Orbimage Holdings Inc. reported Aug. 16 revenue of $8.5 million for the second quarter 2005, down from $9.7 million in the second quarter 2004. The company’s net loss widened during the same period, from a loss of $2 million in the second quarter 2004 to a loss of $3.9 million in second quarter 2005.
Orbimage attributed the decrease in revenue to a reduction in revenue on an international imagery contract renewed in 2005 at a lower amount and from a surge in production activities that took place during the second quarter.
“Unfortunately our revenues have developed more slowly than we anticipated, largely as a result of international customers delaying their purchasing decisions pending the outcome of the consolidation currently underway in our industry,” Orbimage President and CEO Matthew O’Connell said in a statement. “We will continue our efforts to manage costs in the mean time.”
Orbimage noted the construction of its Orbview-5 imaging satellite for the National Geospatial Intelligence Agency‘s Nextview program is “progressing on schedule and within budget.”
