Orbital Sciences said Q3 revenue fell 1 percent to $277.1 million...
Orbital Sciences said Q3 revenue fell 1 percent to $277.1 million from a year earlier. The company blamed the decline on reduced activity on communications satellite and missile defense programs -- though a commercial resupply services contract with NASA…
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awarded last year offset some of the drop-off. Advanced space program revenue rose 38 percent because of new activity involving the contract, Orbital said. Net income fell to $9.4 million from $11.4 million. A 24 percent revenue decline to $75.7 million in satellites and space systems was the largest sales decrease among Orbital’s businesses. The company said the slowing in communications satellite activity resulted from “substantial completion of certain satellites.” Orbital had a 2 percent revenue decline in its launch vehicles unit, largely because the Missile Defense Agency’s Kinetic Energy Interceptor program was ended. The company said it had $235 million in new firm and option contracts. It’s projecting $1.11-$1.14 billion revenue for 2009.