Adjusted income from continuing operations* was $19.4 million, or $0.33 adjusted diluted earnings per share*, in the fourth quarter of 2008, a 33 percent increase compared to income from continuing operations of $14.6 million, or $0.24 per diluted share, in the fourth quarter of 2007. Orbital generated $14.1 million of free cash flow* in the fourth quarter of 2008 compared to free cash flow of $38.3 million in the fourth quarter of 2007.
Full year 2008 revenues were $1,174 million, a 14 percent increase compared to $1,034 million in 2007. Operating income was $89.9 million in 2008, up 11 percent compared to $81.2 million in 2007. Adjusted income from continuing operations was $66.6 million or $1.11 adjusted diluted earnings per share in 2008, a 24 percent increase compared to income from continuing operations of $53.7 million or $0.88 per diluted share in 2007. Orbital generated $82.3 million of free cash flow for full year 2008, compared to $81.9 million in 2007.
“Orbital concluded 2008 with an excellent fourth quarter,” said Mr. David W. Thompson, Chairman and Chief Executive Officer. “In 2008 the company set new records for annual revenues, operating income and free cash flow. Our advanced space programs business led the way, generating strong revenue and operating profit growth. In addition, new business awards in the fourth quarter boosted backlog to a record high level.”
* “Adjusted income from continuing operations,” “adjusted diluted earnings per share” and “free cash flow” are non-GAAP financial measures. For additional details, please refer to the sections of this press release entitled “Cash Flow and Balance Sheet” and “Disclosure of Non-GAAP Financial Measures.”
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