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Earnings season: Globalstar, Orbital, SpaceDev report quarterly losses
Posted: Wed, May 16, 2001, 11:14 AM ET (1514 GMT)
Globalstar satellite illustration Three companies in various areas of the space business reported quarterly losses Tuesday, leading one company CEO to resign. Satellite communications company Globalstar reported a $145 million loss, or $0.31 per share, in its fiscal first quarter which ended March 31. The company said it recorded a 32% increase in revenue in the quarter over the previous quarter, but that net revenue was only $1.5 million. The company, which suspended debt payments earlier this year, says it has $138 million in cash on hand, enough to last through the end of the year. The company said that it is reviewing several restructuring plans but will not finalize such plans until the third quarter. In a related move, Globalstar chairman and CEO Bernard Schawrtz announced Tuesday he was resigning, although he will remain as a director of the company and a member of its general partners committee. He will be replaced by Olof Lundberg, former director general of Inmarsat. In other financial news, Orbital Sciences Corporation reported Tuesday it had a $21.6 million loss, $0.56 per share, in the first quarter, down about 20% from the same quarter a year ago. While revenues were down from the same period a year ago, the company said it is making progress in its restructuring by selling non-core businesses and should "substantially" reduce its debt by the middle of the year. Commercial space exploration company SpaceDev reported a $659,000 net loss for the first quarter. The company is optimistic about its prospects for the future, though, noting that its hybrid rocket business is well positioned to help those companies eager to capitalize on the interest in space tourism generated by Dennis Tito's recent flight to the International Space Station.
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