Boeing space unit reports decreased revenues, earnings
Posted: Fri, Jul 28, 2006, 7:25 AM ET (1125 GMT)
The Boeing business unit that includes the company's space unites reported lower revenues and profits in its fiscal second quarter. The Network and Space Systems division of Boeing's Integrated Defense Systems unit reported revenues of $2.95 billion in the second quarter of 2006, down from $3.11 billion in the same quarter of 2005. The unit also reported earnings of $109 million in the quarter, down from $200 million in the same quarter a year ago. Boeing blamed the reduced revenues in part on the sale of rocket engine developer Rocketdyne, which closed after the second quarter of 2005. The reduced profits were caused in large part by a $74-million charge on the Delta 4 program caused by a settlement on EELV launch capability services and changes to its manifest. The company overall is taking a $615-million charge this quarter to cover a settlement with the Justice Department regarding improper use of Lockheed Martin documents when preparing EELV bids in the 1990s. Company officials said that while the company is allowed to take a tax deduction because of the settlement, it has elected not to do so to demonstrate the company's commitment to ethical behavior.
The Boeing business unit that includes the company's space unites reported lower revenues and profits in its fiscal second quarter. The Network and Space Systems division of Boeing's Integrated Defense Systems unit reported revenues of $2.95 billion in the second quarter of 2006, down from $3.11 billion in the same quarter of 2005. The unit also reported earnings of $109 million in the quarter, down from $200 million in the same quarter a year ago. Boeing blamed the reduced revenues in part on the sale of rocket engine developer Rocketdyne, which closed after the second quarter of 2005. The reduced profits were caused in large part by a $74-million charge on the Delta 4 program caused by a settlement on EELV launch capability services and changes to its manifest. The company overall is taking a $615-million charge this quarter to cover a settlement with the Justice Department regarding improper use of Lockheed Martin documents when preparing EELV bids in the 1990s. Company officials said that while the company is allowed to take a tax deduction because of the settlement, it has elected not to do so to demonstrate the company's commitment to ethical behavior.
Related Links:
| <<previous article | next article>> |
|
news in brief
|
|
|
|
news links
|
|
Wednesday, August 20
Destination moon: ISRO's big challenge
NDTV.com — 12:47 pm ET (1647 GMT) Visionary 'NASA Exploration Experience' Exhibit to Conclude Month-Long Iowa Tour in Ames Aug. 26-28
NASA/MSFC — 12:45 pm ET (1645 GMT) National Academies advisory: Technology development at NASA
Eurekalert — 12:44 pm ET (1644 GMT) KSC closed for a second straight day
Orlando Sentinel — 12:43 pm ET (1643 GMT) Spacecraft crash due to test setup, not design flaw
New Scientist — 12:42 pm ET (1642 GMT) |