Dave Gore's Trades That Make Sense Message Board

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Strategies & Market Trends : Dave Gore's Trades That Make Sense

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To: Dave Gore who wrote (9895)	7/24/2002 12:11:13 PM
From: Carl Worth	Read Replies (2) of 16631

this seems like a concern for ORB...your thoughts? As of June 30, 2002, Orbital's available cash balance was $57.3 million. The company had negative free cash flow (defined as cash flow from operations less capital expenditures) of $8.7 million and $31.3 million in the second quarter and first six months of 2002, respectively. In each of the first and second quarters of 2002, the company paid approximately $25 million of a $50 million vendor financing agreement that was outstanding as of the end of 2001, thereby liquidating this obligation. Negative free cash flow for the first half of 2002 was significantly better than had been anticipated. However, Orbital expects negative cash flow during the third quarter to be in the range of $30 to $35 million. This shift is due primarily to the receipt of customer advanced payments in the second quarter previously anticipated to occur in the third quarter and the timing of certain subcontractor payments between the quarters. Orbital also revised upward its free cash flow guidance from its earlier negative $70 million target to a negative $60-65 million estimate for 2002. carl

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