Orbital Expects Loss Due To ORBIMAGE Settlement

By | June 20, 2003 | Uncategorized

Orbital Sciences [NYSE: ORB], a Dulles, Va.-based satellite manufacturer, said it expects to report second quarter revenues of between $152 million and $157 million, operating income between $1 million and $2.5 million, and a net loss in the range of $3.5 million $5.0 million.

Orbital said that its expected net loss is due to an operating loss at the company’s electronic systems segment and charges related to Orbital’s settlement with its former remote-sensing subsidiary Orbital Imaging (ORBIMAGE). Orbital will incur a $2.5 million charge related to a settlement agreement upon the launch of the OrbView-3 satellite. The OrbView-3 launch currently is scheduled to occur later this month. Estimated second quarter results also include an additional $1 million settlement charge related to the delay in the launch and on-orbit checkout of the OrbView-3 satellite.

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