spacetoday.net: Orbital reports quarterly loss on refinancing charge

Posted: Thu, Oct 16, 2003, 6:44 PM ET (2244 GMT)
Orbital Sciences Corporation reported a net loss in its fiscal third quarter after taking a charge associated with refinancing its debt. The company reported a net loss of $30.2 million in the quarter ending September 30 on $128.6 million in revenues, compared to $1.6 million in net income on $134.8 million in revenues in the same quarter of 2002. The loss stems from a $38.8 million charge the company took in the quarter when it refinanced $135 million in bank notes at a lower interest rate. The charge also means that for the year to date the company has a net loss of $31.4 million. The company did record an increase in revenue from its launch vehicles division compared to the same quarter last year, although the satellite division reported a small decline.