-----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, FOy6lcPxX38LelGLtwnO30XRCM3b9S1NenBSKvXD5GDNZX2mWdrO7NvpnT2hbnxz 1sVyXTI6ATeg0JXqfFbMmg== 0000820736-95-000004.txt : 19950517 0000820736-95-000004.hdr.sgml : 19950517 ACCESSION NUMBER: 0000820736-95-000004 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19950208 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19950208 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: ORBITAL SCIENCES CORP /DE/ CENTRAL INDEX KEY: 0000820736 STANDARD INDUSTRIAL CLASSIFICATION: 3760 IRS NUMBER: 061209561 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-18287 FILM NUMBER: 95506482 BUSINESS ADDRESS: STREET 1: 21700 ATLANTIC BOULEVARD CITY: DULLES STATE: VA ZIP: 20166 BUSINESS PHONE: 7034065000 MAIL ADDRESS: STREET 2: 21700 ATLANTIC BLVD CITY: DULLES STATE: VA ZIP: 20166 FORMER COMPANY: FORMER CONFORMED NAME: ORBITAL SCIENCES CORP II DATE OF NAME CHANGE: 19900212 8-K 1 8-K DATED 02/08/95 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 8, 1995 _______________________ ORBITAL SCIENCES CORPORATION Delaware 0-18287 06-1209561 (State of incorporation) (Commission File Number) (I.R.S. Employer I.D. No.) 21700 Atlantic Boulevard Dulles, Virginia 20166 (703) 406-5000 (Address and telephone number of principal executive offices) Item 5. Other Events On February 8, 1995, Orbital Sciences Corporation (the "Company") announced results for its 1994 fiscal year. Revenues for the year ended December 31, 1994 were $221,946,000, compared to 1993 reported revenues of $190,186,000. For the year, net income was $5,389,000, or $.28 per fully diluted share on an average of 23.2 million shares outstanding, as compared to 1993 reported net income of $4,460,000, or $.34 per fully diluted share on an average of 15.6 million shares outstanding. After giving effect to restating 1993 reported results for the pooling of interests with Magellan Corporation, 1993 revenues were $223,087,000 and net income was $6,396,000, or $.39 per fully diluted share on an average of 18.3 million shares outstanding. Revenues for the fourth quarter ended December 31, 1994 were $65,068,000, compared to 1993 reported fourth quarter revenues of $44,876,000. Net income for the three months ended December 31, 1994 was $1,140,000, or $.06 per fully diluted share on an average of 24.8 million shares outstanding, as compared to reported net income of $1,361,000, or $.09 per fully diluted share on an average of 16.8 million share outstanding, for the 1993 period. After giving effect to restating 1993 reported results for the Magellan acquisition, 1993 fourth quarter revenues were $54,507,000 and net income was $1,984,000, or $.11 per fully diluted share on an average of 19.5 million shares outstanding. Major business achievements for the year included the August acquisition of Fairchild Space and Defense Corporation and the December acquisition of Magellan Corporation. While the Magellan acquisition was somewhat dilutive in the fourth quarter of 1994 due to transaction and reorganization costs of approximately $500,000, both acquisitions are expected to be significantly accretive in 1995 and beyond. Major operational activities for the year included the successful completion of a total of nine space missions, including two successful launches of our Pegasus launch vehicle, the initial launch of our Taurus launch vehicle, and the first flight of our PegaStar spacecraft on the APEX mission for the U.S. Air Force. While the Company successfully inaugurated use of our L-1011 as the primary carrier aircraft for its Pegasus program, it also had a launch failure of its initial Pegasus XL launch vehicle. Approximately $2.5 million of unplanned research and development costs were incurred in 1994 in preparation for clearing Pegasus XL to fly again in early 1995. The Company's firm backlog was approximately $335 million at December 31, 1994, while undefinitized contract awards and options totalled in excess of $900 million. At December 31, 1994, the Company had cash, cash equivalents, short-term investments and amounts available under its revolving credit facility equal to approximately $33 million, of which approximately $8 million was restricted as collateral for outstanding letter of credit commitments. The Company is currently pursuing various financing alternatives to maintain expenditures and investments at desired levels in 1995. The Company believes that it will be able to obtain the necessary financing, although there can be no assurance that it will be able to do so.
ORBITAL SCIENCES CORPORATION SUMMARY OF FINANCIAL RESULTS (in thousands of dollars, except share data) Years ended December 31, 1994 1993 1993 (restated) Revenues $221,946 $190,186 $223,087 Gross Profit $ 64,881 $ 37,889 $ 52,883 Operating Income $ 8,696 $ 8,562 $ 10,564 Net Income $ 5,388 $ 4,640 $ 6,396 Net Income Per Share Primary $ .28 $ .39 $ .44 Full Dilution $ .28 $ .34 $ .39 Weighted Average Shares Outstanding Primary 19,104,427 12,001,413 14,641,854 Full Dilution 23,222,210 15,615,835 18,256,276 Quarters ended December 31, 1994 1993 1993 (restated) Revenues $ 65,068 $ 44,876 $ 54,507 Gross Profit $ 22,520 $ 9,499 $ 13,661 Operating Income $ 2,026 $ 1,392 $ 2,091 Net Income $ 1,140 $ 1,361 $ 1,984 Net Income Per Share Primary $ .06 $ .11 $ .13 Full Dilution $ .06 $ .09 $ .11 Weighted Average Shares Outstanding Primary 20,648,359 12,729,592 15,370,033 Full Dilution 24,774,106 16,846,372 19,486,813
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. ORBITAL SCIENCES CORPORATION DATED: February 8, 1995 By /s/ David W. Thompson David W. Thompson, President and Chief Executive Officer -----END PRIVACY-ENHANCED MESSAGE-----