Orbital Sciences Corp. (ORB, Financial) filed Quarterly Report for the period ended 2012-06-30.
Orbital Sciences Corp has a market cap of $757.4 million; its shares were traded at around $13.18 with a P/E ratio of 12.5 and P/S ratio of 0.6. Orbital Sciences Corp had an annual average earning growth of 5.2% over the past 5 years.
The CRS contract accounted for 25% and 18% of consolidated revenues in the second quarter of 2012 and 2011, respectively, and 24% and 20% of consolidated revenues in the first six months ended June 30, 2012 and 2011, respectively. The launch vehicle portion of the CRS contract is reported in our launch vehicles segment and the remainder of the CRS contract is reported in our advanced space programs segment. CRS contract revenues totaled $94.1 million in the second quarter of 2012, an increase of $29.4 million, or 45%, compared to the second quarter of 2011, due to a higher level of contract activity in the second quarter of 2012. CRS contract revenues totaled $168.6 million in the first six months of 2012, an increase of $36.1 million, or 27%, compared to the first six months of 2011, due to increased production activity. Under the terms of the CRS contract, approximately 25% of the contract value is billable to the customer and collectible only upon the completion of launch and delivery milestones for each of eight CRS contract missions. Since the inception of the CRS contract through June 30, 2012, a total of $797 million of revenues have been recognized on the contract, which has a total contract value of approximately $1.9 billion.
Segment Revenues - Launch vehicles segment revenues decreased $5.0 million, or 4%, in the second quarter of 2012 compared to the second quarter of 2011 primarily due to decreased activity on space launch vehicles and missile defense interceptors partially offset by increased activity on target launch vehicles. Space launch vehicle revenues declined $11.9 million, or 16%, largely due to lower activity on Antares launch vehicles for the COTS program and the CRS contract. Antares launch vehicle revenues were $44.4 million and $52.5 million in the second quarter of 2012 and 2011, respectively, which included $15.7 million and $20.3 million, respectively, related to the COTS program and $28.7 million and $32.2 million, respectively, related to the CRS contract. Antares launch vehicle revenues accounted for 35% and 40% of total launch vehicles segment revenues in the second quarter of 2012 and 2011, respectively. Missile defense interceptor revenues decreased $2.5 million, or 13%, due to decreased activity on our Ground-based Midcourse Defense contract. Target launch vehicle revenues increased $8.6 million, or 23%, largely due to activity on new contracts that were awarded in 2011.
Launch vehicles segment revenues increased $15.8 million, or 7%, in the first half of 2012 compared to the first half of 2011 primarily due to increased activity on target launch vehicles partially offset by decreased activity on space launch vehicles and missile defense interceptors. Target launch vehicle revenues increased $38.1 million, or 65%, largely due to activity on new contracts that were awarded in 2011. Space launch vehicle revenues decreased $15.1 million, or 11%, largely due to lower activity on Antares launch vehicles for the COTS program and the CRS contract. Antares launch vehicle revenues were $91.1 million and $102.0 million in the first half of 2012 and 2011, respectively, which included $27.5 million and $51.7 million, respectively, related to the COTS program and $63.6 million and $50.3 million, respectively, related to the CRS contract. Antares launch vehicle revenues accounted for 36% and 43% of total launch vehicles segment revenues in the first half of 2012 and 2011, respectively. Missile defense interceptor revenues decreased $8.7 million, or 20%, due to decreased activity on our Ground-based Midcourse Defense contract.
Satellites and space systems segment revenues decreased $49.4 million, or 17%, in the first half of 2012 compared to the first half of 2011 due to decreased activity on communications satellite contracts and science and remote sensing satellite contracts partially offset by increased activity on space technical services contracts. Communications satellite revenues decreased $48.8 million, or 25%, largely attributable to a reduction in activity on contracts that are nearing completion. Communications satellite revenues accounted for 61% and 67% of total segment revenues in the first half of 2012 and 2011, respectively. Science and remote sensing satellite revenues decreased $9.5 million, or 20%, due to decreased contract activity. Space technical services revenues increased $8.3 million, or 19%, primarily due to increased contract activity.
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Orbital Sciences Corp has a market cap of $757.4 million; its shares were traded at around $13.18 with a P/E ratio of 12.5 and P/S ratio of 0.6. Orbital Sciences Corp had an annual average earning growth of 5.2% over the past 5 years.
