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Business briefs: April 23
Posted: Wed, Apr 24, 2002, 7:02 AM ET (1102 GMT)
- Orbital Sciences Corporation reported Tuesday a small profit in the first quarter of 2002. Orbital said it had a net income of $2.4 million ($0.05/share) in the first quarter on revenues of $120.7 million, compared to a $21.6 million loss ($0.57/share) in the same quarter of 2001. The company said its "back-to-basics" strategy is taking hold.
- Lockheed Martin reported a first quarter 2002 profit of $218 million, or $0.50/share, double of what the company reported in the same quarter a year ago. The company's Space Systems division had earnings of $122 million on $1.87 billion in sales, a third higher than the same quarter a year ago because of increased commercial launches and government satellite work.
- XM Satellite Radio reported a net loss of $117.7 million ($1.56/share) in the first quarter, $75 million more than the same quarter last year. The company said it had over 76,000 subscribers to its satellite digital radio service by the end of the quarter and was on track to have 350,000 by the end of the year.
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