-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, m40r5zMzr1VadWF4xDf3OOe7xQqyWu4KbA0pfBOpb7clu+FEsQ+LaoBmebr06KNW 5LSXV6JexoZ6MUkyGCgtBg== 0000022698-94-000021.txt : 19940720 0000022698-94-000021.hdr.sgml : 19940720 ACCESSION NUMBER: 0000022698-94-000021 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19940719 ITEM INFORMATION: Other events FILED AS OF DATE: 19940719 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COMSAT CORP CENTRAL INDEX KEY: 0000022698 STANDARD INDUSTRIAL CLASSIFICATION: 4899 IRS NUMBER: 520781863 STATE OF INCORPORATION: DC FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-04929 FILM NUMBER: 94539249 BUSINESS ADDRESS: STREET 1: 6560 ROCK SPRING DR CITY: BETHESDA STATE: MD ZIP: 20817 BUSINESS PHONE: 301-214-30 MAIL ADDRESS: STREET 1: 6560 ROCK SPRING DRIVE CITY: BETHESDA STATE: MD ZIP: 20817 FORMER COMPANY: FORMER CONFORMED NAME: COMMUNICATIONS SATELLITE CORP /DE/ DATE OF NAME CHANGE: 19930719 8-K 1 FORM 8K 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): July 19, 1994 COMSAT Corporation (Exact name of Registrant as specified in Charter) District of Columbia 1-4929 52-0781863 - ------------------------ ----------- -------------- (State or other juris- (Commission (IRS Employer diction of incorporation File Number) Identification Number) 6560 Rock Spring Drive, Bethesda, MD 20817 ---------------------------------------- -------- (Address of principal executive offices) Zip Code Registrant's telephone number, including area code (301) 214-3000 Not applicable ------------------------------------------------------------ (Former name or former address, if changed since last report) Page 1 Item 7. Financial Statements and Exhibits (c) Exhibits (listed according to the number assigned in Item 601 of Regulation S-K). Exhibit No. Description 20(a) Supplemental Quarterly Income Statements for 1993 and 1992 as restated for a merger accounted for as a pooling of interests. Information distributed on July 19, 1994. Page 2 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. COMSAT Corporation By: /s/ C. Thomas Faulders III ---------------------------- C. Thomas Faulders III Vice President and Chief Financial Officer Date: July 19, 1994 Page 3
COMSAT CORPORATION CONSOLIDATED INCOME STATEMENTS (UNAUDITED) (In millions except per share amounts) 1993 1994 ------------------------------------------ --------------- QTR 1 QTR 2 QTR 3 QTR 4 TOTAL QTR 1 QTR 2 ------------------------------------------ --------------- REVENUES $194.7 $185.8 $179.3 $194.5 $754.3 $200.5 $207.9 ------ ------ ------ ------ ------ ------ ------ OPERATING EXPENSES: Cost of Services 110.4 100.8 94.7 117.6 423.5 114.7 112.6 Depreciation and Amortization 34.6 34.7 34.9 37.9 142.1 40.3 40.0 Research and Development 3.7 3.6 4.0 4.0 15.3 3.3 3.7 General and Administrative 5.2 5.3 5.7 5.6 21.8 5.3 5.4 Merger and Integration Costs - - - - - - 4.3 ------ ------ ------ ------ ------ ------ ------ Total Operating Expenses 153.9 144.4 139.3 165.1 602.7 163.6 166.0 ------ ------ ------ ------ ------ ------ ------ OPERATING INCOME 40.8 41.4 40.0 29.4 151.6 36.9 41.9 OTHER INCOME (EXPENSE), NET (1.1) 2.5 3.3 3.6 8.3 1.1 0.1 INTEREST INCOME 0.2 0.6 0.2 0.4 1.4 0.2 0.3 INTEREST COST (12.1) (12.1) (11.4) (10.2) (45.8) (11.9) (11.1) INTEREST CAPITALIZED 5.1 5.5 6.0 5.6 22.2 5.7 6.1 ------ ------ ------ ------ ------ ------ ------ INCOME BEFORE TAXES AND CUMULATIVE EFFECT OF ACCOUNTING CHANGE 32.9 37.9 38.1 28.8 137.7 32.0 37.3 INCOME TAX EXPENSE (12.4) (14.8) (18.7) (9.3) (55.2) (11.8) (15.7) ------ ------ ------ ------ ------ ------ ------ INCOME BEFORE CUMULATIVE EFFECT OF ACCOUNTING CHANGE 20.5 23.1 19.4 19.5 82.5 20.2 21.6 CUMULATIVE EFFECT OF ACCOUNTING CHANGE FOR INCOME TAXES 1.9 - - - 1.9 - - ------ ------ ------ ------ ------ ------ ------ NET INCOME $ 22.4 $ 23.1 $ 19.4 $ 19.5 $ 84.4 $ 20.2 $ 21.6 ====== ====== ====== ====== ====== ====== ====== EARNINGS PER SHARE: Before cumulative effect of accounting change $ 0.44 $ 0.49 $ 0.41 $ 0.41 $ 1.75 $ 0.43 $ 0.46 Cumulative effect of accounting 0.04 - - - 0.04 - - ------ ------ ------ ------ ------ ------ ------ Net Income $ 0.48 $ 0.49 $ 0.41 $ 0.41 $ 1.79 $ 0.43 $ 0.46 ====== ====== ====== ====== ====== ====== ====== AVERAGE SHARES 46.9 47.2 47.1 47.2 47.1 47.2 47.2
Notes: (1) In June 1994, the corporation consummated a merger with Radiation Systems, Inc. (RSi). The merger has been treated as a "pooling of interests" for accounting purposes. Accordingly, these financial statements have been retroactively restated for all periods to include RSi. (2) Revenues include business interruption insurance income of $0.9 million, $1.3 million and $0.8 million in the first, second and third quarters of 1993, respectively, and $4.8 million in the second quarter of 1994. (3) Income tax expense for the third quarter of 1993 includes a charge of $3.0 million ($0.06 per share) to adjust prior years' deferred tax assets and liabilities for an increase in the Federal income tax rate from 34% to 35%. Page 4 -----END PRIVACY-ENHANCED MESSAGE-----