SPACEHAB, Incorporated (NASDAQ/NMS:SPAB) has released their financial results for the first quarter ended September 30, 2008 of its fiscal year 2009. SPACEHAB posted first quarter fiscal 2009 net income of $55,000, or $0.00 per share, on revenue of $6.0 million compared with first quarter fiscal year 2008 net loss of $856,000, or $.66 per share, on revenue of $8.6 million. On September 30, 2008 SPACEHAB's cash and short-term investments were approximately $13.1 million, of which $10.6 million is classified as Restricted Cash consisting of advance payments received on a government contract to modify certain spacecraft processing facilities. The Company carries a current liability of $6.6 million for obligations under this construction contract. This contract contains penalties of up to $3.0 million if SPACEHAB fails to complete the modifications prior to September 30, 2009. SPACEHAB's working capital at the end of the quarter was $2.2 million of which $1.0 million consisted of amounts outstanding on the Company’s revolving line of credit. To read the Company's entire financial report, access this direct link to the Company's webpage.