LORAL SPACE & COMMUNICATIONS LTD

CIK:0001006269|SEC Filings

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Consolidated Statements of Operations [Abstract]
General and administrative expenses	$ (8,745)	$ (1,725)	$ (12,374)	$ (5,174)
Recovery of affiliate doubtful receivable	0	5,854	0	5,854
Operating (loss) income	(8,745)	4,129	(12,374)	680
Interest and investment income	2	16	5	1,045
Interest expense	(8)	(9)	(19)	(20)
Other expense	(2,362)	(2,300)	(6,834)	(6,440)
(Loss) income before income taxes and equity in net (loss) income of affiliates	(11,113)	1,836	(19,222)	(4,735)
Income tax (provision) benefit	829	(309)	1,252	(956)
Income (loss) before equity in net income (loss) of affiliates	(10,284)	1,527	(17,970)	(5,691)
Equity in net (loss) income of affiliates	(14,924)	49,645	44,969	9,086
Net (loss) income	(25,208)	51,172	26,999	3,395
Other comprehensive income (loss), net of tax	8,343	(7,220)	4,742	6,891
Comprehensive (loss) income	$ (16,865)	$ 43,952	$ 31,741	$ 10,286
Net (loss) income per share:
Basic	$ (0.81)	$ 1.65	$ 0.87	$ 0.11
Diluted	$ (0.81)	$ 1.64	$ 0.83	$ 0.11
Weighted average common shares outstanding:
Basic	30,933	30,933	30,933	30,933
Diluted	30,933	31,026	31,032	31,017

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Operating activities:
Net income (loss)	$ 26,999	$ 3,395
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Non-cash operating items (Note 2)	(46,042)	(14,231)
Changes in operating assets and liabilities:
Other current assets	38	6,010
Accrued employment costs and other current liabilities	7,645	(117)
Income taxes receivable and payable	(72)	(945)
Pension and other postretirement liabilities	(966)	(1,833)
Other liabilities	753	2,170
Net cash (used in) provided by operating activities	(11,645)	(5,551)
Financing activities:
Dividend paid	0	(170,130)
Net cash (used in) provided by financing activities	0	(170,130)
Cash, cash equivalents and restricted cash - period (decrease) increase	(11,645)	(175,681)
Cash, cash equivalents and restricted cash (Note 2) - beginning of year	31,935	259,371
Cash, cash equivalents and restricted cash (Note 2) - end of period	$ 20,290	$ 83,690

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 19,986	$ 31,631
Income tax refund receivable	1,299	1,228
Other current assets	1,194	1,232
Total current assets	22,479	34,091
Right-of-use asset	159	342
Investments in affiliates	241,499	192,664
Deferred tax assets	29,280	27,339
Other assets	31	33
Total assets	293,448	254,469
Current liabilities:
Accrued employment costs	9,759	2,839
Other current liabilities	2,534	2,002
Total current liabilities	12,293	4,841
Pension and other post-retirement liabilities	19,214	20,181
Other liabilities	20,667	19,914
Total liabilities	52,174	44,936
Commitments and contingencies
Shareholders' Equity:
Preferred stock, $0.01 par value	0	0
Common Stock:
Paid-in capital	1,019,988	1,019,988
Accumulated deficit	(702,203)	(729,202)
Accumulated other comprehensive loss	(67,230)	(71,972)
Total shareholders' equity	241,274	209,533
Total liabilities and shareholders' equity	293,448	254,469
Voting Common Stock [Member]
Common Stock:
Common stock, $0.01 par value	216	216
Treasury stock (at cost), 154,494 shares of voting common stock	(9,592)	(9,592)
Nonvoting Common Stock [Member]
Common Stock:
Common stock, $0.01 par value	95	95
Series A Preferred Stock [Member]
Shareholders' Equity:
Preferred stock, $0.01 par value	0	0
Series B Preferred Stock [Member]
Shareholders' Equity:
Preferred stock, $0.01 par value	$ 0	$ 0