spacetoday.net: Lockheed reports increased space systems revenue

Posted: Thu, Oct 30, 2003, 7:28 AM ET (1228 GMT)

Lockheed Martin reported this week an increase in revenue and profits for its Space Systems division in the third quarter thanks to increased satellite work. Lockheed reported revenue of $1.50 billion in its fiscal third quarter for the division, compared to $1.34 billion in the same quarter of 2002. The division reported an operating profit of $95 million for the quarter, compared to $71 million for the same quarter of 2002. The company said that increased sales and profits for its satellite group offset a decline in the launch systems unit, as increased activity in government satellite programs overcame a decline in launch activity. The division did take a $30 million charge in the quarter to refund to the government profits it had made to date on the NOAA N-Prime satellite; the satellite was damaged in a factory mishap last month and may not be repairable. Company officials also said Tuesday that they plan to spend $200 million to upgrade the SLC-3E launch facility at Vandenberg Air Force Base in California so it can support Atlas 5 launches. Lockheed won several Atlas launch contracts this summer for the West Coast site that had previously been awarded to Boeing's Delta 4.