-----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, Wlrf1G6rwCoF+t70UoSAgRfV5jUg/engkGPhFpXdpvtjWuMpWTi4xRjwvG8rfJR0 Ns07QhRxMisExRctey5B9Q== 0000950133-96-000531.txt : 19960513 0000950133-96-000531.hdr.sgml : 19960513 ACCESSION NUMBER: 0000950133-96-000531 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19960331 FILED AS OF DATE: 19960510 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: ORBITAL SCIENCES CORP /DE/ CENTRAL INDEX KEY: 0000820736 STANDARD INDUSTRIAL CLASSIFICATION: GUIDED MISSILES & SPACE VEHICLES & PARTS [3760] IRS NUMBER: 061209561 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-18287 FILM NUMBER: 96559238 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 10-Q 1 ORBITAL SCIENCES CORPORATION FORM 10-Q. 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarter ended MARCH 31, 1996 ORBITAL SCIENCES CORPORATION Commission file number 0-18287 DELAWARE 06-1209561 ------------------------------- ------------------------------- (State of Incorporation) (IRS Identification number) 21700 ATLANTIC BOULEVARD DULLES, VIRGINIA 20166 (703) 406-5000 ------------------------------- ------------------------------- (Address of principal executive offices) (Telephone number) The registrant has (1) filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months, and (2) has been subject to such filing requirements for the past 90 days. As of May 1, 1996, 26,107,642 shares of the registrant's common stock were outstanding. 2 PART 1 FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS ORBITAL SCIENCES CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited; in thousands, except share data)
A S S E T S MARCH 31, DECEMBER 31, ----------- 1996 1995 ----------- ------------ CURRENT ASSETS: Cash and cash equivalents $6,662 $15,317 Short-term investments, at market 11,168 19,713 Receivables, net 128,768 118,358 Inventories, net 38,633 38,527 Deferred income taxes and other assets 7,856 7,330 ----------- ------------ TOTAL CURRENT ASSETS 193,087 199,245 PROPERTY, PLANT AND EQUIPMENT, AT COST, LESS ACCUMULATED depreciation and amortization of $57,286 and $53,067, respectively 91,127 91,512 SATELLITE SYSTEMS, AT COST, LESS ACCUMULATED depreciation of $753 and $547, respectively 15,760 14,363 INVESTMENTS IN AFFILIATES, NET 79,507 74,063 EXCESS OF PURCHASE PRICE OVER NET ASSETS ACQUIRED, less accumulated amortization of $14,416 and $13,697, respectively 75,037 75,395 DEFERRED INCOME TAXES AND OTHER ASSETS 13,222 12,330 ----------- ------------ TOTAL ASSETS $467,740 $466,908 =========== ============ LIABILITIES AND STOCKHOLDERS' EQUITY ------------------------------------ CURRENT LIABILITIES: Short-term borrowings and current portion of long-term obligations $24,675 $11,907 Accounts payable 21,411 25,808 Accrued expenses 25,995 29,922 Payable to subcontractors 12,475 11,552 Deferred revenue 31,557 32,503 ----------- ------------ TOTAL CURRENT LIABILITIES 116,113 111,692 LONG-TERM OBLIGATIONS, NET OF CURRENT PORTION 93,470 96,990 OTHER LIABILITIES 16,765 19,740 ----------- ------------ TOTAL LIABILITIES 226,348 228,422 NON-CONTROLLING INTERESTS IN NET ASSETS OF CONSOLIDATED SUBSIDIARIES (678) (422) COMMITMENTS AND CONTINGENCIES STOCKHOLDERS' EQUITY: Series A Special Voting Preferred Stock, par value $.01; 1 share authorized and outstanding - - Class B Preferred Stock, no par value; 10,000 shares authorized and outstanding - - Preferred Stock, par value $.01; 10,000,000 shares authorized, no shares issued or outstanding - - Common Stock, par value $.01; 40,000,000 shares authorized, 26,828,848 and 26,766,029 shares outstanding, after deducting 15,735 shares held in treasury 269 268 Additional paid-in capital 248,008 247,580 Unrealized gains on short-term investments 66 68 Cumulative translation adjustment (3,749) (3,356) Retained earnings (deficit) (2,524) (5,652) ----------- ------------ TOTAL STOCKHOLDERS' EQUITY 242,070 238,908 ----------- ------------ TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $467,740 $466,908 =========== ============
SEE ACCOMPANYING NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS. 2 3 ORBITAL SCIENCES CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED; IN THOUSANDS, EXCEPT SHARE DATA)