Highlight of Business Operations:
Revenues - Our consolidated revenues were $371.3 million in the second quarter of 2012, an increase of $20.7 million, or 6%, compared to the second quarter of 2011 due to higher revenues in our advanced space programs segment partially offset by a reduction in satellites and space systems segment revenues and launch vehicles segment revenues. Advanced space programs segment revenues increased $29.8 million, or 29%, due to increased activity on our International Space Station Commercial Resupply Services (“CRS”) contract with the National Aeronautics and Space Administration (“NASA”). Launch vehicles segment revenues decreased $5.0 million, or 4%, due to decreased activity on space launch vehicles and missile defense interceptors partially offset by increased activity on target launch vehicles. Satellites and space systems segment revenues decreased $8.1 million, or 6%, due to decreased activity on communications satellite contracts and science and remote sensing satellite contracts partially offset by increased activity on space technical services contracts.The CRS contract accounted for 25% and 18% of consolidated revenues in the second quarter of 2012 and 2011, respectively, and 24% and 20% of consolidated revenues in the first six months ended June 30, 2012 and 2011, respectively. The launch vehicle portion of the CRS contract is reported in our launch vehicles segment and the remainder of the CRS contract is reported in our advanced space programs segment. CRS contract revenues totaled $94.1 million in the second quarter of 2012, an increase of $29.4 million, or 45%, compared to the second quarter of 2011, due to a higher level of contract activity in the second quarter of 2012. CRS contract revenues totaled $168.6 million in the first six months of 2012, an increase of $36.1 million, or 27%, compared to the first six months of 2011, due to increased production activity. Under the terms of the CRS contract, approximately 25% of the contract value is billable to the customer and collectible only upon the completion of launch and delivery milestones for each of eight CRS contract missions. Since the inception of the CRS contract through June 30, 2012, a total of $797 million of revenues have been recognized on the contract, which has a total contract value of approximately $1.9 billion.
Segment Revenues - Launch vehicles segment revenues decreased $5.0 million, or 4%, in the second quarter of 2012 compared to the second quarter of 2011 primarily due to decreased activity on space launch vehicles and missile defense interceptors partially offset by increased activity on target launch vehicles. Space launch vehicle revenues declined $11.9 million, or 16%, largely due to lower activity on Antares launch vehicles for the COTS program and the CRS contract. Antares launch vehicle revenues were $44.4 million and $52.5 million in the second quarter of 2012 and 2011, respectively, which included $15.7 million and $20.3 million, respectively, related to the COTS program and $28.7 million and $32.2 million, respectively, related to the CRS contract. Antares launch vehicle revenues accounted for 35% and 40% of total launch vehicles segment revenues in the second quarter of 2012 and 2011, respectively. Missile defense interceptor revenues decreased $2.5 million, or 13%, due to decreased activity on our Ground-based Midcourse Defense contract. Target launch vehicle revenues increased $8.6 million, or 23%, largely due to activity on new contracts that were awarded in 2011.
Launch vehicles segment revenues increased $15.8 million, or 7%, in the first half of 2012 compared to the first half of 2011 primarily due to increased activity on target launch vehicles partially offset by decreased activity on space launch vehicles and missile defense interceptors. Target launch vehicle revenues increased $38.1 million, or 65%, largely due to activity on new contracts that were awarded in 2011. Space launch vehicle revenues decreased $15.1 million, or 11%, largely due to lower activity on Antares launch vehicles for the COTS program and the CRS contract. Antares launch vehicle revenues were $91.1 million and $102.0 million in the first half of 2012 and 2011, respectively, which included $27.5 million and $51.7 million, respectively, related to the COTS program and $63.6 million and $50.3 million, respectively, related to the CRS contract. Antares launch vehicle revenues accounted for 36% and 43% of total launch vehicles segment revenues in the first half of 2012 and 2011, respectively. Missile defense interceptor revenues decreased $8.7 million, or 20%, due to decreased activity on our Ground-based Midcourse Defense contract.
Satellites and space systems segment revenues decreased $49.4 million, or 17%, in the first half of 2012 compared to the first half of 2011 due to decreased activity on communications satellite contracts and science and remote sensing satellite contracts partially offset by increased activity on space technical services contracts. Communications satellite revenues decreased $48.8 million, or 25%, largely attributable to a reduction in activity on contracts that are nearing completion. Communications satellite revenues accounted for 61% and 67% of total segment revenues in the first half of 2012 and 2011, respectively. Science and remote sensing satellite revenues decreased $9.5 million, or 20%, due to decreased contract activity. Space technical services revenues increased $8.3 million, or 19%, primarily due to increased contract activity.
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