UNITED STATES
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 17, 2004
PanAmSat Corporation
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(Exact name of registrant as specified in its charter)
Delaware 0-22531 95-4607698
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
20 Westport Road, Wilton, CT 06897
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (203) 210-8000
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(Former name and former address, if changed since last report.)
Item 5. Other Events and Required FD Disclosure
On March 17, 2004, our PAS-6 satellite, an FS 1300 model satellite built by
Space Systems/Loral, suffered an anomaly resulting in a loss of power. Following
that event, we moved the satellite to a storage orbit while we and the
manufacturer evaluated the problem. On April 1, 2004, this satellite experienced
another anomaly and more significant loss of power. Neither of these losses was
anticipated. We have maintained communications with and control of this
satellite and, as a result of the second anomaly, are taking the necessary steps
to deorbit it.
PAS-6 had been previously replaced and was used as a backup for another
satellite, PAS-6B. Accordingly, this problem has not affected service to any of
our customers and we anticipate that it will not affect our revenues in 2004. We
do not plan to replace this satellite.
Item 9. Regulation FD Disclosure
As a result of these events, we anticipate recording a non-cash charge within
income from operations of approximately $100 million in the first quarter of
2004. This will result in an approximate $63 million non-cash charge to net
income after taxes. Further, we anticipate reduced depreciation expense for full
year 2004 of approximately $9 million. We will adjust our 2004 guidance to
reflect these changes when we release our first quarter results.
This Report on Form 8-K includes statements that are not historical facts and
are considered "forward-looking" within the meaning of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements reflect our
current views about future events. They are identified by their use of terms and
phrases such as "believe," "expect," "plan," "anticipate", "possibility,"
"estimates," "projects" and similar expressions identifying their
forward-looking character. Investors should not rely on these forward-looking
statements as assurances of future events, because such statements are
inherently subject to a variety of risks, uncertainties and other factors that
could cause actual results to differ materially from the company's expectations.
The factors that may affect the outcome of such expectations include, but are
not limited to factors detailed from time to time in our filings with the SEC,
including our Annual Report on Form 10-K for the year ended December 31, 2003.
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.
Date: April 2, 2004 PANAMSAT CORPORATION
Registrant
By: /s/ James W. Cuminale
Name: James W. Cuminale
Title: Executive Vice President,
Corporate Development
General Counsel and Secretary