ORBCOMM Inc.
(Exact name of registrant as specified in its charter)
Delaware (State or Other Jurisdiction of Incorporation) |
001-33118 (Commission File Number) |
41-2118289 (I.R.S. Employer Identification No.) |
2115 Linwood Avenue,
Suite 100
Fort Lee, New Jersey 07024
(Address of principal
executive offices) (Zip code)
(201) 363-4900
(Registrants
telephone number, including area code)
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:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02. Results of Operations and Financial Condition.
On March 15, 2007, ORBCOMM Inc. (the Company) released its earnings for the fourth fiscal
quarter of 2006 and full year ended December 31, 2006 and is furnishing a copy of the earnings release to the
Securities and Exchange Commission under Item 2.02 of this Current Report on Form 8-K. In addition, the Company
will discuss its financial results during a webcast and teleconference call Thursday, March 15, 2007 at 10:30 a.m.
(ET). To access the webcast and teleconference call, go to the Companys website at http://www.orbcomm.com.
The press release is attached herewith as Exhibit 99 and is incorporated herein by reference.
EBITDA is defined as earnings before interest income (expense), provision for income
taxes and depreciation and amortization. The Company believes EBITDA is useful to its management and investors in evaluating its
operating performance because it is one of the primary measures used by the Company to evaluate the economic productivity of its
operations, including its ability to obtain and maintain its customers, its ability to operate its business effectively, the
efficiency of its employees and the profitability associated with their performance; it also helps the Companys management and
investors to meaningfully evaluate and compare the results of its operations from period to period on a consistent basis by removing
the impact of its financing transactions and the depreciation and amortization impact of capital investments from its operating
results. In addition, the Companys management uses EBITDA in presentations to the Companys board of directors to enable it to have
the same measurement of operating performance used by management and for planning purposes, including the preparation of the
Companys annual operating budget. The Company also believes that EBITDA less stock-based compensation expense (Adjusted EBITDA) is
useful to investors to evaluate the Companys core operating results and financial performance because the exclusion of stock-based
compensation expense is useful, given the significant variation in expense that can result from changes in the fair market value of
the Companys common stock. EBITDA and Adjusted EBITDA are not performance measures calculated in accordance with accounting
principles generally accepted in the United States, or GAAP. While the Company considers EBITDA and Adjusted EBITDA to be important
measures of operating performance, they should be considered in addition to, and not as a substitute for, or superior to, net loss or
other measures of financial performance prepared in accordance with GAAP and may be different than EBITDA and Adjusted EBITDA
measures presented by other companies.
There are material limitations to using measures such as EBITDA and Adjusted EBITDA, including the difficulty associated with
comparing results among more than one company and the inability to analyze certain significant items, including depreciation and
interest income (expense), that directly affect its net loss. The Company compensates for these limitations by considering the
economic effect of the excluded expense items independently as well as in connection with its analysis of net loss.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
99
Press Release
of the Company dated March 15, 2007.
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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 hereunto duly authorized.
ORBCOMM Inc. |
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By | /s/ Robert G. Costantini | ||
Name: Title: |
Robert G. Costantini Executive Vice President and Chief Financial Officer |
Date: March 15, 2007
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Exhibit Number |
Description of Exhibit | ||
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99 |
Press Release of the Company dated March 15, 2007. |
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