Delaware | 1-10582 | 41-1672694 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
45101 Warp Drive Dulles, Virginia | 20166 | |
(Address of principal executive offices) | (Zip Code) |
Exhibit No. | Description | ||
99.1 | Press release, dated August 6, 2015, reporting Orbital ATK Inc.’s financial results for the fiscal quarter ended July 5, 2015. |
ORBITAL ATK, INC. | ||
By: | /s/ Garrett E. Pierce | |
Name: | Garrett E. Pierce | |
Title: | Chief Financial Officer | |
Date: August 6, 2015 |
Second Quarter | First Six Months | |||||||||||||
($ in millions, except per share data) | 2015 | 2014 | 2015 | 2014 | ||||||||||
Revenues | $ | 1,130 | $ | 1,055 | $ | 2,246 | $ | 2,210 | ||||||
Operating Income | 131.6 | 115.8 | 248.3 | 190.1 | ||||||||||
Net Income | 76.6 | 65.9 | 144.1 | 105.4 | ||||||||||
Diluted Earnings Per Share | $ | 1.28 | $ | 1.10 | $ | 2.41 | $ | 1.76 | ||||||
Adjusted results. See reconciliation tables in the "Disclosure of Non-GAAP Financial Measures" section for details. |
Second Quarter | First Six Months | |||||||||||||||
($ in millions) | 2015 | 2014 | % Change | 2015 | 2014 | % Change | ||||||||||
Revenues | $ | 398.1 | $ | 367.4 | 8.3 | % | $ | 764.1 | $ | 751.4 | 1.7 | % | ||||
Operating Income | 58.1 | 44.5 | 30.6 | % | 102.8 | 78.2 | 31.5 | % | ||||||||
Operating Margin | 14.6 | % | 12.1 | % | 13.4 | % | 10.4 | % | ||||||||
Adjusted results. See reconciliation tables in the "Disclosure of Non-GAAP Financial Measures" section for details. |
Second Quarter | First Six Months | |||||||||||||||
($ in millions) | 2015 | 2014 | % Change | 2015 | 2014 | % Change | ||||||||||
Revenues | $ | 439.8 | $ | 441.2 | (0.3 | )% | $ | 941.8 | $ | 962.2 | (2.1 | )% | ||||
Operating Income | 44.5 | 45.8 | (2.9 | )% | 96.1 | 86.2 | 11.4 | % | ||||||||
Operating Margin | 10.1 | % | 10.4 | % | 10.2 | % | 9.0 | % | ||||||||
Adjusted results. See reconciliation tables in the "Disclosure of Non-GAAP Financial Measures" section for details. |
Second Quarter | First Six Months | |||||||||||||||
($ in millions) | 2015 | 2014 | % Change | 2015 | 2014 | % Change | ||||||||||
Revenues | $ | 310.1 | $ | 265.6 | 16.7 | % | $ | 597.1 | $ | 541.6 | 10.2 | % | ||||
Operating Income | 41.4 | 15.5 | 166.6 | % | 63.6 | 35.3 | 79.9 | % | ||||||||
Operating Margin | 13.4 | % | 5.9 | % | 10.6 | % | 6.5 | % | ||||||||
Adjusted results. See reconciliation tables in the "Disclosure of Non-GAAP Financial Measures" section for details. |
• | In the Flight Systems Group, Orbital ATK received a positive rating from NASA for recent progress on the Space Launch System’s solid rocket booster program. The company also supported an Atlas V rocket launch by providing important subsystems to United Launch Alliance and conducted three Coyote target missile flights for the U.S. Navy. In addition, an extensive series of certification and acceptance tests were successfully completed on the new first-stage propulsion system for the Antares space launch vehicle. The first ship-set of two engines was received at the company’s Wallops Island integration facilities in July, with all remaining hardware required for the vehicle’s next launch set to arrive at Wallops by mid-August. |
