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 November 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 September 30, 2017Item 1: Financial Statements (Unaudited)
PART I - FINANCIAL INFORMATION
Page No.Condensed Consolidated Balance sheets as of september 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 25
Item 3: Quantitative and Qualitative Disclosures about market risk 40
Item 4: Disclosure Controls and procedures 41
2
PART I FINANCIAL INFORMATION | |||
Item 1. Financial Statements | |||
LORAL SPACE & COMMUNICATIONS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share data) (Unaudited) | |||
September 30, | December 31, | ||
2017 | 2016 | ||
ASSETS | |||
Current assets: | |||
Cash and cash equivalents | $ 259,263 | $ 37,458 | |
other current assets | 3,685 | 3,483 | |
Total current assets | 262,948 | 40,941 | |
investments in affiliates | 24,117 | 107,950 | |
Deferred tax assets | 101,567 | 115,285 | |
other assets | 365 | 55 | |
Total assets | $ 388,997 | $ 264,231 | |
LIABILITIES AND SHAREHOLDERS' EQUITY | |||
Current liabilities: | |||
accrued employment costs | $ 2,026 | $ 2,356 | |
income taxes payable | 43,110 | - | |
other current liabilities | 2,298 | 3,772 | |
Total current liabilities | 47,434 | 6,128 | |
pension and other postretirement liabilities | 16,857 | 18,433 | |
Long-term liabilities | 71,050 | 69,259 | |
Total liabilities | 135,341 | 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 (728,000) (826,460)
accumulated other comprehensive loss (29,051) (13,836)
Total shareholders' equity 253,656 170,411
Total liabilities and shareholders' equity $ 388,997 $ 264,231 see notes to condensed consolidated financial statements
3
LORAL SPACE & COMMUNICATIONS INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (In thousands, except per share amounts) (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016general and administrative expenses | $ (2,015) | $ (1,709) | $ (6,000) | $ (4,900) |
operating loss | (2,015) | (1,709) | (6,000) | (4,900) |
interest and investment income | 728 | 44 | 1,754 | 140 |
interest expense | (11) | (6) | (22) | (15) |
other expense | (985) | (187) | (2,858) | (1,306) |
Loss from continuing operations before income taxes and equity in net income of affiliates | (2,283) | (1,858) | (7,126) | (6,081) |
income tax provision | (16,552) | (8,911) | (82,236) | (31,066) |
Loss from continuing operations before equity in net income of affiliates | (18,835) | (10,769) | (89,362) | (37,147) |
Equity in net income of affiliates | 43,372 | 6,948 | 183,086 | 96,799 |
income (loss) from continuing operations | 24,537 | (3,821) | 93,724 | 59,652 |
Loss from discontinued operations, net of tax | - | (71) | (5) | (306) |
Net income (loss) | 24,537 | (3,892) | 93,719 | 59,346 |
other comprehensive (loss) income, net of tax | (12,356) | 1,713 | (15,215) | 11,289 |
Comprehensive income (loss) | $ 12,181 | $ (2,179) | $ 78,504 | $ 70,635 |
income (loss) from continuing operations | $ 0.79 | $ (0.12) | $ 3.03 | $ 1.93 |
Loss from discontinued operations, net of tax | - | - | - | (0.01) |
Net income (loss) | $ 0.79 | $ (0.12) | $ 3.03 | $ 1.92 |
Diluted income (loss) from continuing operations | $ 0.77 | $ (0.12) | $ 2.98 | $ 1.85 |
Loss from discontinued operations, net of tax | - | - | - | (0.01) |
Net income (loss) | $ 0.77 | $ (0.12) | $ 2.98 | $ 1.84 |
Net income (loss) per share: Basic
Weighted average common shares outstanding:
Basic | 30,933 | 30,933 | 30,933 | 30,933 |
Diluted | 31,008 | 30,933 | 31,008 | 31,008 |
see notes to condensed consolidated financial statements
4
Loral Space and Communications Inc. published this content on 14 November 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 15 November 2017 07:44:02 UTC.
Original documenthttp://d18rn0p25nwr6d.cloudfront.net/CIK-0001006269/25e1efa3-ec9d-47b4-810a-b30ded49847c.pdf
Public permalinkhttp://www.publicnow.com/view/415612CF631DEDBBB29114ED613DFB85BC3599C6