Orbital Sciences Posts Third Quarter Loss
Dulles, Va.-based Orbital Sciences [NYSE: ORB] reported a 2003 third-quarter loss of $30.2 million, or 64 cents a share, compared to a profit of $1.6 million, or 4 cents per share, a year ago. This year’s results include a charge of $38.8 million related to a refinancing. The company reported third-quarter revenues of $128.6 million, a 5 percent decrease compared to $134.8 million a year ago. A $12.7 million reduction in satellites and related space systems revenues and a $1.2 million reduction in electronic systems revenues caused the overall dip in sales, company officials said.
The decrease in satellite and related space systems revenues was primarily attributable to lower revenue in the company’s geosynchronous (GEO) satellite product line, which was partially offset by increased revenues in the company’s science and technology low-orbit (LEO) satellite product line, Orbital officials said. The company reported $423.7 million in revenues for the first nine months of 2003, up 8 percent from revenues of $391 million a year ago.