Orbital Suffers Losses; Adds $1 Billion in New Business in 2009
The company’s fourth quarter operating income dipped to $14.7 million from $16.8 million, however, net incomes were slightly higher at $9.3 million, compared to $9 million in the fourth quarter of 2008.
Orbital CEO David Thompson said that despite the drop, the company’s performance was better than expected. “Orbital ended 2009 with its best quarter of the year for new business and with its busiest period for operational activity … due in large measure to strong revenue growth in advanced space programs and solid profit margins in satellites and space systems.”
Thompson added that the nearly $1 billion in new business generated from its contracts with NASA helped offset some of its losses in 2009.
Orbital ends the 2009 fiscal year with revenues slightly lower at $1.12 billion, compared to $1.16 billion in 2008 and net income dropping from $42.6 million to $36.6 million.
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