spacetoday.net: Orbital reports profitable third quarter

Posted: Fri, Oct 17, 2008, 11:57 AM ET (1557 GMT)
Orbital Sciences Corporation reported Thursday a profit in its fiscal third quarter, although net income was down slightly from the same quarter of 2007. Orbital reported a net income of $12.1 million on $278.6 million in revenues for the quarter, compared to a net income of $15.7 million on $275.6 million in revenues for the same quarter in 2007. The decreased net income was due in part to a "investment impairment charge" and decreased interest income, as well as increased research and development expenses associated with the company's work on its new Taurus 2 launch vehicle. The company reported increased revenue in its launch vehicles and advanced programs units, offsetting decreased revenues from its satellite unit. The company, which is expecting full-year revenues of $1.115 to 1.135 billion in 2008, said it is projecting $1.175 to $1.2 billion in revenues in 2009. However, earnings will be reduced in 2009 because of increased expenses involved with developing the Taurus 2.