Full Press Release Details
| SPACEHAB, Inc. | |
| 12130 Highway 3, Bldg. 1 | |
| Webster, Texas 77598-1504 | |
| 1.713.558.5000 | |
| fax: 1.713.558.5960 | |
| www.spacehab.com |
REPORTS FINANCIAL RESULTS FOR FIRST QUARTER FISCAL YEAR 2007
Texas, November 7, 2006 SPACEHAB, Incorporated
(NASDAQ: SPAB), a leading provider of commercial space services, today
announced financial results for the first quarter ended September 30,
2006 of its fiscal year 2007.
First Quarter Results
posted a first quarter fiscal 2007 net loss of $32,000, or $0.00 per share, on
revenue of $14.9 million compared with a first quarter fiscal 2006 net loss of
$1.9 million, or $0.15 per share, on revenue of $12.0 million.
the quarter we completed work on the STS-121 space shuttle mission, and we
continued the processing of our cargo module and pallet for two additional
space shuttle missions to the International Space Station, STS-116 due to
launch in December and STS-118 set for a June 2007 liftoff, stated Michael E.
Kearney, SPACEHAB President and Chief Executive Officer. Our Astrotech
operations, however, saw schedule delays affecting the processing or launch of
three spacecraft during the quarter, deferring revenue and operating margins
into later periods. We anticipate recognizing these revenues in the next two
quarters according to revised launch manifests.
to quarter end, the Company completed the sale of its retail and internet
business, The Space Store, to a private investor, and concluded the sale of its
Destiny module mockup to the Seattle
Museum of Flight. Kearney added, These divestitures will help our team focus
on core competencies of spaceflight operations, spacecraft processing, and
government configuration management services.
On September 30, 2006
SPACEHAB s cash and short-term investments were approximately $9.8 million, and
working capital was $4.3 million. As of September 30, 2006 SPACEHAB carried a
contract backlog of $46.6 million which represents the expected value of
contractually-committed work, portions of which are subject to the space
shuttle s launch schedule or future government funding decisions.
Update of Ongoing Operations
reported that its Chairman, Dr. Shelley Harrison, and Director James R.
Thompson have opted not to stand for reelection to the Company s Board of
Directors at our next Annual Meeting of Shareholders scheduled for December 12,
2006. Kearney added, For over two decades, Shelley has been instrumental in
the development and management of SPACEHAB, funding initiatives through the
organization of private equity and debt and public financings amounting to
approximately $200 million. Since 1993 J.R. has brought to the table his
expansive knowledge and insight into NASA and the aerospace industry. They have
been leaders and staunch supporters of our vibrant vision, and their wisdom
Myron Goins, President of TekHarbor Ltd., has been added to the Company s
proposed slate. Mr. Goins comes with new perspective and skills that will be
useful to our team. I expect that with these recent changes to our Board, along
with a dedicated management team attentive to the desires of the space-faring
community, we will see a refining of our business strategy and a renewed
emphasis in establishing shareholder value, concluded Kearney.
In SPACEHAB s various
business sectors, the Company remained focused on delivering with excellence on
its contracts. The SPACEHAB Flight Services group efficiently worked three space
shuttle missions in queue. The STS-121 space shuttle flight, a cargo delivery
and space station maintenance mission that launched and landed during the
quarter, housed SPACEHAB s Integrated Cargo Carrier, which ferried essential
spare parts used in ISS construction and operation.
Processing for the STS-116
mission continued in earnest as the Company prepared to deliver its Logistics
Single Module and ICC during the second fiscal quarter for a December 7, 2006
liftoff. The module will transport approximately 5,800 pounds of cargo and
research payloads, while the ICC will carry several space station components,
such as seventeen Russian Service Module debris panels and a Department of
Defense payload. Integration activities also continued for the STS-118 mission
currently scheduled for a late June 2006 launch.
The Astrotech team at Sea
Launch celebrated the successful liftoff of the KoreaSat 5 spacecraft. The
Company also received two new contracts during the quarter; an
indefinite-delivery, indefinite-quantity (ID/IQ) contract not to exceed $9.5
million for payload processing support on several NASA spacecraft, and a $1.6
million award from The Boeing Company to support the U.S. Defense Advanced
Research Projects Agency Orbital Express mission. Subsequent to quarter end,
Astrotech was awarded a contract for the development of a new $20 million
processing facility for the Government to be constructed at its Vandenberg Air
Force Base location.
with the stellar performance by the Company s Government Services personnel on
their space station program management activities, temporary work began
utilizing these core competencies in support of NASA s Constellation Program
and the recently awarded Crew Exploration Vehicle initiative. The Company is
looking to expand its configuration and data management services to these
programs on a permanent basis.
will host a conference call at 10:00 a.m. Central time following the earnings
release. During the call management will discuss the Company s first quarter
2007 financial results as well as other recent and potential future
developments relating to SPACEHAB. To participate on the call please dial
800.263.8506 (domestic calls) or 719.457.2681 (international calls). A taped
replay will be available following the conference call until 11:59 p.m. Eastern
time on November 8, 2006 at 888.203.1112 (domestic calls) or 719.457.0820
(international calls) via access code 3354009. To hear a replay of the call via
the Internet, visit the Investor Information section of the SPACEHAB website at
www.spacehab.com. This audio archived webcast of the conference call is
available on the Company website for approximately one year.
Annual Shareholders Meeting
Annual Meeting of Shareholders is scheduled for December 12, 2006 at 10:00 a.m.
Central time. The meeting will be held at SPACEHAB s corporate office located
at 12130 Highway 3, Building 1, Webster, TX 77598.
About SPACEHAB, Incorporated
Incorporated in 1984,
SPACEHAB (www.spacehab.com) is a leading provider of commercial
space products and services to NASA, international space agencies, Department
of Defense, and private customers
worldwide. The Company offers end-to-end space access solutions, space systems
development, mission integration and pre-launch processing facilities and