The reality of the current economic situation was reflected in Orbital Sciences Corporation [NYSE: ORB] reported financial results for the second quarter of 2009. Second quarter 2009 revenues were $270.1 million compared to $301.2 million in the second quarter of 2008. Second quarter 2009 operating income was $12.8 million, compared to $26.5 million in the second quarter of 2008.
Income from continuing operations was $8.7 million, or $0.15 diluted earnings per share, in the second quarter of 2009, compared to income from continuing operations of $10.1 million, or $0.17 diluted earnings per share in the second quarter of 2008. Orbital generated $15.8 million of free cash flow* in the second quarter of 2009 compared to free cash flow of $13.3 million in the second quarter of 2008.
Mr. David W. Thompson, Orbital’s Chairman and Chief Executive Officer, said, “The company’s second quarter financial results were mixed, with lower revenues, good operating margins before R&D expenses, and solid free cash flow. We continued to make steady progress on the Taurus II launch vehicle and Cygnus spacecraft development programs which, when completed, should add significantly to our business in future periods. Finally, we reduced our revenue and profit estimates for the year due to delayed satellite orders, the termination of a missile defense contract and reduced margins in advanced space programs.”
* “Free cash flow” is a non-GAAP financial measure discussed in this release. For additional details, please refer to the sections of this press release entitled “Cash Flow” and “Disclosure of Non-GAAP Financial Measures.”
To Learn more about Orbital’s financial highlights go to access this direct link.