FOR THE THREE MONTHS ENDED MARCH 31, --------------------------------------- 1996 1995 -------------- -------------- REVENUES $104,894 $88,975 COSTS OF GOODS SOLD 72,582 63,462 -------------- -------------- GROSS PROFIT 32,312 25,513 RESEARCH AND DEVELOPMENT EXPENSES 6,378 5,052 SELLING, GENERAL AND ADMINISTRATIVE EXPENSES 19,265 14,965 AMORTIZATION OF EXCESS OF PURCHASE PRICE OVER NET ASSETS ACQUIRED 797 739 -------------- -------------- INCOME FROM OPERATIONS 5,872 4,757 NET INTEREST EXPENSE (635) (838) EQUITY IN EARNINGS (LOSSES) OF AFFILIATES (2,018) 427 NON-CONTROLLING INTERESTS IN (EARNINGS) LOSSES OF CONSOLIDATED SUBSIDIARIES 257 -- -------------- -------------- INCOME BEFORE PROVISION FOR INCOME TAXES 3,476 4,346 PROVISION FOR INCOME TAXES 348 1,328 -------------- -------------- INCOME BEFORE CUMULATIVE EFFECT OF ACCOUNTING CHANGES 3,128 3,018 CUMULATIVE EFFECT OF ACCOUNTING CHANGES, net of taxes -- (4,160) -------------- -------------- NET INCOME (LOSS) $3,128 ($1,142) ============== ============== NET INCOME (LOSS) PER COMMON AND COMMON EQUIVALENT SHARE: Income Before Cumulative Effect of Accounting Changes $0.12 $0.12 Cumulative Effect of Accounting Changes -- (0.17) ============== ============== $0.12 ($0.05) SHARES USED IN COMPUTING NET INCOME (LOSS) PER COMMON AND COMMON EQUIVALENT SHARE 27,154,259 24,742,033 ============== ============== NET INCOME (LOSS) PER COMMON SHARE, assuming full dilution: Income Before Cumulative Effect of Accounting Changes $0.12 $0.12 Cumulative Effect of Accounting Changes -- (0.17) ============== ============== $0.12 ($0.05) SHARES USED IN COMPUTING NET INCOME (LOSS) PER COMMON SHARE, assuming full dilution 31,050,110 28,861,940 ============== ==============
SEE ACCOMPANYING NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS. 3 4 ORBITAL SCIENCES CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED; IN THOUSANDS)
FOR THE THREE MONTHS ENDED MARCH 31, --------------------------- 1996 1995 ---------- ---------- CASH FLOWS FROM OPERATING ACTIVITIES: NET INCOME $3,128 $3,017 ADJUSTMENTS TO RECONCILE NET INCOME TO NET CASH PROVIDED BY OPERATING ACTIVITIES: Depreciation and amortization expense 6,117 4,239 Equity in (earnings) losses of affiliates 2,018 427 Non-controlling interests in earnings (losses) of affiliates (257) -- Foreign currency translation adjustment (393) -- CHANGES IN ASSETS AND LIABILITIES: (Increase) decrease in contract receivables (10,410) (6,158) (Increase) decrease in components inventory (106) 2,289 (Increase) decrease in other current assets (526) (2,389) (Increase) decrease in deposits and other assets (1,736) (292) Increase (decrease) in payables and accrued expenses (7,901) (14,465) Increase (decrease) in deferred revenue (1,017) 378 Increase (decrease) in other liabilities (2,975) (639) ---------- ---------- NET CASH PROVIDED BY (USED BY) OPERATING ACTIVITIES (14,058) (13,593) ---------- ---------- CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures (5,643) (2,527) Proceeds from sales of fixed assets -- 125 Sale of investment securities 8,543 3,061 Investments in affiliates (7,174) (1,590) ---------- ---------- NET CASH USED IN INVESTING ACTIVITIES (4,274) (931) ---------- ---------- CASH FLOWS FROM FINANCING ACTIVITIES: Net short-term borrowings (repayments) 12,700 (901) Principal payments on long-term obligations (3,452) (845) Net proceeds from issuances of common stock 429 535 Adjustment to recast pooled companies' year end -- (1,050) ---------- ---------- NET CASH PROVIDED BY FINANCING ACTIVITIES 9,677 (2,261) ---------- ---------- NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (8,655) (16,785) CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 15,317 27,919 ---------- ---------- CASH AND CASH EQUIVALENTS, END OF PERIOD $6,662 $11,134 ========== ==========
