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 |
SPACEHAB REPORTS FINANCIAL RESULTS FOR FISCAL YEAR
Texas, September 19, 2007 SPACEHAB, Incorporated
(NASDAQ: SPAB), a leading provider of commercial space services, today
announced financial results for its fourth quarter and fiscal year 2007 ended
Fourth Quarter Results
posted a fourth quarter fiscal 2007 net loss of $13.2 million, or $1.02 per
share, on revenue of $12.8 million compared with a fourth quarter fiscal 2006
net income of $48,000, or $0.00 per share, on revenue of $14.6 million.
Included in the fourth quarter s results was a non-cash charge of $14.2 million
as the Company wrote down the book value of one of its two pressurized space
shuttle modules, and other module related assets. The Company had previously
written down the other module during fiscal year 2006. NASA has not designated
use of the Company s modules, which have flown on 23 space shuttle missions
since 1993, on any of the remaining space shuttle flights.
the quarter, the Company announced the award of a $35 million indefinite
delivery, indefinite quantity (IDIQ) contract for its Astrotech Space
Operations subsidiary, supplying payload processing services for the U.S.
Government at the Vandenberg Air Force Base (VAFB) in California. We were
especially pleased when Astrotech was subsequently awarded the first mission
contract to support the Ocean Surface Topography Mission under the IDIQ, said
SPACEHAB President, Jim Royston. We re currently awaiting a determination from
our customer on the next two mission competes recently submitted under the $35 million
contract award, he said.
net loss for fiscal 2007 was $16.3 million, or $1.26 per share, on revenue of
$52.8 million compared to a net loss of $12.4 million, or $0.97 per share, on
revenue of $50.7 million for the prior fiscal year. Year end results include a
non-cash charge of $14.2 million as the Company wrote down the book value of
one of its two pressurized space shuttle modules.
April 2007, SPACEHAB announced that it had received notification from NASDAQ
that the Company had until October 3, 2007 to regain compliance with NASDAQ s
$1.00 per share minimum bid price requirement. Should SPACEHAB fail to remedy
the bid price deficiency by the established deadline, NASDAQ is expected to
notify the Company that its securities will be delisted from the NASDAQ Capital
Market. The Company will have the right to appeal such determination.
cash and restricted cash was approximately $16.0 million as of June 30, 2007.
Included in the cash balance is $3.1 million for in-flight insurance on STS-118
that was paid in July 2007.
$6.3 million is restricted cash for a construction contract with a government
customer to expand payload processing facilities at the Company s Vandenberg
Air Force Base location. Current liabilities increased to $31.5 million at June
30, 2007 compared to $17.9 million at June 30, 2006 due primarily to $10.3
million of the Company s bonds which mature in October 2007. As of year end,
SPACEHAB carried a contract backlog of $26.8 million, $3.3 million of which
represents remaining revenue on STS-118.
of Ongoing Operations
the fourth quarter, SPACEHAB continued final preparations for the Company s
twenty-third mission in support of the Space Shuttle Program, culminating in
the successful STS-118 International Space Station (ISS) assembly and resupply
mission launched on August 8, 2007. SPACEHAB s External Stowage Platform 3
(ESP3), a spare parts facility now permanently attached to the station, and
Logistics Single Module took up nearly two-thirds of Endeavour s
cargo bay during this, the Company s last scheduled space shuttle mission. The
SPACEHAB team is currently supporting deintegration activities for its payload
addition to the new contracts at VAFB, Astrotech commenced major construction
upgrades at that location, in support of the U.S. Government, to furnish
5-meter fairing accommodations by September 2009. Affecting Astrotech s Long
Beach operation, Sea Launch experienced an explosion in January 2007 during
spacecraft liftoff resulting in the loss of a satellite and damage to the
floating launch platform, stalling satellite processing operations for the
third and fourth quarters of fiscal year 2007. A full inspection, evaluation,
and repair of the damage ensued and preliminary reports indicate that Sea
Launch will return to flight in October 2007.
exceptional customer evaluations on SPACEHAB s Government Services Program
Integration and Control (PI&C) contract led to additional configuration and
data management work for the Company, in support of NASA s Constellation
Program, during fiscal year 2007. Looking to expand this support capability to
both NASA s Constellation and Orion programs on a long-term basis, SPACEHAB is
responding to two NASA solicitations, the Orion Project Integration Contract
and Constellation Program Support Contract, subsequent to quarter end.
subsequent to quarter end, the Company announced the commencement of an
Exchange Offer for any and all of its outstanding 8% Convertible Subordinated
Notes due 2007 (the Junior Notes )
and any and all of its outstanding 5.5% Senior Convertible Notes due 2010 (the Senior Notes ) for disclosed shares of preferred and common
stock. The Exchange Offer will expire at 5:00 p.m., New York City time, on
October 1, 2007, unless the Exchange Offer is extended or terminated.
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 and universities,
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 services, and large-scale
government program support services.
The statements in this document
may contain forward-looking statements that are made pursuant to the Safe
Harbor provisions of the Private Securities Litigation Reform Act of 1995. Such
forward-looking statements are subject to risks, trends, and uncertainties that
could cause actual results to be materially different from the forward-looking
statement. These factors include, but are not limited to, continued government
support and funding for key space programs, product performance and market
acceptance of products and services, as well as other risk factors and business
considerations described in the company s Securities & Exchange Commission
filings including the annual report on Form 10-K. Any
forward-looking statements in this document
should be evaluated in light of these important risk factors. The Company
assumes no obligation to update these forward-looking statements.
FOR MORE INFORMATION:
Eva-Marie deCardenas
Corporate Marketing and Communications