• | In the Defense Systems Group, the company delivered more than 5,000 tactical missile rocket motors, warheads and related products, and approximately 300 million rounds of small- and medium-caliber ammunition in the second quarter. Several programs passed important testing milestones in the quarter, including our advanced 120 mm tactical round used to defeat adversary tank armor, which passed final customer testing enabling the program to transition into production. Similarly, the company’s hardened electronic void-sensing fuze also completed rigorous testing and is transitioning into production and the Precision Guidance Kit program achieved 100% success in verification and accuracy testing in the first three production lots. |
• | In the Space Systems Group, the Orbital ATK-built SKYM-1 commercial communications satellite was launched, completed in-orbit testing and operational control was turned over to DIRECTV. Also in the second quarter, the company supplied several critical components that performed successfully for NASA’s Low |
Guidance | Previous 2015 Guidance | Current 2015 Guidance |
Revenues ($ in millions) | $4,350 - $4,450 | $4,425 - $4,500 |
Operating Income Profit Margin | 10.25% - 10.75% | 10.5% - 11.0% |
Diluted Earnings Per Share | $4.40 - $4.60 | $4.60 - $4.80 |
Free Cash Flow ($ in millions) | $225 - $275 | $225 - $275 |
Operating | Operating | |||||||||
($ in millions, except per share data) | Revenue | Income | Margin | |||||||
As Reported | $ | 1,130 | $ | 125.8 | 11.1 | % | ||||
Merger-related adjustments (1) | — | 5.8 | ||||||||
As Adjusted | $ | 1,130 | $ | 131.6 | 11.6 | % | ||||
Interest expense as reported | (15.4 | ) | ||||||||
Taxes (2) | (39.5 | ) | ||||||||
Adjusted Net Income | $ | 76.6 | ||||||||
Adjusted EPS (3) | $ | 1.28 | ||||||||
(1) Includes the impact of transaction expenses and merger related costs. | ||||||||||
(2) Calculated using an effective tax rate of 34%. | ||||||||||
(3) Calculated using a diluted share count of 59.75 million. |
Operating | Operating | |||||||||
($ in millions, except per share data) | Revenue | Income | Margin | |||||||
Continuing Operations, As Reported | $ | 2,100 | $ | 124.7 | 5.9 | % | ||||
Orbital results for Jan. 1 to Feb. 8, 2015 | 129 | (7.5 | ) | |||||||
$ | 2,229 | $ | 117.2 | 5.3 | % | |||||
Transaction expenses | 30.6 | |||||||||
Severance and accelerated vesting | 25.2 | |||||||||
Intangible amortization | (7.0 | ) | ||||||||
Goodwill impairment | 34.3 | |||||||||
Legal settlement | 25.0 | |||||||||
Other (1) | 17 | 23.0 | ||||||||
As Adjusted | $ | 2,246 | $ | 248.3 | 11.1 | % | ||||
Interest expense (2) | (29.9 | ) | ||||||||
Taxes (3) | (74.2 | ) | ||||||||
Adjusted Net Income | $ | 144.1 | ||||||||
Adjusted EPS (4) | $ | 2.41 | ||||||||
(1) Includes change in intracompany eliminations, restructuring and other transaction impacts. | ||||||||||
(2) Calculated assuming a blended interest rate of 3.6% on $1.6 billion average outstanding debt. | ||||||||||
(3) Calculated using an effective tax rate of 34%. | ||||||||||
(4) Calculated using a diluted share count of 59.75 million. |
Operating | Operating | |||||||||
($ in millions, except per share data) | Revenue | Income | Margin | |||||||
Continuing Operations, As Reported | $ | 714 | $ | 71.8 | 10.1 | % | ||||
Orbital results for April 1 to June 30, 2014 (1) | 318 | 27.2 | ||||||||
$ | 1,032 | $ | 99.0 | 9.6 | % | |||||
Intangible amortization | (12.5 | ) | ||||||||
