spacetoday.net: Spacehab reports modest profit

Posted: Fri, Nov 7, 2003, 7:53 AM ET (1253 GMT)
Spacehab announced Thursday that the company made a small profit in its latest quarter despite a drop in revenues. The company reported net income of $0.7 million on $18.9 million in revenues in the first quarter of fiscal year 2004, compared to a net loss of $0.1 million on $26.8 million in the same quarter one year ago. The company linked the decline in revenues on the grounding of the shuttle, for which the company offers cargo services, but said cuts in expenses more than made up the difference. Spacehab said it has filed a $87-million claim with NASA to cover the uninsured portion of the company's Research Double Module that was lost on the STS-107 mission. The company said it was one of the losers in the bidding for two ISS integration contracts, one for cargo integration and the other for mission integration, but remains in the bidding as a subcontractor for another ISS consolidation contract.