SpaceDev Reports Seventh Consecutive Quarter of Revenue Growth

POWAY, Calif., Nov. 17/Satnews Daily/ ¾ SpaceDev, Inc. (OTCBB:SPDV) said revenue for the three-months ending September 30, 2004 increased by 60% to $1,230,126, compared to $767,780 for the same period in 2003 primarily due to the addition and expansion of our contracts with the Air Force Research Laboratory and the Missile Defense Agency.

Reporting its financial results for the third quarter, SpaceDev said revenues for the nine-months ending September 30, 2004 increased approximately 67% to $3,445,569 as compared to net sales of approximately $2,054,576 for the same nine-month period in 2003.

Profit from operations, SpaceDev reported, was $48,766 for the third quarter of 2004, compared to a loss from operations of $150,045 for the third quarter in 2003. Profit from operations for the nine-months ended September 30, 2004 was $93,550 compared to a loss of $878,381 for the comparable period in 2003.

During the nine-month period ending September 30, 2004, SpaceDev said its EBITDA increased to $148,787 or 4.3% of net sales, compared to an EBITDA loss of $725,358 or 35.3% of net sales, for the nine-month period last year.

Despite the increase in revenues, however, SpaceDev reported a net loss for the quarter of $602,888, or $0.03 per share, compared to a net loss of $208,261, or $0.01 per share, for the comparable period in 2003 and a net loss of $1,286,866, or $0.07 per share, for the second quarter of 2004.

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