SpaceDev Reports “Record” Revenue, Decrease In Profit

[Satellite Today – 5-12-08] SpaceDev Inc. reported a 14 percent increase in revenue for the first quarter of 2008, but a sharp decrease in income from operations, the company announced May 9.
    SpaceDev reported revenue of $10.3 million for the three months ended March 31, an increase from the $9.1 million in revenue reported for 2007’s first quarter. Most of the revenue increase was due to the growth of non-government sector programs by approximately $2.0 million offset by a slight decline in our government-based contracts.  The company posted operating income of $58,000 for the first quarter, a 73.8 percent decrease from $221,000 in 2007.
    “We reached a new revenue milestone for SpaceDev this quarter with our first $10 million quarter, as we continue to build the company with major new programs, while closing-out some of our legacy long-term fixed price development programs,” Mark Sirangelo, SpaceDev’s chairman and CEO said in a statement. “We are successfully executing on our existing work, while remaining focused on building the foundation of an emerging mid-market aerospace company for our stockholders.”