Facility rationalization | 10.6 | |||||||||
Transaction expenses | 12.2 | |||||||||
Pension close-out | (3 | ) | (3.1 | ) | ||||||
Change in intracompany eliminations | 25 | 9.6 | ||||||||
As Adjusted | $ | 1,055 | $ | 115.8 | 11.0 | % | ||||
Interest expense (2) | (16.0 | ) | ||||||||
Taxes (3) | (33.9 | ) | ||||||||
Adjusted Net Income | $ | 65.9 | ||||||||
Adjusted EPS (4) | $ | 1.10 | ||||||||
(1) Per Orbital Sciences Corporation Form 10-Q for the quarter ended June 30, 2014. | ||||||||||
(2) Calculated assuming a blended interest rate of 3.6% on $1.6 billion average outstanding debt. | ||||||||||
(3) Calculated using an effective tax rate of 34%. | ||||||||||
(4) Calculated using a diluted share count of 59.75 million. |
Operating | Operating | |||||||||
($ in millions, except per share data) | Revenue | Income | Margin | |||||||
Continuing Operations, As Reported | $ | 1,505 | $ | 149.9 | 10.0 | % | ||||
Orbital results for January 1 to June 30, 2014 (1) | 641 | 50.2 | ||||||||
$ | 2,146 | $ | 200.1 | 9.3 | % | |||||
Transaction expenses | 13.3 | |||||||||
Intangible amortization | (25.0 | ) | ||||||||
Pension close-out | (30 | ) | (30.5 | ) | ||||||
Environmental settlement | 5.2 | |||||||||
Change in intracompany eliminations | 93 | 16.4 | ||||||||
Facility Rationalization | 10.6 | |||||||||
As Adjusted | $ | 2,210 | $ | 190.1 | 8.6 | % | ||||
Interest expense (2) | (30.5 | ) | ||||||||
Taxes (3) | (54.2 | ) | ||||||||
Adjusted Net Income | $ | 105.4 | ||||||||
Adjusted EPS (4) | $ | 1.76 | ||||||||
(1) Per Orbital Sciences Corporation Form 10-Q for the quarter ended June 30, 2014. | ||||||||||
(2) Calculated assuming a blended interest rate of 3.6% on $1.6 billion average outstanding debt. | ||||||||||
(3) Calculated using an effective tax rate of 34%. | ||||||||||
(4) Calculated using a diluted share count of 59.75 million. |
Second Quarter 2015 | First Six Months 2015 | |||||||||||||||
($ in millions) | Revenue | Operating Income | Operating Margin | Revenue | Operating Income | Operating Margin | ||||||||||
GAAP as Reported | $ | 398 | $ | 58.1 | 14.6 | % | $ | 726 | $ | 100.8 | 13.9 | % | ||||
Orbital results for Jan. 1 to Feb. 8, 2015 | — | — | 38 | 2.0 | ||||||||||||
As Adjusted | $ | 398 | $ | 58.1 | 14.6 | % | $ | 764 | $ | 102.8 | 13.4 | % |
Second Quarter 2014 | First Six Months 2014 | |||||||||||||||
($ in millions) | Revenue | Operating Income | Operating Margin | Revenue | Operating Income | Operating Margin | ||||||||||
GAAP as Reported | $ | 257 | $ | 32.7 | 12.7 | % | $ | 504 | $ | 54.7 | 10.8 | % | ||||
Orbital results (1) | 126 | 11.0 | 263 | 22.7 | ||||||||||||
$ | 383 | $ | 43.7 | 11.4 | % | $ | 767 | $ | 77.4 | 10.1 | % | |||||
Other eliminations | (16 | ) | 0.8 | (16 | ) | 0.8 | ||||||||||
As Adjusted | 367 | 44.5 | 12.1 | % | 751 | 78.2 | 10.4 | % | ||||||||
(1) Per Orbital Sciences Corporation Form 10-Q for quarter ended June 30, 2014. |
Second Quarter 2015 | First Six Months 2015 | |||||||||||||||
($ in millions) | Revenue | Operating Income | Operating Margin | Revenue | Operating Income | Operating Margin | ||||||||||
GAAP as Reported | $ | 440 | $ | 39.2 | 8.9 | % | $ | 935 | $ | 84.1 | 9.0 | % | ||||
Transaction-related impacts | — | 5.3 | 7.0 | 12.0 | ||||||||||||
As Adjusted | $ | 440 | $ | 44.5 | 10.1 | % | $ | 942 | $ | 96.1 | 10.2 | % |
