Orbital Reports Second Quarter Results


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	Orbital Sciences Corp.


	Orbital Reports Second Quarter Results By Kenneth Silber Staff Writer posted: 03:06 pm ET 28 July 1999

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Orbital Sciences Corporation announced its financial results for the second quarter of 1999. The company reported total enterprise revenue of $244,700,000, a 30 percent increase from the second quarter of the previous year. The figure includes contributions from Orbital's unconsolidated Orbcomm and Orbimage affiliates, the company stated.

Orbital reported that earnings before interest, taxes, depreciation, amortization and equity adjustments in the second quarter were $23,800,000, a 31 percent increase over the year before. Operating income was $12,500,000 during the quarter, a 52 percent increase over the prior year.

Second-quarter after-tax losses were approximately $10,100,000 (or $0.27 per share, compared to after-tax income of $6,000,000 the year before. The company attributed the decline to "substantial start-up losses" in its satellite services businesses.

Orbital's stock (NYSE: ORB) traded at $23.5625 at 3 p.m. Eastern Standard Time today.