Orbital Sciences Corporation's (NYSE:ORB) Board of Directors has authorized the company to repurchase up to $50 million of its common stock over a 12-month period, beginning immediately.

The new stock repurchase authorization will overlap with a previous $50 million authorization that expires on May 2, 2009. Orbital currently has approximately $3 million remaining under that plan. Under the newly authorized repurchase program, shares of common stock may be purchased from time to time in the open market, in block purchases or in negotiated transactions. The timing and amount of shares to be repurchased will be determined based on market conditions and other factors.