SEE ACCOMPANYING NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS. - 4 - 5 ORBITAL SCIENCES CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 1996 AND 1995 (UNAUDITED) BASIS OF PRESENTATION In the opinion of management, the accompanying unaudited interim financial information reflects all adjustments, consisting of normal recurring accruals, necessary for a fair presentation thereof. Certain information and footnote disclosure normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to instructions, rules and regulations prescribed by the Securities and Exchange Commission. Although the Company believes that the disclosures provided are adequate to make the information presented not misleading, these unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the footnotes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 1995. Operating results for the three-month periods ended March 31, 1996 and 1995 are not necessarily indicative of the results expected for the full year. Orbital Sciences Corporation is hereafter referred to as "Orbital" or the "Company." (1) Inventories Inventories consist of components inventory, work-in-process inventory and finished goods inventory and are generally stated at the lower of cost or net realizable value on a first-in, first-out or specific identification basis. Components inventory consists primarily of components and raw materials purchased to support future production efforts. Work-in-process inventory consists primarily of (i) costs incurred under U.S. Government fixed-price contracts accounted for using the percentage of completion method of accounting applied on a units of delivery basis and (ii) partially assembled commercial products, and generally includes direct production costs and certain allocated indirect costs (including an allocation of general and administrative costs). Work-in-process inventory has been reduced by contractual progress payments received. Finished goods inventory consists of fully assembled commercial products awaiting shipment. (2) Common Stock and Income Per Share Income per common and common equivalent share is calculated using the weighted average number of common and common equivalent shares, to the extent dilutive, outstanding during the periods. Income per common share assuming full dilution is calculated using the weighted average number of 5 6 common and common equivalent shares outstanding during the periods plus the effects of an assumed conversion of the Company's 6 3/4% convertible subordinated debentures, after giving effect to all net income adjustments that would result from the assumed conversion. Any reduction of less than three percent in the aggregate has not been considered dilutive in the calculation and presentation of income per common share assuming full dilution. (3) Income Taxes The Company has recorded its interim income tax provision based on estimates of the Company's effective tax rate expected to be applicable for the full fiscal year. Estimated effective rates recorded during interim periods may be periodically revised, if necessary, to reflect current estimates. (4) Reclassifications Certain reclassifications have been made to the 1995 condensed consolidated financial statements to conform to the 1996 condensed consolidated financial statement presentation. The November 1995 acquisition of MacDonald, Dettwiler and Associates Ltd. was recorded using the pooling of interests method of accounting for business combinations and, accordingly, Orbital's 1995 historical financial statements have been restated to reflect this transaction. 6 7 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS RESULTS OF OPERATIONS FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 1996 AND 1995 REVENUES. Orbital's revenues for the three-month periods ended March 31, 1996 and 1995 were $104,894,000 and $88,975,000, respectively. Space-Technology Products Revenues from the Company's orbital launch vehicle products increased to $14,080,000 in the first quarter of 1996, from $6,657,730 in the first quarter of 1995. The significant increase in revenues in 1996 is attributable primarily to the resumption of production of the Company's Pegasus XL launch vehicle leading up to and following its first successful launch in March 1996. As a result of the resumed production and assuming continued successful launches in 1996, Orbital expects total 1996 orbital launch vehicle revenues to exceed 1995's total revenues of $33,883,000. Revenues from suborbital and other launch vehicle products decreased to $4,618,000 