Orbimage Posts $6.1 Million Net Loss in 3Q

DULLES, Va., Nov. 16/Satnews Daily/ ¾ Orbimage Inc. reported Tuesday $8.9 million revenues for the third quarter of 2004 versus $1.1 million revenues for the third quarter 2003. However, it continued to post a net loss of $6.1 million for the third quarter of 2004 versus a loss of $4.6 million in the same period a year ago.

Orbimage said total revenues for the nine months ended September 30, 2004 were $20.7 million versus $4.1 million in the same 2003 period. Net loss for the first nine months of 2004 was $19.0 million versus a loss of $10.4 million in the same period a year ago.

"We made a conscious decision to sacrifice some short-term operating growth in order to focus our efforts to win the National Geospatial-Intelligence Agency's (NGA) NextView Second Vendor Program satellite procurement," said Orbimage’s president and CEO Matthew O'Connell. Orbimage won the bid on September 30.

Orbimage said the increase in 2004 revenues was primarily due to the commencement of OrbView-3 operations for the U.S. Government and our major international customers. Revenues generated from OrbView-3 products and services were approximately $14.5 million in 2004.

It said net loss for the third quarter of 2004 was $6.1 million versus a loss of $4.6 million in the same period a year ago. Net loss for the first nine months of 2004 was $19.0 million versus a loss of $10.4 million in the same period a year ago.

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