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): February 8, 1995
_______________________
ORBITAL SCIENCES CORPORATION
Delaware 0-18287 06-1209561
(State of incorporation) (Commission File Number) (I.R.S. Employer I.D. No.)
21700 Atlantic Boulevard
Dulles, Virginia 20166
(703) 406-5000
(Address and telephone number of principal executive offices)
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Item 5. Other Events
On February 8, 1995, Orbital Sciences Corporation (the "Company")
announced results for its 1994 fiscal year. Revenues for the year
ended December 31, 1994 were $221,946,000, compared to 1993
reported revenues of $190,186,000. For the year, net income was
$5,389,000, or $.28 per fully diluted share on an average of 23.2
million shares outstanding, as compared to 1993 reported net income
of $4,460,000, or $.34 per fully diluted share on an average of
15.6 million shares outstanding. After giving effect to restating
1993 reported results for the pooling of interests with Magellan
Corporation, 1993 revenues were $223,087,000 and net income was
$6,396,000, or $.39 per fully diluted share on an average of 18.3
million shares outstanding.
Revenues for the fourth quarter ended December 31, 1994 were
$65,068,000, compared to 1993 reported fourth quarter revenues of
$44,876,000. Net income for the three months ended December 31,
1994 was $1,140,000, or $.06 per fully diluted share on an average
of 24.8 million shares outstanding, as compared to reported net
income of $1,361,000, or $.09 per fully diluted share on an average
of 16.8 million share outstanding, for the 1993 period. After
giving effect to restating 1993 reported results for the Magellan
acquisition, 1993 fourth quarter revenues were $54,507,000 and net
income was $1,984,000, or $.11 per fully diluted share on an
average of 19.5 million shares outstanding.
Major business achievements for the year included the August
acquisition of Fairchild Space and Defense Corporation and the
December acquisition of Magellan Corporation. While the Magellan
acquisition was somewhat dilutive in the fourth quarter of 1994 due
to transaction and reorganization costs of approximately $500,000,
both acquisitions are expected to be significantly accretive in
1995 and beyond.
Major operational activities for the year included the successful
completion of a total of nine space missions, including two
successful launches of our Pegasus launch vehicle, the initial
launch of our Taurus launch vehicle, and the first flight of our
PegaStar spacecraft on the APEX mission for the U.S. Air Force.
While the Company successfully inaugurated use of our L-1011 as the
primary carrier aircraft for its Pegasus program, it also had a
launch failure of its initial Pegasus XL launch vehicle.
Approximately $2.5 million of unplanned research and development
costs were incurred in 1994 in preparation for clearing Pegasus XL
to fly again in early 1995.
The Company's firm backlog was approximately $335 million at
December 31, 1994, while undefinitized contract awards and options
totalled in excess of $900 million.
At December 31, 1994, the Company had cash, cash equivalents,
short-term investments and amounts available under its revolving
credit facility equal to approximately $33 million, of which
approximately $8 million was restricted as collateral for
outstanding letter of credit commitments. The Company is currently
pursuing various financing alternatives to maintain expenditures and
investments at desired levels in 1995. The Company believes that it will be
able to obtain the necessary financing, although there can be no
assurance that it will be able to do so.
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<TABLE>
<CAPTION>
ORBITAL SCIENCES CORPORATION
SUMMARY OF FINANCIAL RESULTS
(in thousands of dollars, except share data)
Years ended December 31,
1994 1993 1993 (restated)
<S> <C> <C> <C>
Revenues $221,946 $190,186 $223,087
Gross Profit $ 64,881 $ 37,889 $ 52,883
Operating Income $ 8,696 $ 8,562 $ 10,564
Net Income $ 5,388 $ 4,640 $ 6,396
Net Income Per Share
Primary $ .28 $ .39 $ .44
Full Dilution $ .28 $ .34 $ .39
Weighted Average Shares Outstanding
Primary 19,104,427 12,001,413 14,641,854
Full Dilution 23,222,210 15,615,835 18,256,276
<CAPTION>
Quarters ended December 31,
1994 1993 1993 (restated)
<S> <C> <C> <C>
Revenues $ 65,068 $ 44,876 $ 54,507
Gross Profit $ 22,520 $ 9,499 $ 13,661
Operating Income $ 2,026 $ 1,392 $ 2,091
Net Income $ 1,140 $ 1,361 $ 1,984
Net Income Per Share
Primary $ .06 $ .11 $ .13
Full Dilution $ .06 $ .09 $ .11
Weighted Average Shares Outstanding
Primary 20,648,359 12,729,592 15,370,033
Full Dilution 24,774,106 16,846,372 19,486,813
</TABLE>
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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.
ORBITAL SCIENCES CORPORATION
DATED: February 8, 1995 By /s/ David W. Thompson
David W. Thompson, President
and Chief Executive Officer
