately 84,000 subscribers worldwide, an increase of 9 percent from the end of 2002. The company also had $13.5 million cash-on-hand after drawing down $4 million of debtor-in-possession financing.

Globalstar also announced that it received court approval for its acquisition by ICO Global Communications (Holdings) Ltd. This clears the way for Globalstar to transfer most of its assets to a new Globalstar operating company to be majority owned by ICO, which will pay $55 million for the stake.