Satnews Daily
February 15th, 2013

Orbital Sciences... Financially Speaking... (Business)


[SatNews] Orbital Sciences Corporation (NYSE: ORB) has reported its fourth quarter and full year 2012 financial results.

Fourth quarter 2012 revenues were $354.6 million, up 6 percent compared to $335.5 million in the fourth quarter of 2011. Fourth quarter 2012 operating income was $31.3 million, an increase of 41 percent compared to $22.2 million in the fourth quarter of 2011. Adjusted net income was $17.4 million, or $0.29 adjusted diluted earnings per share*, in the fourth quarter of 2012, compared to adjusted net income of $16.2 million, or $0.27 adjusted diluted earnings per share, in the fourth quarter of 2011. Orbital's free cash flow* in the fourth quarter of 2012 was positive $0.3 million compared to negative $46.2 million in the fourth quarter of 2011.

Full year 2012 revenues were $1,436.8 million, up 7 percent compared to $1,345.9 million in 2011. Operating income was $112.6 million in 2012, an increase of 41 percent compared to $79.8 million in 2011. Adjusted net income was $64.5 million, or $1.08 adjusted diluted earnings per share in 2012, compared to adjusted net income of $54.6 million, or $0.92 adjusted diluted earnings per share in 2011. Full year free cash flow was negative $34.3 million in 2012, compared to positive $5.3 million in 2011.

Mr. David W. Thompson, Orbital's Chairman and Chief Executive Officer, said, "Orbital's fourth quarter and full year 2012 financial results reflected continued growth in revenues and operating income, both of which set new annual records for the company. Operational activity was also robust last year, with 23 rocket launches, five satellite deployments and 20 other system deliveries being carried out in 2012."