-----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, U1/nOlii8OaCu5DE2y56jSI5EkFZJQVB8209v5rdeAnZNPYl2K7yvyH772X5NXT/ zxMwH3naHqQQB4lL7SceDA== 0000950133-98-001560.txt : 19980430 0000950133-98-001560.hdr.sgml : 19980430 ACCESSION NUMBER: 0000950133-98-001560 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19980421 ITEM INFORMATION: FILED AS OF DATE: 19980428 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: ORBITAL SCIENCES CORP /DE/ CENTRAL INDEX KEY: 0000820736 STANDARD INDUSTRIAL CLASSIFICATION: SEARCH, DETECTION, NAVIGATION, GUIDANCE, AERONAUTICAL SYS [3812] IRS NUMBER: 061209561 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-18287 FILM NUMBER: 98602539 BUSINESS ADDRESS: STREET 1: 21700 ATLANTIC BLVD CITY: DULLES STATE: VA ZIP: 20166 BUSINESS PHONE: 7034065000 MAIL ADDRESS: STREET 1: 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 ORBITAL SCIENCES CORPORATION FORM 8-K 1 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): April 21, 1998 ------------------------ 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) 2 ITEM 5. OTHER EVENTS. On April 21, 1998, Orbital Sciences Corporation ("Orbital" or the "Company") announced its first quarter 1998 financial results. Revenues for the quarter ended March 31, 1998 were $186,159,000, an increase over 1997 first quarter revenues of $122,112,000. Quarterly operating income increased 165% from last year, totaling $16,047,000 in the first quarter of 1998 as compared to $6,047,000 in the 1997 comparable quarter. The Company also reported 1998 first quarter net income of $6,519,000 (or $0.20 earnings per share on a fully diluted basis), up 28% compared to net income of $5,094,000 (or $0.16 earnings per share on a fully diluted basis) for the first quarter of 1997. The Company's quarterly financial results by business sector were as follows: - For the first quarter of 1998, Orbital's space and ground infrastructure systems sector, including launch vehicles, satellites, electronics and sensors and ground systems, reported revenues of $156,341,000, an increase of 47% over 1997 first quarter revenues of $106,199,000. Infrastructure systems provided net income of approximately $15,961,000 in the 1998 first quarter, up 98% over 1997 first quarter net income of $8,069,000. - The Company's satellite access products sector, including mobile satellite navigation, positioning and communications products and transportation management systems, generated revenues of $29,754,000 for the quarter, an increase of 90% over the 1997 comparable quarter. This sector reported a net loss in the first quarter of 1998 of $769,000 as compared to net income of $718,000 in the 1997 first quarter. - As anticipated, the Company's satellite services sector, consisting of its ORBCOMM Global, L.P. and Orbital Imaging Corporation affiliates, reported net losses of $8,673,000 in the first quarter of 1998 as compared to net losses of $3,693,000 in the 1997 comparable quarter. The table below summarizes the Company's consolidated financial results for the first quarters of 1998 and 1997:
March 31, 1998 March 31, 1997 -------------- -------------- Revenues $186,159,000 $122,112,000 Operating Income $16,047,000 $6,047,000 Net Income $6,519,000 $5,094,000 Earnings per Fully Diluted Share $0.20 $0.16 Firm Backlog $1,150,000,000 $800,000,000
-1- 3 In addition, on April 21, 1998, ORBCOMM Corporation filed a registration statement with the Securities and Exchange Commission for a proposed offering of $125 million of its common stock. All shares of common stock offered are to be issued and sold by ORBCOMM Corporation, which was organized for the sole purpose of investing in and acting as a general partner of ORBCOMM Global, L.P. Orbital, through its majority owned subsidiary, Orbital Communications Corporation, currently holds an approximately 50% partnership interest in ORBCOMM Global, L.P. A registration statement relating to the securities of ORBCOMM Corporation has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time that the registration statement becomes effective. -2- 4 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 Date: April 27, 1998 By: /s/ Jeffrey V. Pirone ------------------------------ Jeffrey V. Pirone Executive Vice President and Chief Financial Officer -2- -----END PRIVACY-ENHANCED MESSAGE-----