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Business briefs: March 7
Posted: Fri, Mar 8, 2002, 6:43 AM ET (1143 GMT)
- Orbital Sciences Corporation posted an operating loss of $53 million in 2001, far better than its $165 million loss in 2000, according to a financial statement released Thursday. The company had net income of $19 million for the year because of the sale of several non-core businesses. The company predicts that it will have negative cash flow for the first half of 2002, and while optimistic about the future cautioned that its ability to continue as a going concern is dependent on its ability to restructure $100 million in notes due in October.
- A wave of consolidation will hit the satellite industry in the next decade, according to an Aerospace Daily report Thursday. Both satellite manufacturers and operators will feel the effects of overcapacity, competition, and the high cost of GEO communications satellites in the near future, making them targets of consolidation, according to a report by consulting firm Booz Allen and Hamilton.
- The space industry accounted for $82.8 billion in revenues in 2001, according to a pair of reports published by the International Space Business Council. The amount is a decrease by an unspecified amount over 2000 and reflects the overall downturn in the markets. The space industry was also involved in 92 transactions, including 61 mergers and acquisitions, worth $42.8 billion.
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