LORAL SPACE & COMMUNICATIONS INC. indicate by check mark whether the registrant (1) has filed all reports required to be filed by section 13 or 15(d) of the securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes no
indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every interactive Data File required to be submitted and posted pursuant to rule 405 of regulation s-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes no
indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. see the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in rule 12b-2 of the Exchange Act.
Large accelerated filer | | Accelerated filer | |
non-accelerated filer |
| smaller reporting company | |
Emerging growth company | |
if an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to section 13(a) of the Exchange Act.
indicate by check mark whether the registrant is a shell company (as defined in Exchange Act rule 12b-2 of the Act).
Yes no
As of August 1, 2017, 21,427,078 shares of the registrant's voting common stock and 9,505,673 shares of the registrant's non-voting common stock were outstanding.
LORAL SPACE & COMMUNICATIONS INC. INDEX TO QUARTERLY REPORT ON FORM 10-Q For the quarterly period ended June 30, 2017Item 1: Financial Statements (Unaudited)
PART I - FINANCIAL INFORMATION
Page No.Condensed Consolidated Balance sheets as of June 30, 2017 and December 31, 2016 3
notes to Condensed Consolidated Financial statements 7
Item 2: management's Discussion and Analysis of Financial Condition and results of operations 24
Item 3: Quantitative and Qualitative Disclosures About market risk 39
Item 4: Disclosure Controls and procedures 40
Item 1A: risk Factors 41
signatures 42
2
PART I FINANCIAL INFORMATION Item 1. Financial Statements LORAL SPACE & COMMUNICATIONS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share data) (Unaudited)Current assets:
ASSETS June 30, December 31, 2017 2016Cash and cash equivalents $ 262,483 $ 37,458
other current assets 4,047 3,483
Total current assets 266,530 40,941
investments in affiliates - 107,950
Deferred tax assets 109,884 115,285
other assets 28 55
Total assets $ 376,442 $ 264,231
LIABILITIES AND SHAREHOLDERS' EQUITYCurrent liabilities:
Accrued employment costs $ 1,533 $ 2,356
income taxes payable 42,719 -
other current liabilities 2,360 3,772
Total current liabilities 46,612 6,128
pension and other postretirement liabilities 18,001 18,433
Long-term liabilities 70,354 69,259
Total liabilities 134,967 93,820
Commitments and contingencies shareholders' Equity:
preferred stock, 0.01 par value; 10,000,000 shares authorized, no shares issued and outstanding - - Common stock:
voting common stock, 0.01 par value; 50,000,000 shares authorized, 21,581,572 issued 216 216
non-voting common stock, 0.01 par value; 20,000,000 shares authorized 9,505,673 issued and outstanding 95 95
paid-in capital 1,019,988 1,019,988
Treasury stock (at cost), 154,494 shares of voting common stock (9,592) (9,592)
Accumulated deficit (752,537) (826,460)
Accumulated other comprehensive loss (16,695) (13,836)
Total shareholders' equity 241,475 170,411
Total liabilities and shareholders' equity $ 376,442 $ 264,231 see notes to condensed consolidated financial statements
3
LORAL SPACE & COMMUNICATIONS INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME (In thousands, except per share amounts) (Unaudited) Three Months Ended June 30, Six Months Ended June 30,2017 | 2016 | 2017 | 2016 | |
general and administrative expenses | $ (1,922) | $ (1,674) | $ (3,985) | $ (3,191) |
operating loss | (1,922) | (1,674) | (3,985) | (3,191) |
interest and investment income | 627 | 48 | 1,026 | 96 |
interest expense | (6) | (4) | (11) | (9) |
other expense | (1,256) | (593) | (1,873) | (1,119) |
Loss from continuing operations before income taxes and equity in net income of affiliates | (2,557) | (2,223) | (4,843) | (4,223) |
income tax benefit (provision) | 380 | (8,480) | (65,684) | (22,155) |
Loss from continuing operations before equity in net income of affiliates | (2,177) | (10,703) | (70,527) | (26,378) |
Equity in net income of affiliates | - | 43,357 | 139,714 | 89,851 |
(Loss) income from continuing operations | (2,177) | 32,654 | 69,187 | 63,473 |
Loss from discontinued operations, net of tax | - | (102) | (5) | (235) |
net (loss) income | (2,177) | 32,552 | 69,182 | 63,238 |
other comprehensive income (loss), net of tax | 179 | 417 | (2,859) | 9,576 |
Comprehensive (loss) income | $ (1,998) | $ 32,969 | $ 66,323 | $ 72,814 |
(Loss) income from continuing operations | $ (0.07) | $ 1.06 | $ 2.24 | $ 2.05 |
Loss from discontinued operations, net of tax | - | - | - | (0.01) |
net (loss) income | $ (0.07) | $ 1.06 | $ 2.24 | $ 2.04 |
Diluted (Loss) income from continuing operations | $ (0.07) | $ 1.03 | $ 2.21 | $ 1.98 |
Loss from discontinued operations, net of tax | - | - | - | (0.01) |
net (loss) income | $ (0.07) | $ 1.03 | $ 2.21 | $ 1.97 |
net (loss) income per share: Basic
Weighted average common shares outstanding:
Basic | 30,933 | 30,933 | 30,933 | 30,933 |
Diluted | 30,933 | 31,008 | 31,008 | 31,008 |
see notes to condensed consolidated financial statements
4
Loral Space and Communications Inc. published this content on 08 August 2017 and is solely responsible for the information contained herein.
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