SpaceDev Reports Net Loss for 2003

SpaceDev [SPDV] is investing in the future but it bottom-line is suffering near-term as a result. Company officials reported the Poway, Calif.-based provider of space and low-cost microsatellite-related products and services incurred a widened net loss of $1.2 million for the year ended 2003, compared with a net loss of $376,000 in 2002. The increased net loss stemmed from the first and second quarters due to reductions in revenues related to the substantial completion of the CHIPSat microsatellite, delays in starting projects, non-cash expenses in connection with the company’s revolving credit facility and convertible debt program as well as additional R&D expenses.