Orbital’s Revenues, Net Income Increase
Orbital Sciences [ORB] overcame weakness in its launch-vehicles segment by achieving strong performance in other areas, reporting improved first- quarter 2004 financial results compared with the same quarter last year.
To that end, the company reported first-quarter 2004 revenues of $151.4 million, up 11 percent from revenues of $136.7 million in the same period one year ago. Operating income rose 51 percent to $14.2 million, compared with $9.4 million in the same quarter last year. In addition, net income rose to $11.5 million in first-quarter 2004 from $3.4 million in first-quarter 2003.
Company officials said the revenue growth was driven by substantial improvement in the company’s satellites and its related space- systems segment that more than offset decreased revenues in the launch-vehicles segment. Growth in operating income also was attributed to the satellites and related space-systems segment, improved transportation management systems results, and a $2.5 million non-recurring gain on the sale of notes receivable that more than countered lower operating income in the launch vehicles segment.