-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, KGsPWjYiM8WNvw95S7HGsc/dauRFAeb/DMw2KqjKCVq4iv8M71PtXBtQ2HsUB1vf dbdxFzmZaLSIGv9q5GOVtQ== 0000899140-03-000653.txt : 20030819 0000899140-03-000653.hdr.sgml : 20030819 20030819164512 ACCESSION NUMBER: 0000899140-03-000653 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030815 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20030819 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LORAL SPACE & COMMUNICATIONS LTD CENTRAL INDEX KEY: 0001006269 STANDARD INDUSTRIAL CLASSIFICATION: RADIO & TV BROADCASTING & COMMUNICATIONS EQUIPMENT [3663] IRS NUMBER: 133867424 STATE OF INCORPORATION: D0 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-14180 FILM NUMBER: 03856164 BUSINESS ADDRESS: STREET 1: 600 THIRD AVE STREET 2: C/O LORAL SPACECOM CORP CITY: NEW YORK STATE: NY ZIP: 10016 BUSINESS PHONE: 2126971105 MAIL ADDRESS: STREET 1: 600 THIRD AVE STREET 2: C/O LORAL SPACECOM CORP CITY: NEW YORK STATE: NY ZIP: 10016 8-K 1 s1251581a.txt CURRENT REPORT ON FORM 8-K 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): August 15, 2003 --------------- LORAL SPACE & COMMUNICATIONS LTD. --------------------------------- (Exact name of registrant as specified in its charter) Islands of Bermuda 1-14180 13-3867424 - -------------------------------------------------------------------------------- (State or other (Commission (IRS Employer jurisdiction of File Number) Identification incorporation) Number) c/o Loral SpaceCom Corporation 600 Third Avenue, New York, New York 10016 ----------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (212) 697-1105 --------------------------------------------------- Item 7. Financial Statements, Pro Forma Financial ----------------------------------------- Information and Exhibits. ------------------------- (c) Exhibits. Exhibit 99.1 Press Release of Loral Space & Communications Ltd. dated August 15, 2003 Item 12. Results of Operations and Financial Condition. ---------------------------------------------- On August 15, 2003, Loral Space & Communications Ltd. reported its financial results for the three months ended June 30, 2003 in the Press Release attached hereto as Exhibit 99.1. The information in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such a filing. 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. Loral Space & Communications Ltd. By: /s/ Janet Yeung ------------------------------ Name: Janet Yeung Title: Vice President and Assistant Secretary Date: August 19, 2003 EXHIBIT INDEX ------------- Exhibit Description - ------- ----------- Exhibit 99.1 Press Release of Loral Space & Communications Ltd. dated August 15, 2003 EX-99.1 3 s1251581b.txt PRESS RELEASE Exhibit 99.1 LORAL Space & Communications - -------------------------------------------------------------------------------- 600 Third Avenue New York, NY 10016 FOR IMMEDIATE RELEASE NEWS Contact: Jeanette Clonan John McCarthy (212) 697-1105 LORAL REPORTS SECOND QUARTER 2003 RESULTS NEW YORK - August 15, 2003 - Loral Space & Communications (OTCBB: LRLSQ) yesterday filed its quarterly report on Form 10Q with the Securities and Exchange Commission in which it reported financial results for the periods ended June 30, 2003. The results reflect the adverse economic conditions that continue to negatively affect the satellite industry, in particular the satellite manufacturing sector. For the three months ended June 30, 2003, revenues as reported were $143 million, compared with $316 million for the same period in 2002. Sales at Loral's satellite manufacturing business before eliminations were $81 million in the second quarter versus $250 million a year earlier. Fixed satellite services (FSS) revenues for the quarter were $73 million, compared to $103 million in the year earlier quarter. For the second quarter 2003, Loral reported a net loss applicable to common shareholders of $99 million, compared with a net loss applicable to common shareholders of $69 million in last year's quarter. Loral ended the quarter with $128 million in cash. Net cash provided by operating activities in the second quarter was $78 million. In the second quarter, FSS had operating income before depreciation and amortization of $44 million, compared with $60 million in the year ago quarter. Depreciation and amortization in the second quarter was $37 million, compared with $38 million in the quarter last year. As a result, FSS operating income was $7 million, compared with $22 million in the second quarter of 2002. FSS second quarter 2003 results include a $9 million gain on an insurance settlement. Space Systems/Loral (SS/L) had an operating loss before depreciation and amortization in the second quarter of $89 million, compared with operating income before depreciation and amortization of $10 million in the second quarter of 2002. Depreciation and amortization in the quarter was $7 million, compared with $10 million in the year ago quarter. As a result, SS/L had an operating loss of $96 million in the second quarter, compared to breakeven operating income in the year ago quarter. SS/L's results for the second quarter 2003 include $72 million of charges, which are primarily due to the absence of new orders at SS/L. On July 15, 2003, Loral reached an agreement to sell its six North American telecommunications satellites to Intelsat for up to $1.1 billion in cash. Also on July 15, 2003, in conjunction with this sale and to facilitate the transfer of these assets without encumbrances, Loral and certain of its subsidiaries filed voluntary petitions under Chapter 11 of the United States Bankruptcy Code. Further details on the company's financial results for the second quarter and first half of 2003 are available in Loral's 10Q statement available via the company's web site at www.loral.com. Loral Space & Communications is a satellite communications company. It owns and operates a global fleet of telecommunications satellites used by television and cable networks to broadcast video entertainment programming, and by communications service providers, resellers corporate and government customers for broadband data transmission, Internet services and other value-added communications services. Loral is also a world-class leader in the design and manufacture of satellites and satellite systems for commercial and government applications including direct-to-home television, broadband communications, wireless telephony, weather monitoring and air traffic management. # # # This document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In addition, Loral Space & Communications Ltd. or its representatives have made or may make forward-looking statements, orally or in writing, which may be included in, but are not limited to, various filings made by the company with the Securities and Exchange Commission, press releases or oral statements made with the approval of an authorized executive officer of the company. Actual results could differ materially from those projected or suggested in any forward-looking statements as a result of a wide variety of factors and conditions, which have been described in the section of the company's annual report on Form 10-K for the fiscal year ended December 31, 2002, entitled "Certain Factors That May Affect Future Results," and the company's other filings with the Securities and Exchange Commission. The reader is specifically referred to these documents. -----END PRIVACY-ENHANCED MESSAGE-----