spacetoday.net: EADS records 1st quarter loss for space division

Posted: Wed, May 7, 2003, 10:14 AM ET (1414 GMT)
The space division of the European Aeronautic Defence and Space Company (EADS) recorded a loss in the first quarter of 2003 and plans to take restructuring charges for the division later this year. The space division, which now includes 100 percent of satellite manufacturer Astrium, recorded revenues of 403 million euros (US$459 million) in the quarter, down from 426 million euros (US$486 million) in the same quarter of 2002; the company said the retirement of the Ariane 4 booster was largely responsible for the decline. The company recorded a pretax loss of 21 million euros (US$24 million) for the quarter, down from a 33 million euro (US$38 million) loss in the first quarter of 2002. The company announced Tuesday that it plans to take 280 million euros (US$319 million) in charges in later quarters to pay for the restructuring of the space division. EADS is still planning for the space division to become profitable again in 2004.