2013-02-14 12:03:02 -
ORBITAL ANNOUNCES FOURTH QUARTER AND FULL YEAR 2012 FINANCIAL RESULTS
- Company Reports Growth in Revenues and Operating Results -
- Orbital Also Updates 2013 Financial Guidance and Operational Outlook -
(Dulles, VA 14 February 2013) - Orbital Sciences Corporation (NYSE: ORB) today
reported its fourth quarter and full year 2012 financial results. Fourth
quarter 2012 revenues were $354.6 million, up 6% compared to $335.5 million in
the fourth quarter of 2011. Fourth quarter 2012 operating income was $31.3
million, an increase of 41% 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% compared to $1,345.9
million in 2011. Operating income was $112.6 million in 2012, an increase of
41% 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 $5.3 million in 2011.
Mr. David W. Thompson, Orbital's Chairman and Chief Executive Officer, said,
"Orbital's fourth quarter and full year 2012 financial results reflected
continued growth in revenues and operating income, both of which set new annual
records for the company. Operational activity was also robust last year, with
23 rocket launches, five satellite deployments and 20 other system deliveries
being carried out in 2012."
________
* "Adjusted net income," "adjusted diluted earnings per share" and
"free cash
flow" are non-GAAP financial measures. For additional details concerning these
measures, please refer to the sections of this press release entitled "Cash
Flow" and "Disclosure of Non-GAAP Financial Measures."
Financial Highlights
| Fourth Quarter Full Year
|
| |
|($ in millions, 2012 2011 2012 2011 |
|except per share |
|data) |
| |
|Revenues $354.6 $335.5 $1,436.8
$1,345.9 |
| |
|Operating |
|Income 31.3 22.2 112.6 79.8
|
| |
|Net |
|Income 13.9 17.4 61.0 67.4
|
| |
|Adjusted |
|Net Income 17.4 (1) 16.2 (1) 64.5 (1) 54.6
(1)|
| |
|Diluted |
|Earnings Per |
|Share $0.23 $0.29 $1.02 $1.13
|
| |
|Adjusted Diluted |
|Earnings Per Share 0.29 (1) 0.27 (1) 1.08 (1) 0.92 (1)|
| |
|
|
| |
| Adjusted to exclude debt extinguishment expense in 2012 |
|(1) and favorable income tax adjustments in 2011 and 2012. |
+--------------------------------------------------------------------------------+
Revenues increased $19.1 million, or 6%, in the fourth quarter of 2012 compared
to the fourth quarter of 2011. The revenue growth was primarily due to a $4.2
million increase in launch vehicles segment revenues, a $3.5 million increase in
satellites and space systems segment revenues and a $35.3 million reduction in
intersegment revenue eliminations. These factors were partially offset by a
$23.9 million revenue reduction in the advanced space programs segment. The
reduction in intersegment revenues was attributable to a lower level of
production activity on Antares launch vehicles for the Commercial Orbital
Transportation Services (COTS) research and development program that is nearing
completion. The revenue growth in the launch vehicles segment was principally
due to increased activity on target launch vehicles and missile defense
interceptors, partially offset by a reduction in space launch vehicle revenues.
The reduction in space launch vehicle revenues was primarily attributable to
decreased production work on Antares rockets for the COTS program, which was
largely offset by an increase in production work on Antares rockets on the CRS
contract. The revenue growth in the satellites and space systems segment was
primarily due to increased activity on science and remote sensing satellite
contracts, partially offset by decreased activity on communications satellite
contracts. The reduction in advanced space programs segment revenues was mainly
due to decreased activity on national security satellite contracts.
Operating income increased $9.1 million, or 41%, in the fourth quarter of 2012
compared to the fourth quarter of 2011, due to an $8.7 million profit increase
in the satellites and space systems segment and a $2.8 million profit increase
in the launch vehicles segment, partially offset by a profit reduction of $2.4
million in the advanced space program segment. Satellites and space systems
segment operating income increased mainly due to profit improvements in the
communications satellite product line and a nonrecurring contract settlement
charge of $6.5 million that reduced operating income in the fourth quarter of
2011. Launch vehicles segment operating income increased principally due to
profit improvements on space launch vehicle contracts. Advanced space programs
segment operating income decreased primarily due to reduced activity on national
security satellite contracts.
