Orbital Sciences 8-K 2009
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): March 2, 2009
ORBITAL SCIENCES CORPORATION
(Exact Name of Registrant as Specified in its Charter)
21839 Atlantic Boulevard, Dulles, Virginia 20166
(Address of Principal Executive Offices)
Registrants telephone number, including area code: (703) 406-5000
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Item 2.02 Results of Operations and Financial Condition
Update to Previous Announcement
On February 19, 2009, Orbital Sciences Corporation issued an earnings release reporting its fourth quarter and full year 2008 financial results. Subsequently, on February 24, 2009, Orbitals Taurus XL rocket, which was carrying a satellite that the company built for NASA, experienced a launch failure and the satellite was destroyed. As a result of the launch failure, Orbital will not receive a $5.3 million mission success incentive that the company had expected to earn and the company will incur unanticipated costs to investigate the cause of the incident.
Although this incident occurred subsequent to December 31, 2008, the company determined that it should reflect the accounting impact of this event in its 2008 financial statements. As a result, Orbital revised its fourth quarter and full year 2008 financial results to include a $5.6 million adjustment to reduce revenue and operating profit on the Taurus contract. Orbitals financial statements for the year ended December 31, 2008 that were filed in its Annual Report on Form 10-K on March 2, 2009 include the accounting impact of the above-described event. The following table presents summary information for the previously announced and as filed financial results for the quarter and year ended December 31, 2008.
Disclosure of Non-GAAP Financial Measures
Adjusted income from continuing operations for 2008 is defined as GAAP income from continuing operations (the most directly comparable GAAP financial measure) adjusted to exclude an investment impairment charge. Adjusted diluted earnings per share from continuing operations is equal to adjusted income from continuing operations divided by diluted shares. These measures are provided so investors can more easily compare 2008 operating results to 2007 operating results. The reconciliation of these financial measures is as follows:
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.