spacetoday.net: Orbital reports increased revenue, profits in 1st quarter

Posted: Fri, Apr 25, 2003, 11:35 AM ET (1535 GMT)
Orbital Sciences Corporation said Thursday it had higher revenues and profits in its fiscal first quarter compared to the same quarter the previous year. Orbital recorded a gross profit of $26.2 million on revenue of $136.7 million in the quarter; in the first quarter of 2002 the company had a gross profit of $19 million on $120.7 million in revenue. Revenue increase sharply for Orbital's launch vehicle programs, largely because of a missile defense booster contract the company has. Revenue for satellites fell from $60.8 million in the first quarter of 2002 to $48.5 million in the most recent quarter; the company said that the completion of several geostationary satellites in 2002 and early 2003 accounted for the difference. Orbital recorded a $1 million charge in the quarter as the result of a settlement agreement with Orbimage, and said it will likely record another $2.5 million in the second quarter once the OrbView 3 satellite, built and to be launched by Orbital, is in orbit.