Spacehab Nets $2.1 Million in Fiscal Year 2004 

Houston, Texas, Sept. 9, 2004/Satnews Daily/ — Spacehab, Incorporated (NASDAQ/NMS: SPAB) said yesterday the fourth quarter of Spacehab 's fiscal year ended June 30, 2004 resulted in a net loss of $2.3 million or $0.19 per basic share, compared with a fiscal year 2003 fourth quarter net loss of $20.1 million or $1.63 per basic share.

Reporting its financial results for fiscal 2004, Spacehab said net earnings for fiscal year 2004 were $2.1 million or $0.17 per basic share compared to a net loss in fiscal year 2003 of $81.8 million or $6.66 per basic share. Revenue for the fourth quarter of 2004 was $11.1 million, a decrease of 19% from the prior year's quarterly revenue of $13.7 million. Spacehab's revenue for fiscal year 2004 totaled $77.6 million compared to revenue of $95.0 million in the prior fiscal year.

"Although we experienced a decline in revenue for 2004 due to the completion of a large Spacehab Government Services contract and ongoing delays in the space shuttle launch schedule, our intense efforts to improve operations and streamline our organization resulted in a net profit for the year," said Brian K. Harrington, Spacehab senior vice president of finance and chief financial officer.

Spacehab said interest expense was approximately $8.2 million for the year ended June 30, 2004 compared to approximately $7.2 million during the same period last year. The current fiscal year included $1.3 million to retire an interest rate swap agreement upon restructuring of certain debt. Consolidated selling, general, and administrative expenses were $10.9 million in fiscal year 2004, compared to $13.1 for fiscal 2003, reflecting costs associated with closing and relocating the corporate offices from Washington D.C. to Houston, Texas.

In a news release, Spacehab said its total debt was reduced by $13.9 million during fiscal 2004 to $70.3 million through scheduled debt amortization, repayment of certain loans, and the restructuring and reduction of the Astrotech facility mortgage. Spacehab said it completed restructuring its financing of its Florida Spacecraft Processing Facility (SPF) in January 2004, reducing the facility mortgage obligation by approximately $11.0 million.

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