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Business briefs: August 14
Posted: Thu, Aug 15, 2002, 10:18 AM ET (1418 GMT)
  • Stock in two satellite companies dropped sharply Wednesday. Sirius Satellite Radio shares fell 44 percent to close at just $0.76 as investors reacted to news that the company only has enough cash currently on hand to last until the second quarter of 2003, and could file for bankruptcy protection if it cannot raise additional funds. PanAmSat shares fell seven percent to $20.11 on Wednesday after the company disclosed that eight of its top customers might not be able to meet the terms of their contracts.
  • SpaceDev announced increased sales and a smaller loss in its fiscal second quarter Wednesday. The company reported a net loss of $87,500 for the second quarter, compared to a $429,000 loss in the same quarter a year ago. Most of the San Diego-based company's revenue came from work on the CHIPSat spacecraft for NASA as well as a proprietary development program.
  • The president of the American branch of satellite remote sensing company SPOT Image will join rival Space Imaging, the latter company announced Wednesday. Gene Colabatistto will become president of Space Imaging's Solutions subsidiary on September 3, succeeding Kass Green. Green will stay with the company in an executive role during a transition period.
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