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ORBITAL SCIENCES CORPORATION
Condensed Consolidated Income Statements
(in thousands, except per share data) |
| |
Third Quarter |
First Nine Months |
| |
2009 |
2008* |
2009 |
2008* |
| |
|
|
|
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Revenues |
$ 277,092 |
$ 278,628 |
$ 842,962 |
$ 863,396 |
Cost of revenues |
214,574 |
227,253 |
669,737 |
704,724 |
Research and development expenses |
31,440 |
11,676 |
81,145 |
30,082 |
Selling, general and administrative expenses |
17,496 |
18,699 |
54,513 |
61,112 |
Income from operations |
13,582 |
21,000 |
37,567 |
67,478 |
Investment impairment charge |
(2,000) |
(1,000) |
(3,300) |
(11,600) |
Interest income and other |
577 |
1,763 |
7,990 |
5,601 |
Interest expense |
(2,327) |
(2,236) |
(6,741) |
(6,557) |
Income from continuing operations before income taxes |
9,832 |
19,527 |
35,516 |
54,922 |
Income tax provision |
(450) |
(8,080) |
(8,193) |
(21,302) |
Income from continuing operations |
9,382 |
11,447 |
27,323 |
33,620 |
Income from discontinued operations, net of taxes |
- |
- |
- |
15,918 |
Net income |
$ 9,382 |
$ 11,447 |
$ 27,323 |
$ 49,538 |
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Basic income per share: |
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|
|
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Continuing operations |
$ 0.16 |
$ 0.19 |
$ 0.47 |
$ 0.56 |
Discontinued operations |
- |
- |
- |
0.27 |
Net income |
0.16 |
0.19 |
0.47 |
0.83 |
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Diluted income per share: |
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Continuing operations |
$ 0.16 |
$ 0.19 |
$ 0.47 |
$ 0.55 |
Discontinued operations |
- |
- |
- |
0.26 |
Net income |
0.16 |
0.19 |
0.47 |
0.81 |
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* The company's 2008 financial statements have been adjusted to record $1.1 million and $3.3 million of additional interest expenses in the third quarter and first nine months of 2008, respectively, required by a new accounting standard pertaining to the company's convertible debt. |
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