|
SPACEHAB, Inc. Announces Second Quarter Loss As Anticipated Vienna, VA, May 7, 1996 — SPACEHAB, Incorporated (NASDAQ: SPAB) announced today the results of operations for the second quarter ended March 31, 1996. During the quarter, a Space Shuttle carrying a SPACEHAB Module launched on March 22 and landed on March 31. The mission was completed on April 18 with the return of the Module to the Company. SPACEHAB records revenue at the completion of a Space Shuttle mission carrying a SPACEHAB Module. "SPACEHAB is pleased to report that the first mission in fiscal 1996 was completed with great success. The mission was an historic milestone with the first commercial logistics resupply of the Russian Space Station Mir using a SPACEHAB Single Module," stated Dr. Shelley A. Harrison, SPACEHAB Chairman of the Board and Chief Executive Officer. Dr. Harrison went on to say, "The March mission to Mir spanned two quarters of fiscal 1996, beginning in the second quarter and concluding in the third quarter. Accordingly, revenue for the third quarter will include the recognition of revenue from the recently completed mission and, upon completion, revenue for the next mission which is scheduled to launch later this month. This next mission will carry a SPACEHAB Single Module filled with commercial science experiments. "The new SPACEHAB Double Module will be presented during mid-June, signaling SPACEHAB's ability to deliver a substantially increased amount of supplies for NASA to Mir. Another logisitcs mission to Mir is scheduled for completion in the fourth quarter, which will be the first mission of the new SPACEHAB Double Module." SPACEHAB recently announced several key management additions to capitalize on the significant growth opportunities associated with microgravity space research and space station logistics and resupply. A veteran of two space flights, Bernard Harris, Jr., M.D., F.A.C.P. joined the Company to identify opportunities for SPACEHAB to expand into life sciences and implement the new Incubator Program. Mr. Vladimir Fishel, who supported the negotiations between NASA Administrator Daniel Goldin and Russian Space Agency (RSA) Director General Yuri Koptev, on the Shuttle-Mir Program, will serve as SPACEHAB's liaison with the RSA and the Russian aerospace industry. Mr. Nick Fuhrman, former Senior Professional Staff Member in the Subcommittee on Space and Aeronautics of the U.S. House of Representatives Committee on Science, will serve as SPACEHAB's Director of Government Relations. SPACEHAB is the only pure investment player in the commercialization of human space activities. SPACEHAB is the first company to commercially develop, own and operate habitable modules that provide space-based laboratory research facilities and logistics resupply services aboard the U.S. Space Shuttle system. With these modules, the Company serves three primary markets: (i) microgravity space research onboard the Space Shuttles; (ii) space station logistics resupply and support; and (iii) ground operations and payload processing services that support both microgravity research and human space flight. For more information: |