Second Quarter 2014 | First Six Months 2014 | |||||||||||||||
($ in millions) | Revenue | Operating Income | Operating Margin | Revenue | Operating Income | Operating Margin | ||||||||||
GAAP as Reported | $ | 442 | $ | 45.1 | 10.2 | % | $ | 990 | $ | 85.5 | 8.6 | % | ||||
Pension close-out and other eliminations | (1 | ) | 0.7 | (28 | ) | 0.7 | ||||||||||
As Adjusted | $ | 441 | $ | 45.8 | 10.4 | % | $ | 962 | $ | 86.2 | 9.0 | % |
Second Quarter 2015 | First Six Months 2015 | |||||||||||||||
($ in millions) | Revenue | Operating Income | Operating Margin | Revenue | Operating Income | Operating Margin | ||||||||||
GAAP as Reported | $ | 310 | $ | 41.4 | 13.4 | % | $ | 501 | $ | 22.9 | 4.6 | % | ||||
Orbital results for Jan. 1 to Feb. 8, 2015 | — | — | 92 | 2.3 | ||||||||||||
$ | 310 | $ | 41.4 | 13.4 | % | $ | 594 | $ | 25.3 | 4.3 | % | |||||
Goodwill impairment | — | — | — | 34.3 | ||||||||||||
Transaction-related impacts | — | — | 4 | 4.0 | ||||||||||||
As Adjusted | $ | 310 | $ | 41.4 | 13.4 | % | $ | 597 | $ | 63.6 | 10.6 | % |
Second Quarter 2014 | First Six Months 2014 | |||||||||||||||
($ in millions) | Revenue | Operating Income | Operating Margin | Revenue | Operating Income | Operating Margin | ||||||||||
GAAP as Reported | $ | 76 | $ | 5.7 | 7.5 | % | $ | 162 | $ | 14.3 | 8.8 | % | ||||
Orbital results (1) | 197 | 10.8 | 388 | 22.1 | ||||||||||||
$ | 274 | $ | 16.5 | 6.0 | % | $ | 550 | $ | 36.4 | 6.6 | % | |||||
Other eliminations | (8 | ) | (1.0 | ) | (8 | ) | (1 | ) | ||||||||
As Adjusted | $ | 266 | 15.5 | 5.9 | % | $ | 542 | $ | 35.3 | 6.5 | % | |||||
(1) Per Orbital Sciences Corporation Form 10-Q for quarter ended June 30, 2014 |
Second | First Six | |||||||
Quarter | Months | |||||||
($ in millions) | 2015 | 2015 | ||||||
Net cash used in/provided by continuing operating activities | $ | (11.0 | ) | $ | 132.2 | |||
Capital expenditures | (26.2 | ) | (77.5 | ) | ||||
(37.2 | ) | 54.7 | ||||||
Adjustments | 31.7 | (1) | (1.5 | ) | (2) | |||
Adjusted Free Cash Flow | $ | (5.5 | ) | 53.2 | ||||
(1) Excludes litigation settlement and merger related cash expenditures. | ||||||||
(2) Includes Orbital cash flow for premerger period; excludes merger, litigation settlement and other non-recurring cash expenditures and | ||||||||
adjusts for the timing of certain significant cash expenditures. |
Second Quarter | ||||||||
(in millions, except per share data) | 2015 | 2014 | ||||||
Sales | $ | 1,130.0 | $ | 714.4 | ||||
Cost of sales | 875.6 | 551.7 | ||||||
Gross profit | 254.4 | 162.7 | ||||||
Operating expenses | ||||||||
Research and development | 24.7 | 5.2 | ||||||
Selling | 32.5 | 23.1 | ||||||
General and administrative | 71.4 | 62.6 | ||||||
Income from continuing operations, before interest, income taxes and noncontrolling interest | 125.8 | 71.8 | ||||||
Interest expense | (15.4 | ) | (23.4 | ) | ||||
Income from continuing operations, before income taxes and noncontrolling interest | 110.4 | 48.4 | ||||||
Income taxes | 37.5 | 16.6 | ||||||
Income from continuing operations, before noncontrolling interest | 72.9 | 31.8 | ||||||
Less net income attributable to noncontrolling interest | 0.1 | — | ||||||
Income from continuing operations of Orbital ATK, Inc. | 72.8 | 31.8 | ||||||
Discontinued operations: | ||||||||
