Orbital Posts Strong Second Quarter; Sells TMS Unit
[Satellite Today – 4-17-08] Orbital Sciences Corp. increased revenues and net income in the first quarter of 2008, the company announced April 17.
Orbital’s revenues increased by 30 percent for the quarter, from $228.2 million in 2007 to $296 million for the quarter ending March 31. Net income was $13.7 million in the first quarter of 2008, a 19 percent increase from $11.5 million in the same quarter in 2007.
“Orbital’s first quarter was a very good one in all major respects,” said David W. Thompson, chairman and CEO in a statement. “The company’s strong financial results were highlighted by revenue growth in each of our four reporting segments, with our advanced space programs and launch vehicles segments generating particularly impressive growth in the last three months. First quarter new orders and option exercises were also exceptional and included our first Taurus 2 launch vehicle mission as part of NASA’s Commercial Orbital Transportation Services demonstration program as well as substantial bookings of additional interceptor and target vehicle orders in our missile defense business.”
Separately, Orbital has reached an agreement to sells its Transportation Management Systems unit to Affiliated Computer Services Inc. for $42.5 million, Orbital announced April 17.
The deal is expected to close this summer.