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): MARCH 11, 1998
--------------
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
- ----------------------------------------- --------
(Address of principal executive offices) Zip Code
Registrant's telephone number, including area code (301) 214-3000
NOT APPLICABLE.
-------------------------------------------------------------
(Former name or former address, if changed since last report).
<PAGE>
ITEM 5. OTHER EVENTS
- ---------------------
On March 11, 1998, the Corporation issued a press release announcing
that the Corporation's first quarter 1998 results will include a $1.3
million non-cash charge to reflect the write-off of its investment in
Superconducting Core Technologies, Inc. (SCT). A copy of the press release
is attached hereto as Exhibit 99.1 and incorporated herein by reference.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
- ------------------------------------------
(c) Exhibits (listed according to the number assigned in Item 601 of
Regulation S-K).
EXHIBIT NO. DESCRIPTION
- ----------- -----------
99.1 Press Release dated March 11, 1998
<PAGE>
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/ Alan Korobov
----------------
Alan Korobov
Controller
Date: March 12, 1998
<PAGE>
EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION
- ----------- -----------
99.1 Press Release dated March 11, 1998
<PAGE>
FROM: COMSAT Corporation
6560 Rock Spring Drive
Bethesda, MD 20817
PHONE: 301 214 3436
FAX: 301 214 7130
DATE: March 11, 1998
For Immediate Release
COMSAT TAKES CHARGE FOR SCT WRITE-OFF
BETHESDA, Md. - COMSAT Corporation today announced that its first quarter
1998 results will include a $1.3 million, net of tax, non-cash charge
($0.03 per share, fully diluted) to reflect the write-off of its investment
in Superconducting Core Technologies, Inc. (SCT).
SCT is a privately-held development stage company specializing in
advanced filtering equipment for cellular base stations. The SCT Board of
Directors voted on March 6, 1998 to substantially reduce its operations and
pursue an orderly liquidation of assets, after it became apparent last week
that SCT would not be able to raise additional capital to continue
operations. COMSAT's investment in SCT, initially made in 1994, is not core
to the corporation's strategies.
COMSAT Corporation (NYSE:CQ) is a global provider of satellite
services and digital networking service and technology.
# # #
CONTACTS:
Dave Groobert Director, Public Relations +1 301 214 3436
Gary Sharpe Director, Investor Relations +1 301 214 3244
