-----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, PvfInold2NWmgXlpN3o0nQtMaz8/8qZZzE+qK7zR9wrdp2d8lPOj2V05q8wqUVWX wH07XHsSqerozZKk/vE92w== 0000950133-98-003571.txt : 19981026 0000950133-98-003571.hdr.sgml : 19981026 ACCESSION NUMBER: 0000950133-98-003571 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19981020 ITEM INFORMATION: FILED AS OF DATE: 19981023 SROS: NYSE 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: 001-14279 FILM NUMBER: 98729937 BUSINESS ADDRESS: STREET 1: 21700 ATLANTIC BLVD CITY: DULLES STATE: VA ZIP: 20166 BUSINESS PHONE: 7034065000 MAIL ADDRESS: STREET 1: 21700 ATLANTIC BLVD 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 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): October 20, 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 October 20, 1998, Orbital Sciences Corporation ("Orbital" or the "company") announced its third quarter 1998 financial results, reporting revenues of $193,488,000, an increase of 18% over 1997 third quarter revenues of $164,670,000. Quarterly net income increased 40% from last year, totaling $8,611,000 in the third quarter of 1998 as compared to $6,130,000 in the 1997 comparable quarter. The company also reported 1998 third quarter earnings per share on a fully diluted basis of $0.21, up 17% compared to $0.18 earnings per share on a fully diluted basis for the third quarter of 1997. For the first nine months of 1998, the company's revenues were $564,163,000, an increase of 32% over comparable 1997 revenues of $429,008,000. Net income for the first nine months increased 34% from last year, totaling $22,549,000 in 1998 as compared to $16,827,000 in the 1997 comparable period. The company also reported 1998 nine-month earnings per share on a fully diluted basis of $0.62, up 24% compared to $0.50 earnings per share on a fully diluted basis for the comparable period in 1997. The company's quarterly financial results by business sector were as follows: For the third quarter of 1998, Orbital's space and ground infrastructure systems sector, including launch vehicles, satellites, electronics and sensors, and ground systems, reported revenues of $166,386,000, an increase of 11% over 1997 third quarter revenues of $149,387,000. Infrastructure systems provided net income of approximately $20,574,000 in the 1998 third quarter, up 52% over 1997 third quarter net income of $13,505,000. For the first nine months of 1998, Orbital's space and ground infrastructure systems sector reported revenues of $478,428,000, an increase of 27% over 1997 nine-month revenues of $378,109,000. Infrastructure systems provided net income of approximately $55,597,000 in the first nine months of 1998, up 73% over 1997 comparable net income of $32,172,000. The company's satellite access products sector, including mobile satellite navigation, positioning and communications products and transportation management systems, generated revenues of $26,963,000 for the quarter, an increase of 77% over the 1997 comparable quarter revenues of $15,261,000. This sector reported a net loss in the third quarter of 1998 of $1,989,000 compared to net income of $117,000 in the 1997 quarter. The current quarter loss was in line with management's expectations for this business area. The company's satellite access products sector generated revenues of $85,273,000 for the first nine months of 1998, an increase of 68% over 1997 comparable period revenues of $50,796,000. This sector reported a net loss of $7,673,000 in the first nine months of 1998 as compared to net income of $1,468,000 in the 1997 nine-month period. 3 The company's affiliates, ORBCOMM Global L.P. and ORBIMAGE, which comprise the satellite services sector, generated revenues of $6,905,000 during the third quarter and $11,447,000 during the first nine months of 1998. Satellite services generated revenues of $401,000 and $1,033,000 in the comparable 1997 periods. As anticipated, satellite services reported net losses of $9,927,000 in the third quarter of 1998 as compared to net losses of $7,492,000 in the 1997 comparable quarter. Included in ORBCOMM's quarterly results is a charge of approximately $2,000,000 relating to its delayed initial public offering. ORBCOMM Global and ORBIMAGE reported combined net losses of $25,375,000 in the first nine months of 1998 compared to net losses of $16,813,000 in the 1997 comparable period. Orbital Sciences Corporation Financial Results Summary
THIRD QUARTER RESULTS: Sept 30, 1998 Sept 30, 1997 % Increase -------------- -------------- ---------- Revenues $ 193,488,000 $ 164,670,000 18% Gross Profit $ 52,293,000 $ 46,015,000 14% Operating Income $ 16,103,000 $ 12,249,000 31% Net Income $ 8,611,000 $ 6,130,000 40% Fully Diluted EPS $ 0.21 $ 0.18 17% NINE MONTH RESULTS: Sept 30, 1998 Sept 30, 1997 % Increase -------------- -------------- ---------- Revenues $ 564,163,000 $ 429,008,000 32% Gross Profit $ 154,518,000 $ 119,366,000 29% Operating Income $ 41,588,000 $ 29,301,000 42% Net Income $ 22,549,000 $ 16,827,000 34% Fully Diluted EPS $ 0.62 $ 0.50 24%
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: October 20, 1998 By: /s/ Jeffrey V. Pirone ----------------------- Jeffrey V. Pirone Executive Vice President and Chief Financial Officer -4- -----END PRIVACY-ENHANCED MESSAGE-----