Net income in the fourth quarter of 2012 was $13.9 million, or $0.23 diluted
earnings per share, compared to $17.4 million, or $0.29 diluted earnings per
share, in the fourth quarter of 2011. The company's fourth quarter 2011
financial results included $6.5 million of insurance recoveries reported in
"other income" that offset equal charges reflected in operating income.
In the fourth quarter of 2012, the company refinanced substantially all of its
long-term debt and recognized $10.3 million of nonrecurring debt extinguishment
expenses. Additionally, in the fourth quarter of 2012, the company recorded a
favorable income tax adjustment of $2.8 million pertaining to extraterritorial
income (ETI) exclusions. The fourth quarter of 2011 included federal research
and development tax credits of $1.2 million that were not available to the
company in 2012. Excluding the effect of these transactions, adjusted net
income was $17.4 million, or $0.29 adjusted diluted earnings per share, in the
fourth quarter of 2012 compared to $16.2 million, or $0.27 adjusted diluted
earnings per share, in the fourth quarter of 2011.
Full year 2012 revenues increased $90.9 million, or 7%, compared to full year
2011, due to revenue growth in the launch vehicles and the advanced space
programs segments partially offset by lower revenues in the satellites and space
systems segment. Launch vehicles segment revenues grew principally due to
increased activity on target launch vehicles. Advanced space programs segment
revenues increased primarily due to increased activity on the Commercial
Resupply Services (CRS) cargo delivery contract with NASA. Satellites and space
systems segment revenues decreased mainly due to lower activity on
communications satellite contracts.
Full year 2012 operating income increased $32.8 million, or 41%, compared to
full year 2011, due to higher operating income in all three business segments.
Launch vehicles segment operating income increased largely due to improved
operating income from space launch vehicles that was primarily attributable to a
nonrecurring adjustment related to a launch failure that reduced operating
income by $11.3 million in 2011. Satellites and space systems segment operating
income increased principally due to profit improvements in the communications
satellite product line in addition to a nonrecurring contract settlement charge
that reduced operating income by $6.5 million in 2011. Advanced space programs
segment operating income increased mainly due to increased activity on the CRS
contract and a favorable contract closeout adjustment in 2012.
Full year 2012 net income was $61.0 million, or $1.02 diluted earnings per
share, compared to $67.4 million, or $1.13 diluted earnings per share in 2011.
The company's full year 2011 financial results included $17.8 million of
insurance recoveries reported in "other income" that offset equal charges
reflected in operating income. The company's full year effective income tax
rates were 33.5% in 2012 and 23.4% in 2011.
The company's full year 2012 financial results included $10.3 million of
nonrecurring debt extinguishment expenses. In addition, 2012 and 2011 included
favorable income tax adjustments of $2.8 million and $7.7 million, respectively,
pertaining to ETI exclusions. Additionally, 2011 included federal research and
development tax credits of $5.1 million that were not available to the company
in 2012. Excluding the effect of these transactions, adjusted net income was
$64.5 million, or $1.08 adjusted diluted earnings per share, for full year
2012, compared to adjusted net income of $54.6 million, or $0.92 adjusted
diluted earnings per share, for full year 2011.
Segment Results
Launch Vehicles
+----------------------------------------------------------------------------+
| Fourth Quarter Full Year |
| ------------------------------ -----------------------------+
|($ in millions) 2012 2011 % Change 2012 2011 % Change|
+----------------------------------------------------------------------------+
|Revenues $134.2 $130.0 3% $527.3 $483.2 9% |
| |
|Operating Income 9.9 7.1 39% 36.2 14.2 155% |
| |
|Operating Margin 7.4% 5.5% 6.9% 2.9% |
+----------------------------------------------------------------------------+
Launch vehicles segment revenues increased $4.2 million in the fourth quarter of
2012 compared to the fourth quarter of 2011 due to increased activity on target
launch vehicles and missile defense interceptors, partially offset by a
reduction in space launch vehicle revenues. The reduction in space launch
vehicle revenues was primarily attributable to decreased production work on
Antares rockets for the COTS program, which is nearing completion, that was
largely offset by an increase in production work on Antares rockets for the CRS
contract.
