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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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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): November 9, 2000
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PEGASUS COMMUNICATIONS CORPORATION
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(Exact Name of Registrant as Specified in Charter)
Delaware 0-21389 51-0374669
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(State or Other (Commission (IRS Employer
Jurisdiction of File Number) Identification No.)
Incorporation)
c/o Pegasus Communications Management Company, 225 City Line Avenue,
Suite 200, Bala Cynwyd, Pennsylvania 19004
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 888-438-7488
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(Former Name or Former Address, if Changed Since Last Report)
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Item 5. Other Events.
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On November 9, 2000, Pegasus Communications Corporation (the "Company")
announced its intention, subject to the receipt of regulatory approval, to
effect a new holding company structure under Section 251(g) of the Delaware
General Corporation Law. In connection with its reorganization, the Company
further announced the formation of a new broadband subsidiary, and, in a
separate release, its intention to make an exchange offer to the holders of its
12 3/4% Series A Cumulative Exchangeable Preferred Stock. Copies of the two
press releases are filed as Exhibits 99.1 and 99.2, each of which are
incorporated by reference into this report.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c) Exhibits.
99.1 Registrant's press release, dated November 9, 2000.
99.2 Registrant's press release, dated November 9, 2000.
Item 9. Regulation FD Disclosure.
The Registrant held a conference call on November 9, 2000 to report
earnings results for the third quarter. On the call, the Registrant provided
certain financial guidance for the fourth quarter of 2000. When providing
guidance on fourth quarter 2000 revenues, the Registrant used an incorrect
figure for DBS revenues and omitted revenues from its other operations. After
giving effect to the correct numbers, the Registrant anticipates fourth quarter
DBS revenues of approximately $188 million (compared to the $180 million
announced on the conference call) and total revenues of $198 million .
Set forth below is a table which provides financial guidance with
respect to revenues, contribution margin, pre-marketing cash flow and SAC for
the fourth quarter of 2000 as compared to the fourth quarter of 1999. The
information provided below with respect to fourth quarter 2000 is a
forward-looking statement. See "Cautionary Statement" below.
<TABLE>
<CAPTION>
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Q4 '99 Q4 '00
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Total Per Sub Total Per Sub
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<S> <C> <C> <C> <C>
Revenues:
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DBS $ 88,200 $ 45.37 $ 188,600 $ 46.40
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Other 9,900 9,900
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98,100 198,500
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Contribution margin:
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DBS 29,700 15.28 62,600 15.40
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Other 1,100 1,700
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30,800 64,300
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Pre-marketing cash flow:
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DBS 24,900 12.81 55,200 13.60
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Other 1,100 1,700
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26,000 56,900
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SAC 29,100 330 72,000 480
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Cautionary Statement
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This Report contains certain forward-looking statements (as such term is
defined in the Private Securities Litigation Reform Act of 1995) and information
relating to us that are based on the beliefs of our management, as well as
assumptions made by and information currently available to our management. When
used in this Report, the words "estimate," "project," "believe," "anticipate,"
"intend," "expect" and similar expressions are intended to identify
forward-looking statements. Such statements reflect our current views with
respect to future events and are subject to unknown risks, uncertainties and
other factors that may cause actual results to differ materially from those
contemplated in such forward-looking statements. Such factors include, among
other things, the following: general economic and business conditions, both
nationally, internationally and in the regions in which we operate;
relationships with and events affecting third parties like DIRECTV, Inc.;
litigation with DIRECTV; demographic changes; existing government regulations
and changes in, or the failure to comply with government regulations;
competition; the loss of any significant numbers of subscribers or viewers;
changes in business strategy or development plans; technological developments
and difficulties; the ability to attract and retain qualified personnel; our
significant indebtedness; the availability and terms of capital to fund the
expansion of our businesses; and other factors discussed under the section
entitled "Risk Factors" of the Registrant's Proxy Statement dated February 29,
2000 and filed with the Securities and Exchange Commission on March 1, 2000 in
connection with a special meeting of stockholders to be held on March 22, 2000
and other reports and registration statements filed by the Registrant, from time
to time, with the Securities and Exchange Commission. Readers are cautioned not
to place undue reliance on these forward-looking statements, which speak only as
the date hereof. We do not undertake any obligation to publicly release any
revisions to these forward-looking statements to reflect events or circumstances
after the date hereof or to reflect the occurrence of unanticipated events.
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SIGNATURE
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.
PEGASUS COMMUNICATIONS CORPORATION
November 13, 2000 By: /s/ Scott A. Blank
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Scott A. Blank
Vice President
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Exhibit Index
Exhibit No. Description
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99.1 Registrant's press release, dated November 9, 2000.
99.2 Registrant's press release, dated November 9, 2000.
