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SPACEHAB,
Inc. Announces Change In Fiscal Year End Vienna, VA, June 6, 1996 — SPACEHAB. Inc. (NASDAQ: SPAB) announced today that the Company's Board of Directors voted to change its fiscal year end from September 30 to June 30. This action beneficially separates the Company's annual business planning and fiscal year end reporting process from impacts associated with potential delays in the timely completion of the Government's annual budget process. A June 30 year end allows the Company to efficiently complete its annual audit prior to October 1, when spending under the Government's new annual budget should begin. Currently, the majority of SPACEHAB's business is derived from government contracts with NASA. This change in fiscal year does not impact the Company's scheduled flight operations with NASA. SPACEHAB has completed two successful missions during the quarter ending June 30, 1996 as planned and will recognize revenue and earnings for the two flights in this quarter. The Company is scheduled to complete its first Double Module mission during the quarter ending September 30, 1996 which will now be the first quarter of fiscal year 1997. SPACEHAB is the only pure 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 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: |