Segment operating income increased $2.8 million in the fourth quarter of 2012
compared to the fourth quarter of 2011 primarily due to profit improvements on
certain space launch vehicle contracts and increased activity on target launch
vehicles. Segment operating margin increased principally due to space launch
vehicle profit improvement.
Satellites and Space Systems
+----------------------------------------------------------------------------+
| Fourth Quarter Full Year |
| ------------------------------ -----------------------------+
|($ in millions) 2012 2011 % Change 2012 2011 % Change|
+----------------------------------------------------------------------------+
|Revenues $125.3 $121.8 3% $496.2 $553.8 (10%) |
| |
|Operating Income 16.1 7.4 118% 46.2 37.6 23% |
| |
|Operating Margin 12.8% 6.1% 9.3% 6.8% |
+----------------------------------------------------------------------------+
Satellites and space systems segment revenues increased $3.5 million in the
fourth quarter of 2012 compared to the fourth quarter of 2011 primarily due to
increased activity on science and remote sensing satellite contracts, partially
offset by decreased activity on communications satellite contracts.
Segment operating income increased $8.7 million in the fourth quarter of 2012
compared to the fourth quarter of 2011 largely due to the effect of a
nonrecurring contract settlement charge that reduced operating income by $6.5
million in the fourth quarter of 2011. In addition, segment operating income
was increased by favorable profit adjustments on certain communications
satellite and science and remote sensing satellite contracts that were
substantially completed in the fourth quarter of 2012. Segment operating margin
improved principally due to the favorable profit adjustments on certain
communications satellite and science and remote sensing satellite contracts and
the effect of the contract settlement charge in the fourth quarter of 2011.
Advanced Space Programs
+----------------------------------------------------------------------------+
| Fourth Quarter Full Year |
| ------------------------------ -----------------------------+
|($ in millions) 2012 2011 % Change 2012 2011 % Change|
+----------------------------------------------------------------------------+
|Revenues $102.0 $125.9 (19%) $470.1 $434.0 8% |
| |
|Operating Income 5.3 7.7 (31%) 32.3 28.0 15% |
| |
|Operating Margin 5.2% 6.1% 6.9% 6.5% |
+----------------------------------------------------------------------------+
Advanced space programs segment revenues decreased $23.9 million in the fourth
quarter of 2012 compared to the fourth quarter of 2011 mainly due to decreased
activity on national security satellite contracts.
Segment operating income decreased $2.4 million in the fourth quarter of 2012
compared to the fourth quarter of 2011 principally due to decreased activity on
national security satellite contracts. Segment operating margin declined
primarily due to a reduction in operating margin on national security satellite
contracts.
Cash Flow
+-----------------------------------------------------------------------------+
| Fourth Full Year |
| Quarter |
| |
|($ in millions) 2012 2012 |
+-----------------------------------------------------------------------------+
|Net Cash Provided by (Used in) Operating |
|Activities $11.7 $(7.7) |
| |
|Capital Expenditures (11.4) (52.2) |
| |
|Net Proceeds from Disposition of Property - 25.6 |
| ---------- ---------- |
| Free Cash Flow 0.3 (34.3) |
| |
|Issuance of Debt 148.5 148.5 |
| |
|Repayment of Debt (145.2) (145.2) |
| |
|Other, Net 1.2 4.1 |
| ---------- ---------- |
| Net Increase (Decrease) in Cash 4.8 (26.9) |
| |
|Beginning Cash Balance 227.5 259.2 |
| ---------- |
|Ending Cash Balance $232.3 $232.3 |
| ---------- |
| |
| |
| |
+-----------------------------------------------------------------------------+
During the fourth quarter of 2012, the company received net cash proceeds of
$148.5 million in connection with a new five-year term loan agreement. The
company used $145.2 million of the proceeds to repay substantially all of its
prior long-term debt.
New Business Highlights
In the fourth quarter of 2012, Orbital recorded approximately $445 million in
new firm and option contract bookings. In addition, the company recognized
approximately $325 million of option exercises under existing contracts. For
full year 2012, Orbital received approximately $1.44 billion in firm and option
bookings and approximately $820 million of option exercises under existing
contracts. As of December 31, 2012, the company's firm contract backlog was
approximately $2.2 billion and its total backlog (including options, indefinite-
quantity contracts and undefinitized orders) was approximately $5.0 billion.
