SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K/A
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 19, 1994
COMSAT Corporation
(Exact name of Registrant as specified in Charter)
District of Columbia 1-4929 52-0781863
- ------------------------ ----------- --------------
(State or other juris- (Commission (IRS Employer
diction of incorporation) File Number) Identification
Number)
6560 Rock Spring Drive, Bethesda, MD 20817
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(Address of principal executive offices) Zip Code
Registrant's telephone number, including area code (301) 214-3000
Not applicable
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(Former name or former address, if changed since last report)
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Item 7. Financial Statements and Exhibits
(c) Exhibits (listed according to the number assigned in
Item 601 of Regulation S-K).
Exhibit No. Description
20(a) Supplemental Quarterly Income Statements for
1993 and first and second quarters 1994 as
restated for a merger accounted for as a pooling
of interests. Information distributed on July 19, 1994.
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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 hereunto duly authorized.
COMSAT Corporation
By: /s/ Allen E. Flower
----------------------------
Allen E. Flower
Controller
Date: August 22, 1994
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<TABLE>
<CAPTION>
COMSAT CORPORATION
CONSOLIDATED INCOME STATEMENTS (UNAUDITED)
(In millions except per share amounts)
1993 1994
------------------------------------------ ---------------
QTR 1 QTR 2 QTR 3 QTR 4 TOTAL QTR 1 QTR 2
------------------------------------------ ---------------
<S> <C> <C> <C> <C> <C> <C> <C>
REVENUES $194.7 $185.8 $179.3 $194.5 $754.3 $200.5 $207.9
------ ------ ------ ------ ------ ------ ------
OPERATING EXPENSES:
Cost of Services 110.4 100.8 94.7 117.6 423.5 114.7 112.6
Depreciation and Amortization 34.6 34.7 34.9 37.9 142.1 40.3 40.0
Research and Development 3.7 3.6 4.0 4.0 15.3 3.3 3.7
General and Administrative 5.2 5.3 5.7 5.6 21.8 5.3 5.4
Merger and Integration Costs - - - - - - 4.3
------ ------ ------ ------ ------ ------ ------
Total Operating Expenses 153.9 144.4 139.3 165.1 602.7 163.6 166.0
------ ------ ------ ------ ------ ------ ------
OPERATING INCOME 40.8 41.4 40.0 29.4 151.6 36.9 41.9
OTHER INCOME (EXPENSE), NET (1.1) 2.5 3.3 3.6 8.3 1.1 0.1
INTEREST INCOME 0.2 0.6 0.2 0.4 1.4 0.2 0.3
INTEREST COST (12.1) (12.1) (11.4) (10.2) (45.8) (11.9) (11.1)
INTEREST CAPITALIZED 5.1 5.5 6.0 5.6 22.2 5.7 6.1
------ ------ ------ ------ ------ ------ ------
INCOME BEFORE TAXES AND CUMULATIVE
EFFECT OF ACCOUNTING CHANGE 32.9 37.9 38.1 28.8 137.7 32.0 37.3
INCOME TAX EXPENSE (12.4) (14.8) (18.7) (9.3) (55.2) (11.8) (15.7)
------ ------ ------ ------ ------ ------ ------
INCOME BEFORE CUMULATIVE EFFECT
OF ACCOUNTING CHANGE 20.5 23.1 19.4 19.5 82.5 20.2 21.6
CUMULATIVE EFFECT OF ACCOUNTING
CHANGE FOR INCOME TAXES 1.9 - - - 1.9 - -
------ ------ ------ ------ ------ ------ ------
NET INCOME $ 22.4 $ 23.1 $ 19.4 $ 19.5 $ 84.4 $ 20.2 $ 21.6
====== ====== ====== ====== ====== ====== ======
EARNINGS PER SHARE:
Before cumulative effect of
accounting change $ 0.44 $ 0.49 $ 0.41 $ 0.41 $ 1.75 $ 0.43 $ 0.46
Cumulative effect of accounting 0.04 - - - 0.04 - -
------ ------ ------ ------ ------ ------ ------
Net Income $ 0.48 $ 0.49 $ 0.41 $ 0.41 $ 1.79 $ 0.43 $ 0.46
====== ====== ====== ====== ====== ====== ======
AVERAGE SHARES 46.9 47.2 47.1 47.2 47.1 47.2 47.2
</TABLE>
Notes:
(1) In June 1994, the corporation consummated a merger with Radiation Systems,
Inc. (RSi). The merger has been treated as a "pooling of interests" for
accounting purposes. Accordingly, these financial statements have been
retroactively restated for all periods to include RSi.
(2) Revenues include business interruption insurance income of $0.9 million,
$1.3 million and $0.8 million in the first, second and third quarters
of 1993, respectively, and $4.8 million in the second quarter of 1994.
(3) Income tax expense for the third quarter of 1993 includes a charge of
$3.0 million ($0.06 per share) to adjust prior years' deferred tax
assets and liabilities for an increase in the Federal income tax rate
from 34% to 35%.
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