some nice numbers from orbi....but it didnt help today
biz.yahoo.com
Tuesday July 21, 8:54 am Eastern Time
Company Press Release
SOURCE: Orbital Sciences Corporation
Orbital Reports Strong Second Quarter Financial Results
Quarterly Earnings Up 32% on Revenue Increase of 30% Over Last Year; Total Backlog Climbs 64% to $3.6 Billion on Strong
New Orders
DULLES, Va., July 21 /PRNewswire/ -- Orbital Sciences Corporation (NYSE: ORB - news) today announced its second quarter 1998 financial results, reporting
revenues of $184,516,000, an increase of 30% over 1997 second quarter revenues of $142,226,000. Quarterly net income increased 32% from last year, totaling
$7,419,000 in the second quarter of 1998 as compared to $5,603,000 in the 1997 comparable quarter. The company also reported 1998 second quarter earnings
per share on a fully diluted basis of $0.21, up 24% compared to $0.17 earnings per share on a fully diluted basis for the second quarter of 1997. The company's
total backlog at June 30, 1998 reached an all-time high of approximately $3.6 billion as a result of about $350,000,000 of new orders in the quarter for its space
and ground infrastructure systems.
The company's revenues in the first half of 1998 were $370,675,000, an increase of 40% over 1997 first half revenues of $264,338,000. Net income for the first six
months increased 30% from last year, totaling $13,938,000 in 1998 as compared to $10,697,000 in the 1997 comparable period. The company also reported
1998 first half earnings per share on a fully diluted basis of $0.41, up 24% compared to $0.33 earnings per share on a fully diluted basis for the first six months of
1997.
The company's financial results by business sector were as follows:
For the second quarter of 1998, Orbital's space and ground infrastructure systems sector, including launch vehicles, satellites, electronics and sensors, and
ground systems, reported revenues of $155,701,000, an increase of 27% over 1997 second quarter revenues of $122,523,000. Infrastructure systems
provided net income of approximately $19,061,000 in the 1998 second quarter, up 80% over 1997 second quarter net income of $10,597,000. For the first
half of 1998, Orbital's space and ground infrastructure systems sector reported revenues of $312,042,000, an increase of 36% over 1997 six-month
revenues of $228,722,000. Infrastructure systems provided net income of approximately $35,022,000 in the first six months of 1998, up 88% over net
income of $18,666,000 in the comparable period in 1997.
The company's satellite access products sector, including mobile satellite navigation, positioning and communications products and transportation management
systems, generated revenues of $28,556,000 for the quarter, an increase of 44% over the 1997 comparable quarter. This sector reported a net loss in the
second quarter of 1998 of $4,914,000 compared to net income of $634,000 in the 1997 quarter as a result of lower than expected sales of automotive
navigation and other access products. The company's satellite access products sector generated revenues of $58,310,000 for the first half of 1998, an
increase of 64% over the 1997 comparable period. This sector reported a net loss in the first half of 1998 of $5,683,000 as compared to net income of
$1,352,000 in the 1997 six-month period.
As anticipated, the company's satellite services sector, consisting of its ORBCOMM Global L.P. and ORBIMAGE affiliates, reported net losses of
$6,728,000 in the second quarter of 1998 as compared to net losses of $5,628,000 in the 1997 comparable quarter. The second quarter 1998 loss was
partially offset by a one-time gain of $4,793,000 related to ORBIMAGE's equity and debt offerings completed earlier this year. ORBCOMM Global and
ORBIMAGE reported combined net losses of $15,401,000 in the first half of 1998 compared to net losses of $9,321,000 in the 1997 comparable period.
''Orbital continued its strong operational performance and rapid financial growth in the second quarter and during the first six months of 1998,'' said Mr. David W.
Thompson, Chairman and Chief Executive Officer. ''In the first half of the year, we successfully launched two Pegasus and one Taurus rockets, deploying three
Orbital-built and three customer-built satellites. At the same time, we booked about $1 billion of new orders for the company's satellites, launchers, electronics
systems and ground stations, boosting firm backlog over 45% to about $1.3 billion and total backlog over 60% to $3.6 billion compared to this time last year,'' he
added.
In April, Orbital completed a public offering of 3.45 million shares of its common stock, raising gross proceeds of $158 million to fund its anticipated future growth
and investments in satellite-related businesses. In early July, the company's stock began trading on the New York Stock Exchange under the ticker symbol ''ORB.''
During the second quarter, the company also announced plans for a $50- plus million, multi-year expansion of its satellite-related engineering, manufacturing and
operations facility adjacent to the company's current headquarters site in Dulles, VA. The expansion will include a new satellite assembly, integration and test facility
that will support nearly two and a half times the company's current spacecraft manufacturing volume. The new integrated satellite factory will permit Orbital to design,
manufacture and test its full line of advanced technology small- and medium-class satellite platforms.
Orbital is a space and information systems company with 1997 revenues in excess of $600 million. The company employs over 4,000 people with operations in eight
states and several international locations. Headquartered in Dulles, VA, the company designs, manufactures, operates and markets a broad range of affordable
space infrastructure systems, satellite access products and satellite services. These include satellites, launch vehicles, sensors and electronics, satellite ground systems
and software, satellite-based navigation and communications products, and satellite-delivered fixed and mobile communications and Earth imaging services.