Operational Highlights
In the fourth quarter of 2012, three Orbital-built commercial communications
satellites were launched and deployed into geosynchronous (GEO) orbit, including
the Intelsat 23, Star One C3 and Mexsat Bicentenario spacecraft. In addition,
the company launched three sounding rockets in support of NASA science missions.
Orbital also delivered several satellites and target missiles to be used in
future missions. The company made significant progress on the COTS and CRS
programs with the completion of several critical propellant loading tests of the
Antares rocket at the Wallops Island launch site and the completion of
production and environmental testing on the Cygnus spacecraft to be flown on the
first CRS mission scheduled to be launched in 2013.
For the year as a whole, 2012 was a busy and productive period for the company.
The company launched four major rockets, deployed five satellites into Earth
orbit and carried out 19 smaller scientific rocket missions. The rocket
launches included a Pegasus space launch vehicle and two ballistic missile
defense-related targets. Orbital also completed and deployed four commercial
communications spacecraft and the NuSTAR astrophysics satellite. Additionally,
in 2012 the company achieved numerous milestones in the Antares rocket and the
Cygnus cargo logistics spacecraft development programs.
Looking ahead to 2013, Orbital is planning to carry out approximately 40
operational events, including approximately 15 launch vehicle missions
highlighted by the first three flights of the Antares medium-class space launch
vehicle. Orbital also expects to deploy six spacecraft, including the first two
Cygnus cargo logistics spacecraft to be launched aboard Antares rockets for the
COTS and CRS programs. In addition, Orbital is scheduled to carry out about 20
scientific sounding rocket missions from multiple launch ranges.
2013 Financial Guidance
The company updated its financial guidance for 2013, amending the preliminary
outlook for the year that was first provided last October, as follows:
+------------------------------------------------------------------------+
| Current Previous |
+------------------------------------------------------------------------+
| Revenues ($ in millions) $1,425 - $1,500 $1,450 - $1,525 |
| |
| Operating Income Margin 7.00% - 7.50% 7.25% - 7.75% |
| |
| Diluted Earnings per Share $1.00 - $1.10 $1.00 - $1.15 |
| |
| Free Cash Flow ($ in millions) $0 - $20 n/a |
+------------------------------------------------------------------------+
The outlook for 2013 is based on a variety of assumptions about future business
conditions and operational events, including new business bookings, U.S.
Government budget levels, developmental and operational schedules and tax
policies. This outlook assumes that the effective income tax rate will be
approximately 38% in 2013.
Disclosure of Non-GAAP Financial Measures
We define free cash flow as GAAP (U.S. Generally Accepted Accounting Principles)
net cash provided by (used in) operating activities, less capital expenditures
for property, plant and equipment, plus net proceeds from disposition of
property. A reconciliation of free cash flow to net cash provided by (used in)
operating activities is included above in the section entitled "Cash Flow."
Management believes that the company's presentation of free cash flow is useful
because it provides investors with an important perspective on the company's
liquidity, financial flexibility and ability to fund operations and service
debt.
Adjusted net income is defined as GAAP net income adjusted to exclude debt
extinguishment expense and favorable income tax adjustments pertaining to
extraterritorial income exclusions and federal research and development tax
credits. Adjusted diluted earnings per share is equal to adjusted net income
divided by diluted shares. These measures are provided so investors can more
easily compare current and prior period results without the impact of these
significant charges and adjustments. The reconciliation of the GAAP net income
to adjusted net income is a follows:
+------------------------------------------------------------------------------+
| Fourth Quarter Full Year |
| |
|($ in millions, except per 2012 2011 2012 2011 |
|share data) |
+------------------------------------------------------------------------------+
|GAAP Net Income $13.9 $17.4 $61.0
$67.4|
| |
|Adjustments
|
| |
| Debt Extinguishment Expense, |
| net of tax 6.3 - 6.3 -|
| |
| ETI Tax Adjustments |
| ((1)) (2.8) - (2.8)
(7.7)|
| |
| Research and Development |
| Tax Credit - (1.2) -
(5.1)|
| -------- ------------- -------- -------+
|Adjusted Net |
|Income $17.4 $16.2 $64.5 $54.6|
| -------- ------------- -------- -------+
|Adjusted Diluted Earnings Per |
|Share $0.29 $0.27 $1.08 $0.92|
| |
|
|
| |
| These favorable income tax adjustments pertain to |
|(1) extraterritorial income (ETI) exclusions. |
+------------------------------------------------------------------------------+
Orbital does not intend for the above non-GAAP financial measures to be
considered in isolation or as a substitute for the related GAAP measures. Other
companies may define these measures differently.
