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Orbital Announces Third Quarter 2010 Financial Results

Orbital Sciences Corporation (NYSE: ORB) today reported its financial results for the third quarter of 2010. Third quarter 2010 revenues were $314.5 million, up 13% compared to $277.1 million in the third quarter of 2009. Third quarter 2010 operating income was $19.4 million, reflecting a 43% increase compared to $13.6 million in the third quarter of 2009.

Net income was $10.6 million, or $0.18 diluted earnings per share, in the third quarter of 2010 compared to net income of $9.4 million, or $0.16 diluted earnings per share, in the third quarter of 2009. Orbital generated $28.9 million of free cash flow* in the third quarter of 2010 compared to free cash flow of $23.1 million in the third quarter of 2009.

Mr. David W. Thompson, Orbital’s Chairman and Chief Executive Officer, said, “Orbital’s third quarter 2010 results showed strong growth in revenues and operating income, as well as better than expected free cash flow. The company’s revenue growth was driven by substantial increases in our satellite and space systems and advanced space programs segments, while operating income rose for all three of our business segments. In addition, the company generated strong new order and option exercise activity in the third quarter, which totaled about $580 million, and boosted year-to-date new business volume to just under $1.4 billion.”

* “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 Measure.”

Financial Highlights

Summary financial results were as follows:
  Third Quarter   First Nine Months
($ in millions, except per share data)   2010   2009   2010   2009
Revenues $ 314.5   $ 277.1 $ 948.4   $ 843.0
Operating Income 19.4 13.6 48.9 37.6
Net Income 10.6 9.4 26.2 27.3
Diluted Earnings per Share   $ 0.18   $ 0.16   $ 0.45   $ 0.47

Revenues increased $37.4 million, or 13%, in the third quarter of 2010 compared to the third quarter of 2009 primarily due to increased activity on the International Space Station Commercial Resupply Services (CRS) program, national security satellite programs and communications satellite programs in addition to activity on contracts of the spacecraft business acquired in the second quarter of 2010. These areas of revenue growth were partially offset by decreased activity on missile defense interceptor programs, certain target launch vehicle programs and the Orion human spacecraft Launch Abort System (LAS) contract, which was terminated for convenience in the second quarter of 2010.

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