8-K 1 0001.txt 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): February 15, 2001 ----------------- PEGASUS COMMUNICATIONS CORPORATION --------------------------------------------------------------------------- (Exact Name of Registrant as Specified in Charter) Delaware 0-21389 51-0374669 ---------------- ---------------- --------------------- (State or Other (Commission (IRS Employer Jurisdiction of File Number) Identification No.) Incorporation) c/o Pegasus Communications Management Company, 225 City Line Avenue, Suite 200, Bala Cynwyd, Pennsylvania 19004 ------------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: 888-438-7488 ------------ ----------------------------------------------------------------- (Former Name or Former Address, if Changed Since Last Report) Item 5. Other Events. ------------ The Registrant plans to hold its 2001 Annual Meeting of Stockholders on April 27, 2001. On February 15, 2001, the Registrant issued a press release containing, among other things, financial information for the quarter and the year ended December 31, 2000. A copy of the press release is filed as Exhibit 99.1 and is incorporated by reference into this report. Item 7. Financial Statements, Pro Forma Financial Information and Exhibits. ------------------------------------------------------ (c) Exhibits. 99.1 Registrant's press release, dated February 15, 2001. Item 9. Regulation FD Disclosure. ------------------------ The Registrant held a conference call on February 15, 2001 to report earnings results for the fourth quarter. On the call, the Registrant provided certain financial guidance for 2001. Set forth below is a table which provides financial guidance with respect to subscribers, revenues, contribution margin, pre-marketing cash flow, SAC and cash flow from operations for the first quarter of 2001 as compared to the first quarter of 2000 and for the year 2001 as compared to the year 2000. The information provided below with respect to 2001 is a forward-looking statement. See "Cautionary Statement" below.
(in thousands) Q1 '00 Q1 '01 Yr '00 Yr '01 Low High Low High Beginning subscribers 702 1,403 1,403 702 1,403 1,403 Net subscriber additions: DBS 21 40 55 178 180 260 Satellite Broadband 50 100 -------- --------- --------- --------- --------- --------- 21 40 55 178 230 360 Primestar conversions 29 77 Acquired subscribers 50 12 17 446 50 100 -------- --------- --------- --------- --------- --------- 100 52 72 701 280 460 -------- --------- --------- --------- --------- --------- Ending subscribers 802 1,455 1,475 1,403 1,683 1,863 -------- --------- --------- --------- --------- --------- Net revenues: DBS $ 95,857 $ 207,000 $ 215,000 $ 582,075 $ 890,000 $ 990,000 Satellite Broadband 16,000 36,000 Other 8,138 8,000 9,000 35,433 34,000 37,000 -------- --------- --------- --------- --------- --------- 103,995 215,000 224,000 617,508 940,000 1,063,000 -------- --------- --------- --------- --------- --------- Contribution margin: DBS 32,027 70,000 74,000 199,495 300,000 345,000 Satellite Broadband 5,000 13,000 Other 306 400 500 3,428 3,400 4,000 -------- --------- --------- --------- --------- --------- 32,333 70,400 74,500 202,923 308,400 362,000 -------- --------- --------- --------- --------- --------- Pre-marketing cash flow: DBS 27,999 61,000 64,000 174,898 265,000 310,000 Satellite Broadband 1,000 6,000 Other 306 400 500 3,428 3,400 4,000 -------- --------- --------- --------- --------- --------- 28,305 61,400 64,500 178,326 269,400 320,000 -------- --------- --------- --------- --------- --------- Subscriber acquisition costs: DBS 25,409 50,000 55,000 169,998 225,000 255,000 Satellite Broadband 27,000 63,000 -------- --------- --------- --------- --------- --------- 25,409 50,000 55,000 169,998 252,000 318,000 -------- --------- --------- --------- --------- --------- Cash flow from operations: DBS 2,590 11,000 9,000 4,900 40,000 55,000 Satellite Broadband (26,000) (57,000) Other 306 400 500 3,428 3,400 4,000 -------- --------- --------- --------- --------- --------- 2,896 11,400 9,500 8,328 17,400 2,000 -------- --------- --------- --------- --------- ---------
Cautionary Statement This Report contains certain forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995) and information relating to us that are based on the beliefs of our management, as well as assumptions made by and information currently available to our management. When used in this Report, the words "estimate," "project," "believe," "anticipate," "intend," "expect" and similar expressions are intended to identify forward-looking statements. Such factors include, among other things, the following: general economic and business conditions, both nationally, internationally and in the regions in which we operate; relationships with and events affecting third parties like DIRECTV, Inc.; litigation with DIRECTV; demographic changes; existing government regulations and changes in, or the failure to comply with government regulations; competition; the loss of any significant numbers of subscribers or viewers; changes in business strategy or development plans; technological developments and difficulties; the ability to attract and retain qualified personnel; our significant indebtedness; the availability and terms of capital to fund the expansion of our businesses; and other factors discussed under the section entitled "Risk Factors" of the Registrant's Proxy Statement dated February 29, 2000 and filed with the Securities and Exchange Commission on March 1, 2000 in connection with a special meeting of stockholders to be held on March 22, 2000 and other reports and registration statements filed by the Registrant, from time to time, with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as the date hereof. We do not undertake any obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. SIGNATURE 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 thereunto duly authorized. PEGASUS COMMUNICATIONS CORPORATION February 16, 2001 By: /s/ Scott A. Blank ------------------------------ Scott A. Blank Vice President Exhibit Index ------------- Exhibit No. Description ----------- ----------- 99.1 Registrant's press release, dated February 15, 2001.