|
News Release For Immediate Release
For more information:
Vienna, VA, February 6, 1997 — SPACEHAB, Inc., (NASDAQ: SPAB) today announced financial results for its fiscal 1997 second quarter and first six months, which ended December 31, 1996. The Company recorded revenues of $22,992,176 for the second quarter and $23,105,418 for the first six months that ended December 31, 1996. The Company had no reported revenues in the comparable six-month period, which ended December 31, 1995. In June 1996, SPACEHAB changed its fiscal year end from September 30 to June 30. The second quarter's revenues are primarily associated with NASA's use of SPACEHAB's Logistics Double Module to resupply the Russian Space Station Mir. Although the Space Shuttle Atlantis successfully completed its mission in SPACEHAB's first quarter, the Company did not recognize revenues from the mission until the Module was returned to the Company's facility on October 2, 1996, the second day of fiscal 1997's second quarter. Revenues under future contracts for microgravity science and logistic resupply missions awarded to SPACEHAB will be recognized ratably over the period of performance. For the first six months of fiscal 1997, the Company has recognized approximately $926,000 in revenues on this basis for its integration work on two international experiments, one for the Japanese Space Agency (NASDA) and the other for the European Space Agency (ESA). Net income for the second quarter was $11,059,530, compared with a net loss of $5,273,611 for the same three-month period last year. Per-share net income for the second quarter was $0.99, calculated on an average of 11,115,999 shares outstanding. For fiscal 1996's comparable quarter, the Company reported a net loss of $0.98 per share, calculated on an average of 5,381,094 shares outstanding. For the first six months of fiscal 1997, net income was $7,259,978, or $0.65 per share on 11,093,851 shares outstanding. Because of a reduction in long-term debt pursuant to a favorable refinancing of SPACEHAB's credit agreement in the first quarter of fiscal 1997, net income for this year's six-month period includes an extraordinary gain, net of federal income tax, of $3,274,029, or $0.30 per share. For the comparable six-month period a year ago, the net loss was $12,552,966, or $2.42 per share on 5,181,134 shares. "We are very pleased with the first six months of fiscal 1997 and look forward to the opportunities that lie ahead," commented Dr. Shelley A. Harrison, SPACEHAB's Chairman and Chief Executive Officer. "Operationally, the next six months will be spent readying the Logistics Double Module for the Mir supply mission scheduled for May, continuing our work with NASDA and ESA, and assimilating the operations of the acquisition we announced earlier today: ASTROTECH Space Operations, L.P., the premier provider of commercial satellite payload processing services in the United States." SPACEHAB, Inc., with its ASTROTECH subsidiary, is now the leading provider of commercial payload processing services for both unmanned and astronaut-tended payloads. SPACEHAB is the first company to commercially develop, own and operate habitable modules that provide space-based laboratory facilities and logistics resupply services aboard the U.S. Space Shuttles to support people living and working in space. This letter contains forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected in such statements. Such risks and uncertainties include, but are not limited to, whether the Company will fully realize the economic benefits under the NASDA and ESA contracts, the successful development and commercialization of new commercial space assets, technological difficulties, product demand, and market acceptance risks, the effect of economic conditions, uncertainty in government funding, the impact of competition, and other risks detailed in the Company's Securities and Exchange Commission filings. |