spacetoday.net: Orbital reports profit for quarter, year

Posted: Wed, Feb 26, 2003, 10:23 AM ET (1523 GMT)
Orbital Sciences Corporation recorded a profit for both the fourth quarter of 2002 and the full year, according to financial statements released by the company early Wednesday. For the quarter the company recorded net income of $5.2 million on revenues of $160.7 million, compared to a $31.7 million loss on revenues of $120.9 million in the same quarter of 2001. For the full year, Orbital said it had a net income of $0.8 million on revenues of $551.6 million, compared to $19 million in net income on $415.2 million in revenues in 2001. However, the 2001 figures were affected by nearly $115 million in income from discontinued operations; without which the company would have recorded a major loss that year. Orbital's revenue in 2002 was split almost evenly between launch vehicles and satellites, with a small portion from electronics systems, but most of the net income came from the launch vehicles unit, which includes work on missile defense boosters.