First quarter 2012 revenues were $338.0 million, up 6 percent compared to $317.7 million in the first quarter of 2011. First quarter 2012 operating income was $23.8 million, an increase of 136 percent compared to $10.1 million in the first quarter of 2011. Net income was $13.0 million, or $0.22 diluted earnings per share, in the first quarter of 2012, compared to net income of $12.3 million, or $0.21 diluted earnings per share, in the first quarter of 2011. Orbital’s free cash flow* in the first quarter of 2012 was negative $32.7 million compared to positive $10.8 million in the first quarter of 2011.
Mr. David W. Thompson, Orbital’s Chairman and Chief Executive Officer, said, “The company’s first quarter 2012 financial results reflected steady growth in revenues, operating income and earnings per share. In addition, we successfully completed a number of operational activities during the quarter, including launches of eight sounding rockets, deliveries of seven satellites and launch vehicles for future missions, and the completion of several important construction and testing milestones in the Antares rocket and Cygnus spacecraft programs.” To read the entire financial report, access this direct link.