Expanded contract+accounting change. This looks like good news which will first come across as bad news, what do you guys think? I'm hoping to buy some shares.
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Orbital sciences (NYSE:ORB) lowers Q4 predictions
Reuters, Wednesday, February 03, 1999 at 17:51
DULLES, Va., Feb 3 (Reuters) - Space technology company,
Orbital Sciences Corp. on Wednesday said it expects fourth-
quarter net income to be lower than analysts expectations
because of non-cash accounting changes at two of its
subsidiaries.
Analysts had expected the company to earn $0.23 per share
in the fourth quarter, according to First Call Corp.
The company expects to release its fourth quarter financial
results next week.
Orbital's MacDonald Dettwiler & Associates unit in
Vancouver, Canada, reported a $130 million increase in the
value of a Canadian government contract in the fourth quarter
and a non-cash adjustment, which reduced 1998 profits earned on
the contract by about $5 million. The unit instead will report
these profits on the expanded contract in 1999 and in future
years.
Magellan Corp., its unit based in Santa Clara, Calif.,
reported a $6 million charge related to development of several
new products introduced in late 1998 and early 1999. |