About Orbital
Orbital develops and manufactures small- and medium-class rockets and space
systems for commercial, military and civil government customers. The company's
primary products are satellites and launch vehicles, including low-Earth orbit,
geosynchronous-Earth orbit and planetary exploration spacecraft for
communications, remote sensing, scientific and defense missions; human-rated
space systems for Earth-orbit, lunar and other missions; ground- and air-
launched rockets that deliver satellites into orbit; and missile defense systems
that are used as interceptor and target vehicles. Orbital also provides
satellite subsystems and space-related technical services to U.S. Government
agencies and laboratories. More information about Orbital can be found at
www.orbital.com.
"Safe Harbor" Statement Under the Private Securities Litigation Reform Act of
1995
Certain statements in this press release may be forward-looking in nature or
"forward-looking statements" as defined in the Private Securities Litigation
Reform Act of 1995. These forward-looking statements include, but are not
limited to, those related to our financial outlook, liquidity, goals, business
strategy, projected plans and objectives of management for future operating
results and forecasts of future events. These statements can be identified by
the fact that they do not relate strictly to historical or current facts.
Forward-looking statements often include the words "anticipate,"
"forecast,"
"expect," "believe," "should," "will,"
"intend," "plan" and words of similar
substance. Such forward-looking statements are subject to risks, trends and
uncertainties that could cause the actual results or performance of the company
to be materially different from the forward-looking statement. Uncertainty
surrounding factors such as continued government support and funding for key
space and defense programs, including the impact of potential sequestration
under the Budget Control Act of 2011, new product development programs, the
availability of key product components, product performance and market
acceptance of products and technologies, achievement of contractual milestones,
government contract procurement and termination risks and income tax rates, as
well as other risk factors and business considerations described in the
company's SEC filings, including its annual report on Form 10-K, may materially
impact Orbital's actual financial and operational results. Orbital assumes no
obligation for updating the information contained in this press release.
A transcript of the earnings teleconference call will be available on Orbital's
website at
www.orbital.com/Investor.
Contact:
Barron Beneski (703) 406-5528
Public and Investor Relations
beneski.barron@orbital.com
- attachments below -
ORBITAL SCIENCES CORPORATION
Consolidated Income Statements
(in thousands, except per share data)
+------------------------------------------------------------------------------+
| Fourth Quarter Full Year |
| |
| 2012 2011 2012 2011 |
+------------------------------------------------------------------------------+
| |
| |
|Revenues $354,589 $335,451 $1,436,769 $1,345,923|
| |
|Cost of revenues 263,852 253,097 1,097,190 1,074,389|
| |
|Research and development |
|expenses 31,483 35,503 114,205 102,751|
| |
|Selling, general and |
|administrative expenses 27,935 24,648 112,803 88,989|
| ----------- ----------- ------------- ------------+
|Income from operations 31,319 22,203 112,571 79,794|
| |
|Interest income and other 55 6,774 749 19,335|
| |
|Interest expense (2,711) (2,881) (11,275) (11,096)|
| |
|Debt extinguishment expense (10,261) - (10,261) -|
| ----------- ----------- ------------- ------------+
|Income before income taxes 18,402 26,096 91,784 88,033|
| |
|Income tax provision (4,454) (8,727) (30,778) (20,639)|
| ----------- ----------- ------------- ------------+
|Net income $13,948 $17,369 $61,006 $67,394|
| ----------- ----------- ------------- ------------+
| |
| |
|Basic income per share $0.23 $0.29 $1.03 $1.14|
| |
|Diluted income per share 0.23 0.29 1.02 1.13|
| |
| |
| |
|Shares used in computing |
|basic income per share 59,511 58,799 59,165 58,531|
| |
|Shares used in computing |
