Orbital Sciences Corp. reported an increase in revenues and net income for 2004. The company earned $675.9 million in total revenues in 2004, up from $581.5 million earned in 2003. Additionally, Orbital reported a net income of $200 million for the full year, up from $20.2 million earned in the previous year. The company said the 2004 net income figure included a tax valuation allowance release and $2.1 million of debt extinguishment expenses. It also noted that the 2003 net income figure included the $40.6 million gain on reversal of allocated losses of a former affiliate. The company noted that adjusted income for 2004 was $45.6 million, up from $18.4 million in 2003. Orbital said the significant improvement in adjusted net income is due primarily to the $19.8 million increase in operating income and a $7.3 million reduction in interest expense resulting from refinancing transactions in 2003.
Orbital Revenues, Net Income Increase For 2004
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