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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 10-Q/A
AMENDMENT NO. 1 TO QUARTERLY REPORT
FOR THE QUARTERLY PERIOD ENDED JUNE 30, 1998
COMMISSION FILE NUMBER 1-14180
LORAL SPACE & COMMUNICATIONS LTD.
C/O LORAL SPACECOM CORPORATION
600 THIRD AVENUE
NEW YORK, NEW YORK 10016
TELEPHONE (212) 697-1105
JURISDICTION OF INCORPORATION: BERMUDA
IRS IDENTIFICATION NUMBER: 13-3867424
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AMENDMENT NO. 1
The registrant hereby amends its Quarterly Report on Form 10Q for the
quarterly period ended June 30, 1998, as set forth below:
PART II -- ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
The following exhibits are filed as part of this report:
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<S> <C> <C>
Exhibit 12 -- Computation of Ratio of Earnings to Fixed Charges.
Exhibit 27 -- Financial Data Schedule.
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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.
LORAL SPACE & COMMUNICATIONS LTD.
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Registrant
Date: September 4, 1998
MICHAEL P. DEBLASIO
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Michael P. DeBlasio
First Senior Vice President
and Chief Financial Officer
(Principal Financial Officer)
and
Registrant's Authorized Officer
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EXHIBIT INDEX
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<CAPTION>
EXHIBIT NO. DESCRIPTION
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<S> <C> <C>
Exhibit 12 -- Computation of Ratio of Earnings to Fixed Charges
Exhibit 27 -- Financial Data Schedule
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EXHIBIT 12
LORAL SPACE & COMMUNICATIONS LTD
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In thousands, except ratios)
(Unaudited)
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<CAPTION>
SIX MONTHS ENDED JUNE 30,
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1998 1997
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<S> <C> <C>
Earnings:
Income (loss) before income taxes, minority interest and
equity in net loss of affiliates....................... $(23,371) $ 22,596
Plus:
Interest expense..................................... 43,499 24,478
Interest component of rent expense(1)................ 2,127 1,870
Less capitalized interest................................. 20,222 9,867
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Earnings available to cover fixed charges................... $ 2,033 $ 39,917
======== ========
Fixed charges(2)............................................ $ 78,926 $ 33,269
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Deficiency of earnings to cover fixed charges............... $ 76,893
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Ratio of earnings to fixed charges.......................... 1.2x
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--------
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(1) The interest component of rent expense is deemed to be approximately 25% of
total rent expense.
(2) Fixed charges include preferred dividends as adjusted for the Company's
effective tax rate.
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<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FINANCIAL STATEMENTS OF LORAL SPACE & COMMUNICATIONS LTD. FOR THE QUARTER ENDED
JUNE 30, 1998 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1998
<CASH> 876,530
<SECURITIES> 0
<RECEIVABLES> 452,122
<ALLOWANCES> 0
<INVENTORY> 129,230
<CURRENT-ASSETS> 1,557,642
<PP&E> 1,669,955
<DEPRECIATION> 137,032
<TOTAL-ASSETS> 5,065,979
<CURRENT-LIABILITIES> 341,105
<BONDS> 0
0
734,598
<COMMON> 2,430
<OTHER-SE> 2,225,563
<TOTAL-LIABILITY-AND-EQUITY> 5,065,979
<SALES> 543,473
<TOTAL-REVENUES> 568,663
<CGS> 568,757
<TOTAL-COSTS> 568,757
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 23,277
<INCOME-PRETAX> (23,371)
<INCOME-TAX> 6,651
<INCOME-CONTINUING> (74,416)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (97,629)
<EPS-PRIMARY> (0.38)<F1>
<EPS-DILUTED> (0.38)
<FN>
<F1>Note: The adoption of SFAS 128 had no effect on reported earnings per
share for the quarter ended June 30, 1998.
<F2>NOTE: THE CAPTION "DEPRECIATION" LISTED ABOVE REPRESENTS ACCUMULATED
DEPRECIATION.
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