in the 1996 quarter as compared to $5,719,000 in the 1995 quarter. While suborbital revenues have decreased significantly during the past few years as U.S. Government defense spending has been reduced, the Company expects 1996 revenues to remain approximately consistent with levels achieved in 1995. For the three months ended March 31, 1996, satellite systems revenues increased to $22,559,000 from $14,519,000 in the 1995 quarter. The increase in satellite system sales is primarily due to additional revenues generated from new satellite orders and to increased sales to ORBCOMM Global L.P. Revenues generated from sales of space sensors and instruments of $3,163,000 during the 1996 quarter decreased slightly from the comparable 1995 quarter sales of $3,485,000, and are expected to remain lower than 1995 levels throughout 1996. Revenues from electronics systems were approximately $12,970,000 for the three months ended March 31, 1996 as compared to $15,463,000 in the 1995 period. The decrease in revenues is primarily a result of fewer orders received during the 1996 quarter. Orbital expects sales of electronics systems to increase slightly throughout the remainder of 1996. Revenues from the Company's satellite ground systems and other software products were $23,306,000 in 1996 as compared to $20,634,000 in 1995. The 1996 increase, which reflects work performed on new contract awards, is expected to continue at approximately the same rate throughout 1996. 7 8 Satellite-Provided Services Revenues from sales of navigation and communications products increased to $23,117,000 for the 1996 quarter as compared to $13,886,000 for the 1995 period, primarily due to a substantial increase in unit sales offset, in part, by lower unit prices, for GPS navigators. The Company expects navigation and communications products sales to continue to increase as compared to 1995 levels throughout 1996, although at somewhat lower levels than achieved in the first quarter. The Company's ORBCOMM and ORBIMAGE start-up businesses generated service revenues of less than $1,000,000 in the 1996 quarter. GROSS PROFIT. Gross profit depends on a number of factors, including the Company's mix of contract types and costs incurred thereon in relation to estimated costs. The Company's gross profit for the first quarter of 1996 was $32,312,000, as compared to $25,516,000 in the 1995 first quarter. Gross profit margin as a percentage of sales for those periods was approximately 30.8% and 28.7%, respectively. The increased gross profit margin as a percentage of sales in 1996 is primarily attributable to the resumption of Pegasus production after launch failures in June, 1994 and June, 1995. The Company believes that its gross profit margin for the remainder of 1996 will remain slightly higher than 1995 levels. RESEARCH AND DEVELOPMENT EXPENSES. Research and development expenses represent Orbital's self-funded product development activities, and exclude direct customer-funded development. Research and development expenses during the three-month periods ended March 31, 1996 and 1995 were $6,378,000 and $5,052,000, respectively. Research and development expenses in 1996 relate primarily to the development of new or improved navigation and communications products, new or improved launch vehicles and new satellite programs. The Company expects its research and development expenditures for the rest of 1996 to be consistent with the 1995 expenditure rate. SELLING, GENERAL AND ADMINISTRATIVE EXPENSES. Selling, general and administrative expenses include the costs of marketing, advertising, promotional and other selling expenses as well as the costs of the finance, administrative and general management functions of the Company. Selling, general and administrative expenses for the first quarters of 1996 and 1995 were $19,265,000 (or 18.4% of revenues) and $4,965,000 (or 16.8% of revenues), respectively. The increase in selling, general and administrative expenses during 1996 as compared to 1995 was primarily attributable to substantially expanded marketing efforts related to the Company's ORBCOMM and ORBIMAGE projects. The Company expects selling, general and administrative expenses