Spacehab Reports FY04 Good News, Bad News
Spacehab [SPAB] reported a net income of $2.1 million for fiscal 2004 ended June 30, 2004, despite a drop in revenue when compared with financial released for FY03. Spacehab’s revenues for 2004 totaled $77.6 million, compared with $95 million in fiscal 2003. The decline came as no surprise to Spacehab, due to the completion of a government services contract and continued delays in the Space Shuttle program. However, the company added that it was able to record a net income by streamlining its organization and by improving operations.