Income from discontinued operations, before income taxes | — | 83.7 | ||||||
Income taxes | — | 29.9 | ||||||
Income from discontinued operations | — | 53.8 | ||||||
Net income attributable to Orbital ATK, Inc. | $ | 72.8 | $ | 85.6 | ||||
Basic earnings per common share: | ||||||||
Continuing operations | $ | 1.23 | $ | 1.01 | ||||
Discontinued operations | — | 1.70 | ||||||
Net income attributable to Orbital ATK, Inc. | $ | 1.23 | $ | 2.71 | ||||
Weighted-average number of common shares outstanding | 59,144 | 31,640 | ||||||
Diluted earnings per common share: | ||||||||
Continuing operations | $ | 1.22 | $ | 0.96 | ||||
Discontinued operations | — | 1.63 | ||||||
Net income attributable to Orbital ATK, Inc. | $ | 1.22 | $ | 2.59 | ||||
Weighted-average number of diluted common shares outstanding | 59,749 | 33,108 | ||||||
($ in millions) | July 5, 2015 | June 28, 2014 | |||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 50 | $ | 139 | |||
Net receivables | 1,891 | 1,794 | |||||
Net inventories | 182 | 196 | |||||
Other current assets | 239 | 260 | |||||
Total current assets | 2,362 | 2,389 | |||||
Net property, plant and equipment | 802 | 807 | |||||
Goodwill | 1,875 | 1,875 | |||||
Other noncurrent assets | 404 | 433 | |||||
Total assets | $ | 5,443 | $ | 5,504 | |||
Liabilities and Equity | |||||||
Current liabilities: | |||||||
Current portion of long-term debt | $ | 60 | $ | 60 | |||
Accounts payable | 169 | 158 | |||||
Other current liabilities | 760 | 879 | |||||
Total current liabilities | 989 | 1,097 | |||||
Long-term debt | 1,514 | 1,529 | |||||
Pension and other noncurrent liabilities | 1,067 | 1,090 | |||||
Total liabilities | 3,570 | 3,716 | |||||
Total equity | 1,873 | 1,788 | |||||
Total liabilities and equity | $ | 5,443 | $ | 5,504 | |||
Second Quarter | |||||||
(in millions) | July 5, 2015 | June 28, 2014 | |||||
Operating activities | |||||||
Continuing operations | |||||||
Income from continuing operations | $ | 72.9 | $ | 31.8 | |||
Depreciation | 32.0 | 17.6 | |||||
Amortization of intangible assets | 13.0 | 0.8 | |||||
Amortization of debt related costs | 1.0 | 3.1 | |||||
Changes in assets and liabilities | (136.0 | ) | (75.4 | ) | |||
Other | 6.1 | (0.4 | ) | ||||
Cash used for operating activities of continuing operations | (11.0 | ) | (22.5 | ) | |||
Cash used for operating activities of discontinued operations | — | (69.1 | ) | ||||
Cash used for operating activities | (11.0 | ) | (91.6 | ) | |||
Investing activities | |||||||
Continuing operations: | |||||||
Capital expenditures | (26.2 | ) | (18.5 | ) | |||
Proceeds from the disposition of property | — | 2.2 | |||||
Cash used for investing activities of continuing operations | (26.2 | ) | (16.3 | ) | |||
Cash used for investing activities of discontinued operations | — | (11.0 | ) | ||||
Cash used for investing activities | (26.2 | ) | (27.3 | ) | |||
Financing activities | |||||||
Cash used for financing activities | (52.5 | ) | (15.2 | ) | |||
Effect of foreign exchange rate fluctuations on cash | — | 0.2 | |||||
Decrease in cash and cash equivalents | (89.7 | ) | (133.9 | ) | |||
Cash and cash equivalents at beginning of period | 139.3 | 266.6 | |||||
Cash and cash equivalents at end of period | $ | 49.6 | $ | 132.7 | |||
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