as a percentage of revenues during the remainder of 1996 to be in line with the percentage attained during first quarter of 1996. INTEREST INCOME AND INTEREST EXPENSE. Net interest expense was $635,000 and $838,000 for the three months ended March 31, 1996 and 1995, respectively. Interest 8 9 income for the periods reflects interest earnings on short-term investments. Interest expense is primarily for outstanding amounts on Orbital's revolving credit facility, on the Company's public debentures, and on secured and unsecured debt. Interest expense has been reduced by capitalized interest of $1,682,000 and $1,188,000 in 1996 and 1995, respectively. EQUITY IN EARNINGS (LOSSES) OF AFFILIATES AND NON-CONTROLLING INTERESTS IN CONSOLIDATED SUBSIDIARIES. Equity in earnings (losses) of affiliates and non-controlling interests in (earnings) losses consolidated subsidiaries for the first quarters of 1996 and 1995 were ($1,761,000) and $427,000, respectively. These amounts represent elimination of 50% of the profits on sales to ORBCOMM Global L.P., as well as the Company's pro rata share of ORBCOMM Global L.P.'s and ORBCOMM USA L.P.'s current period earnings and losses. PROVISION FOR INCOME TAXES. The Company recorded an income tax provision of $348,000 and $1,328,000 for the three-month periods ended March 31, 1996 and 1995, respectively. The Company records its interim income tax provisions based on estimates of the Company's effective tax rate expected to be applicable for the full fiscal year. Estimated effective rates recorded during interim periods may be periodically revised, if necessary, to reflect current estimates. At December 31, 1995, Orbital had approximately $100,000,000 and $2,000,000 of net operating loss and tax credit carryforwards, respectively, which are available to reduce future income tax obligations, subject to certain annual limitations and other restrictions. LIQUIDITY AND CAPITAL RESOURCES The Company's growth has required substantial capital to fund both an expanding business base and significant research and development and capital investment expenditures. Additionally, the Company has historically made strategic acquisitions of businesses and routinely evaluates potential acquisition candidates. The Company expects to continue to pursue potential acquisitions that it believes would augment its marketing, technical, manufacturing or financial capabilities. The Company has funded these requirements to date, and expects to fund its requirements in the future through cash generated by operations, working capital loan facilities, asset-based financings, joint venture arrangements, and private and public equity and debt offerings. Cash, cash equivalents and short-term investments were $17,830,000 at March 31, 1996, and the Company had short-term and long-term debt obligations outstanding of approximately $118,145,000. The outstanding debt relates primarily to advances under the Company's lines of credit facilities, secured and unsecured notes, fixed asset financings and the Company's public debentures. 9 10 The Company's primary revolving credit facility provides for total borrowings from an international syndicate of six banks of up to $65,000,000, subject to a defined borrowing base comprised of certain contract receivables. Approximately $6,000,000 of borrowings were outstanding under the facility at March 31, 1996, and the available facility limit was approximately $25,000,000. At March 31, 1996, the average interest rate on outstanding borrowings under this facility was approximately 9%. Borrowings are secured by contract receivables and certain other assets. The facility restricts the payment of dividends and contains certain covenants with respect to the Company's working capital, fixed charge ratio, leverage ratio and tangible net worth, and expires in September 1997. The Company (or its subsidiaries) also maintains two additional, smaller revolving credit facilities, under which approximately $10,000,000 was outstanding at March 31, 1996. The Company's operations used net cash of approximately $14,058,000 in the first quarter of 1996. The Company also invested approximately $7,174,000 in its ORBCOMM project