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[Satellite TODAY 05-18-12] German satellite and rocket manufacturer OHB System reported a dramatic increase in profits and revenue for its three-month fiscal period ending March 31 and that the company is in line to produce a 12 percent increase in 2012 full-year revenues at more than 620 million euros ($806 million) in its latest financial results issued May 16.
OHB said its current backlog would provide a sustained growth in profits through the end of 2012.
OHB executives also confirmed that the company will begin delivering satellites under its current contract to produce 22 Galileo spacecraft for the European Union beginning late this year and that it has not had any difficulties with U.S. International Traffic in Arms Regulations (ITAR) regulations.
Though OHB used a propulsion system developed in the United States, the propulsion system falls within ITAR regulations that treat satellite components as munitions.
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