Orbital Sciences Corporation
Financial Results Summary
Second Quarter Results:
June 30, 1998 June 30, 1997 % Increase
Revenues $ 184,516,000 $ 142,226,000 30%
Gross Profit $ 50,851,000 $ 39,673,000 28%
Operating Income $ 9,438,000 $ 11,005,000 (14%)
Net Income $ 7,419,000 $ 5,603,000 32%
Fully Diluted EPS $ 0.21 $ 0.17 24%
Firm Backlog $ 1,300,000,000 $ 880,000,000 48%
Total Backlog $ 3,600,000,000 $ 2,200,000,000 64%
First Half Results:
June 30, 1998 June 30, 1997 % Increase
Revenues $ 370,675,000 $ 264,338,000 40%
Gross Profit $ 102,225,000 $ 73,351,000 39%
Operating Income $ 25,485,000 $ 17,052,000 49%
Net Income $ 13,938,000 $ 10,697,000 30%
Fully Diluted EPS $ 0.41 $ 0.33 24%
also Tuesday July 21, 8:04 am Eastern Time
Company Press Release
SOURCE: Frost & Sullivan
Frost & Sullivan: Increasing Deployment Expected to Send Satellite Revenues Into Orbit
MOUNTAIN VIEW, Calif., July 21 /PRNewswire/ -- Satellite launch markets are expected to experience growth and dynamic change, driven by expansion in the
commercial communications satellite industry and by demand for cheaper, more reliable, and more capable launch systems.
According to new strategic research from Frost & Sullivan (www.frost.com), World Markets For Satellite Launch Services, Insurance, and Vehicles, the huge
increase expected in commercial satellite deployment threatens to overwhelm launch service and insurance providers. The launch services and space insurance
market generated $8 billion in 1997, and is expected to reach approximately $10 billion in revenues for 1998.
''Responding to a commercial boom, while continuing to handle the relatively steady stream of government projects and keep up with new technology, presents a
significant challenge to market participants'', says Frost & Sullivan's Telecommunications Satellite Industry Analyst Megan Marek. ''Growth opportunities within the
launch vehicle segment lie in developing vehicles to accommodate changing satellite structures.''
Successful market participants must respond to and implement changes within the dynamic satellite launch equipment, launch services and space insurance markets.
Monitoring and participating in key regulatory initiatives, monitoring commercial and government satellite technologies and deployment trends, as well as monitoring
market drivers and restraints, is expected to be crucial to maintaining market share.
''For government applications, satellites are becoming smaller. In the commercial marketplace, satellites are pushing at both ends of the spectrum, with both smaller
low earth orbit (LEO) and larger geostationary (GEO) satellites gaining popularity,'' says Aerospace Industry Analyst Ron Stearns. ''Several launch service
providers have addressed this by forming partnerships that enable them to accommodate different satellite types and expand their launch activities. The increase in
launch insurance capacity has also lowered insurance premiums, leading to a trend of offering more coverage for less money.''
The unique segmentation of World Markets For Satellite Launch Services, Insurance, and Vehicles offers detailed market intelligence in both the commercial and
governmental arenas, providing a clear and comprehensive market overview. Vital information, such as satellites that are driving demand, end-user groups that
companies should pursue, and trends that will shape the future are all included in this market study .
The technologies reviewed include satellite launch vehicles, launch services, space insurance, reusable launch vehicles, expendable launch vehicles, MEO, LEO,
GEO, GTO, space insurance premiums, launch insurance capacity, commercial satellite launches, government satellite launches, and regulatory standards for launch
vehicles.
Market participants include: Aon Risk Services, Arianespace, Boeing Expendable Launch Services, China Great Wall Industry Corporation, Eurockot Launch
Services GmbH, Indian Space Research Organization (ISRO), Institute of Space and Aeronautical Science, Instituto Nacional de Pesquisas Espacias (INPE),
International Launch Services, International Space Brokers, Inc., J&H Marsh & McLennan, Khrunichev State Research and Production Space Centre, Lockheed
Martin Corporation [NYSE:LMT - news], National Space Development Agency of Japan, NPO Yuzhnoye, NTTs Kompleks, Orbital Sciences Corporation.
[NYSE:ORB - news], Polyot (aka AKO Polyot), Sedgwick Space Services, Space Machine Advisors, Inc., Starsem, and Willis Corroon Inspace, Inc. Related
Companies include: Advent Launch Services AeroAstro, LLC, Assicurazioni Generali SpA, Bristol Aerospace Ltd. , CNES (Centre National D'etudes Spatiales),
Daimler Benz Aerospace (DASA), Dynamica Research, EER Systems Inc., European Space Agency, Italian Space Agency, Israel Aircraft Industries, Kelly Space
& Technology, Inc., Kistler Aerospace, Microcosm, Inc., Munich Re, National Aerospace Laboratory, National Aeronautics and Space Administration (NASA),
NPO Energomash, OHB Systems GmbH, Pioneer Rocketplane, RKK Energiya, Rotary Rocket Company, Sea Launch, Spaceport Systems International L.P.,
Makeyev State Rocket Centre Design Bureau, Third Millennium Aerospace, Inc., Universal Space Lines.
This Telecommunications Industry research has integrated the Market Engineering consulting philosophy into the entire research process. Critical phases of this
research included: Identification of industry challenges, market engineering measurements, strategic recommendations, planning and market monitoring. All of the vital
elements of this system help the market participants navigate successfully through the telecommunications market.
Frost & Sullivan is an international marketing consulting company that monitors the telecommunications industry for market trends, market measurements, and
strategies. This ongoing research is utilized to update a series of research publications such as #5266-60 World Market For Broadband Satellite Services and
Hardware and to support industry participants with customized consulting needs.
Visit Frost & Sullivan's web site at: frost.com
Report: 5422-66 Date: July 1998 Price: $2950
SOURCE: Frost & Sullivan
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