and incurred $5,643,000 in capital expenditures related primarily to ORBIMAGE satellite remote sensing systems and spacecraft production and test equipment. Orbital expects to invest up to $15,000,000 in various ORBIMAGE satellite remote sensing projects in 1996. Orbital also intends to invest an additional approximately $5,000,000 in ORBCOMM Global L.P. in 1996, bringing its total investment to $75,000,000. Orbital expects that its 1996 capital needs for its existing operations, including its planned investments in the ORBCOMM and ORBIMAGE projects, will in part be provided by working capital, cash flows from operations, credit facilities, asset-based financings, customer financings and operating lease arrangements. Orbital believes that it is likely to require additional equity and/or debt financing to fully fund its currently planned operations and capital requirements, to meet its potential increased investment in ORBCOMM Global L.P. and to meet its investment requirements for ORBIMAGE projects. 10 11 PART II OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS Not applicable. ITEM 2. CHANGES IN SECURITIES Not applicable. ITEM 3. DEFAULTS UPON SENIOR SECURITIES Not applicable. ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITIES HOLDERS Not applicable. ITEM 5. OTHER INFORMATION Not applicable. ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K (a) Exhibits - A complete listing of exhibits required is given in the Exhibit Index that precedes the exhibits filed with this report. (b) Not applicable. 11 12 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 thereunto duly authorized. ORBITAL SCIENCES CORPORATION DATED: May 8, 1996 By: /s/ David W. Thompson --------------------------------------- David W. Thompson, President and Chief Executive Officer DATED: May 8, 1996 By: /s/ Jeffrey V. Pirone ------------------------------------------------ Jeffrey V. Pirone, Vice President, Controller, and Principal Financial Officer 12 13 EXHIBIT INDEX The following exhibits are filed as part of this report.
Exhibit No. Description ----------- ----------- 11 Statement re: Computation of Earnings Per Share (transmitted herewith). 27 Financial Data Schedule (such schedule is furnished for the information of the Securities and Exchange Commission and is not to be deemed "filed" as part of the Form 10-Q, or otherwise subject to the liabilities of Section 18 of the Securities Exchange Act of 1934) (transmitted herewith).
13 EX-11 2 COMPUTATION OF EARNINGS PER SHARE. 1 EXHIBIT 11. STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE
THREE MONTH PERIOD ENDED MARCH 31, 1996 - ---------------------------------- --------------------------------- ASSUMING PRIMARY FULL DILUTION ------------- --------------- WEIGHTED AVERAGE OF OUTSTANDING SHARES 26,794,600 26,794,600 COMMON EQUIVALENT SHARES: OUTSTANDING STOCK OPTIONS 359,659 359,858 OTHER POTENTIALLY DILUTIVE SECURITIES: CONVERTIBLE DEBENTURES N/A 3,895,652 ------------- --------------- SHARES USED IN COMPUTING NET INCOME PER SHARE 27,154,259 31,050,110 ============= =============== NET INCOME $3,128,148 $3,128,148 ADJUSTMENTS ASSUMING FULL DILUTION: INTEREST EXPENSE, NET OF TAXES N/A 840,788 ------------- --------------- NET INCOME, ASSUMING FULL DILUTION $3,128,148 $3,968,936 ============= =============== NET INCOME PER SHARE $0.12 $0.13 DILUTION PERCENTAGE ASSUMING FULL DILUTION (1) N/A -10.96% NET INCOME PER SHARE $0.12 $0.12 ============= ===============
NOTES: (1) - PROVIDED THAT DILUTION IS GREATER THAN 3%, THE CONVERTIBLE DEBENTURES ARE CONSIDERED DILUTIVE IN THE CALCULATION AND PRESENTATION OF PER SHARE DATA. EX-27 3 FINANCIAL DATA SCHEDULE.
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE CONSOLIDATED BALANCE SHEETS AND CONSOLIDATED STATEMENTS OF EARNINGS AT AND FOR THE THREE MONTHS ENDED MARCH 31, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 0000820736 ORBITAL SCIENCES CORP /DE/ 1000 3-MOS DEC-31-1995 JAN-01-1996 MAR-31-1996 6,662 11,168 128,768 (784) 38,663 193,087 164,926 (58,039) 467,740 116,113 93,470 0 0 269 241,801 467,740 104,894 104,894 72,582 72,582 0 42 841 3,476 248 3,128 0 0 0 3,128 0.12 0.12
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