Government contractor and space technology company Orbital Sciences Corporation (NYSE: ORB) reported increased financial results. Revenues for the second quarter ended June 30, 2011 increased 5%percent to $354.3 million. Net income jumped to $ 21.15 Million from $6,34 Million in 2010. Cash on hand totaled
Orbital has a market capitalization of approximately $1 Billion the stock was up 2.62% to $17.62 per share at the market close on Thurday.
A portion of the press release is below. for the full press release please click on the following link.
(Dulles, VA 21 July 2011) - Orbital Sciences Corporation (NYSE: ORB) today reported its financial results for the second quarter of 2011. Second quarter 2011 revenues were $354.3 million, up 5% compared to $337.7 million in the second quarter of 2010. Second quarter 2011 operating income was $22.7 million, compared to $12.2 million in the second quarter of 2010.
Net income was $21.2 million, or $0.36 diluted earnings per share, in the second quarter of 2011, compared to net income of $6.3 million, or $0.11 diluted earnings per share, in the second quarter of 2010. The second quarter 2011 results included a favorable non-recurring income tax adjustment of $7.7 million, or $0.13 diluted earnings per share. Excluding this favorable income tax adjustment, net income was $13.5 million,* or $0.23 diluted earnings per share.* Orbital's free cash flow* in the second quarter of 2011 was positive $24.4 million compared to negative $76.5 million in the second quarter of 2010.
Mr. David W. Thompson, Orbital's Chairman, President and Chief Executive Officer, said, "Our second quarter 2011 revenues set a new quarterly record on strong growth in the company's launch vehicles segment, while operating profit margins increased in all business segments. Operational activity continued at a good pace, with six major rocket launches and space system deployments in addition to eight additional system deliveries in the second quarter."