|diluted income per share 59,762 59,217 59,457 59,127|
+------------------------------------------------------------------------------+
ORBITAL SCIENCES CORPORATION
Segment Information
(in millions)
+----------------------------------------------------------------------+
| Fourth Quarter Full Year |
| |
| 2012 2011 2012 2011 |
+----------------------------------------------------------------------+
|Revenues: |
| |
|Launch Vehicles $134.2 $130.0 $527.3 $483.2|
| |
|Satellites and Space Systems 125.3 121.8 496.2 553.8|
| |
|Advanced Space Programs 102.0 125.9 470.1 434.0|
| |
|Eliminations (6.9) (42.2) (56.8) (125.1)|
| --------- --------- ----------- ----------+
|Total Revenues $354.6 $335.5 $1,436.8 $1,345.9|
| --------- --------- ----------- ----------+
| |
| |
|Income from Operations: |
| |
|Launch Vehicles $9.9 $7.1 $36.2 $14.2|
| |
|Satellites and Space Systems 16.1 7.4 46.2 37.6|
| |
|Advanced Space Programs 5.3 7.7 32.3 28.0|
| |
|Corporate and Other - - (2.1) - |
| --------- --------- ----------- ----------+
|Total Income from Operations $31.3 $22.2 $112.6 $79.8|
| --------- ----------- ----------+
| |
+----------------------------------------------------------------------+
ORBITAL SCIENCES CORPORATION
Condensed Consolidated Balance Sheets
(in thousands)
+----------------------------------------------------------------------------+
| December 31, December 31, |
| |
| 2012 2011 |
+----------------------------------------------------------------------------+
|Assets |
| |
|Cash $232,324 $259,219|
| |
|Receivables 499,222 333,467|
| |
|Inventories, net 61,251 64,335|
| |
|Deferred income taxes, net 38,216 51,413|
| |
|Other current assets 17,810 46,965|
| ------------- ------------+
| Total current assets 848,823 755,399|
| |
|Investments 9,200 8,500|
| |
|Property, plant and equipment, net 251,360 259,972|
| |
|Goodwill 75,261 75,261|
| |
|Other non-current assets 26,810 31,668|
| ------------- ------------+
| Total Assets $1,211,454 $1,130,800|
| ------------- ------------+
| |
| |
|Liabilities and Stockholders' Equity |
| |
|Accounts payable and accrued expenses $257,113 $234,379|
| |
|Deferred revenues and customer advances 62,098 104,970|
| ------------- ------------+
| Total current liabilities 319,211 339,349|
| |
|Long-term debt 150,736 131,182|
| |
|Other non-current liabilities 27,961 16,990|
| |
|Total stockholders' equity 713,546 643,279|
| ------------- ------------+
| Total Liabilities and Stockholders' Equity $1,211,454 $1,130,800|
| |
| |
+----------------------------------------------------------------------------+
ORBITAL SCIENCES CORPORATION
Condensed Consolidated Statements of Cash Flows
(in thousands)
+------------------------------------------------------------------------------+
| Fourth Quarter Full Year |
| |
| 2012 2012 |
+------------------------------------------------------------------------------+
| |
| |
|Net income $13,948 $61,006 |
| |
|Depreciation and amortization 9,344 37,339 |
| |
|Deferred income taxes 2,777 26,886 |
| |
|Debt extinguishment expense 10,261 10,261 |
| |
|Changes in assets and liabilities (28,020) (154,435) |
| |
|Other 3,352 11,277 |
| ------------ ------------ |
|Net cash provided by (used in) operating |
|activities 11,662 (7,666) |
| ------------ ------------ |
|Capital expenditures (11,374) (52,175) |
| |
|Net proceeds from disposition of property - 25,589 |
| ------------ ------------ |
|Net cash used in investing activities (11,374) (26,586) |
| ------------ ------------ |
|Proceeds from issuance of debt 148,534 148,534 |
| |
|Repayment of debt (145,179) (145,179) |
| |
|Net proceeds from issuance of common stock 914 3,504 |
| |
|Other, Net 244 498 |
| ------------ ------------ |
|Net cash provided by financing activities 4,513 7,357 |
| ------------ ------------ |
|Net increase (decrease) in cash 4,801 (26,895) |
| |
|Cash, beginning of period 227,523 259,219 |
| ------------ ------------ |
|Cash, end of period $232,324 $232,324 |
| |
| |
+------------------------------------------------------------------------------+
# # #
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Source: Orbital Sciences Corporation via Thomson Reuters ONE
[HUG#1678107]
