SPACEHAB Reports Financial Results for Fiscal Year 2005.HOUSTON -- SPACEHAB, Incorporated (Nasdaq/NMS:SPAB SPAB Society for the Protection of Ancient Buildings (UK) SPAB School Pupil Activity Bus SPAB Supply Priorities and Allocations Board SPAB Security Policy Advisory Board SPAB Society for the Preservation of Adolescent Behavior ), a leading provider of commercial space services, today announced financial results for its 2005 fiscal year and fourth quarter ended June 30, 2005. Fourth Quarter Results SPACEHAB posted a fourth quarter fiscal 2005 net income of $0.1 million, or $0.01 per share, on revenue of $19.0 million compared with a fourth quarter fiscal year 2004 net loss of $2.3 million, or ($0.19) per share, on revenue of $11.1 million. Included in the current quarter is a charge of $0.5 million for the settlement of litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. with Lloyd's of London Not to be confused with Lloyds Bank or Lloyd's Register. Lloyd's of London is a British insurance market. It serves as a meeting place where multiple financial backers or “members”, whether individuals (traditionally known as . "Although improved, our fourth quarter results were impacted due to additional slips in NASA's launch of the space shuttle space shuttle, reusable U.S. space vehicle. Developed by the National Aeronautics and Space Administration (NASA), it consists of a winged orbiter, two solid-rocket boosters, and an external tank. ," stated Michael E. Kearney, SPACEHAB President and Chief Executive Officer. "Following the quarter, we were delighted to be a part of the successful launch and subsequent landing of Discovery and her crew with the provision of our Integrated Cargo Carrier which now serves as a permanent spare parts Spare parts, also referred to as Service Parts is a term used to indicate extra parts available and in proximity to the mechanical item, such as a automobile, boat, engine, for which they might be used. Spare parts are also called “spares. warehouse on the International Space Station." Year End Results SPACEHAB's net income for fiscal 2005 ended June 30, 2005 was $5.2 million, or $0.37 per share, on revenue of $59.4 million compared to net income of $2.1 million, or $0.15 per share, on revenue of $77.6 million for the prior fiscal year. "We are on the right path of accomplishing our financial objectives and returning the Company to profitability," stated Brian K. Harrington, SPACEHAB Senior Vice President and Chief Financial Officer. "We have strengthened our balance sheet, continued to reduce costs, and we enter fiscal year 2006 with a contract backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. of $65.7 million." Liquidity SPACEHAB's cash and short-term investments were approximately $8.3 million as of June 30, 2005. In February 2005 the Company entered into a new revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. facility providing additional liquidity of up to $5.0 million secured by accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying . This new bank facility replaced the previous revolving line of credit Revolving line of credit A bank line of credit on which the customer pays a commitment fee and can take and repay funds at will. Normally a revolving LOC involves a firm commitment from the bank for a period of several years. which was secured by pledged cash and invested cash assets. As of June 30, 2005 SPACEHAB had no advances outstanding against this facility. Deferred revenue as of June 30, 2005 was reduced to $1.8 million compared to $7.2 million at June 30, 2004. The decrease is primarily due to the successful execution of a commercial contract, JETIS, with the Japan Aerospace Exploration Agency The Japan Aerospace Exploration Agency (宇宙航空研究開発機構 where SPACEHAB provided for the delivery of a thermal incubator incubator, apparatus for the maintenance of controlled conditions in which eggs can be hatched artificially. Incubator houses with double walls of mud, a fireroom, and several compartments each holding about 6,000 hens' eggs were developed in ancient times; the system to the International Space Station via the Russian Progress. Current liabilities Current Liabilities Usually appearing on a company's balance sheet, it represents the amount owed for interest, accounts payable, short-term loans, expenses incurred but unpaid, and other debts due within one year. decreased to $20.0 million at June 30, 2005 compared to $22.3 million at June 30, 2004 due to reductions in current deferred revenue, accounts payable, and repayment of the revolving loan payable outstanding at the end of the prior fiscal year. As of June 30, 2005 SPACEHAB carried a contract backlog of $65.7 million. Total backlog consists of all contract values over the entire life of each contract, excluding any portions previously recognized as revenues, but including unexercised contract options, anticipated award fees, expected task orders under existing contracts, and authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: orders not yet fully negotiated. As announced in May 2005 the Company closed on a sale-leaseback transaction for the SPACEHAB Payload (1) Refers to the "actual data" in a packet or file minus all headers attached for transport and minus all descriptive meta-data. In a network packet, headers are appended to the payload for transport and then discarded at their destination. Processing Facility in Cape Canaveral, Florida This article is about the city of Cape Canaveral, Florida. For the site neighboring the Kennedy Space Center, see Cape Canaveral. Cape Canaveral is a city in Brevard County, Florida, United States. The population was 8,829 at the 2000 census. as well as for the Houston, Texas “Houston” redirects here. For other uses, see Houston (disambiguation). Houston (pronounced /'hjuːstən/) is the largest city in the state of Texas and the Headquarters office. These transactions generated cash to further improve liquidity while providing attractive lease arrangements. Update of Ongoing Operations "In each of our business units, we continue to provide high-value services to our existing customers while developing new commercial solutions for doing business in space," said Kearney. "In addition to supporting NASA NASA: see National Aeronautics and Space Administration. NASA in full National Aeronautics and Space Administration Independent U.S. on its objective to assemble and outfit OUTFIT. An allowance made by the government of the United States to a minister plenipotentiary, or charge des affaires, on going from the United States to any foreign country. 2. the International Space Station, we are building upon our core capabilities to develop new services for the Agency as it prepares to return to the moon and beyond." The recent decision to launch the next shuttle shuttle: see loom. shuttle In the weaving of cloth, a spindle-shaped device used to carry the crosswise threads (weft) through the lengthwise threads (warp). Not all modern looms use a shuttle; shuttleless looms draw the weft from a nonmoving supply. mission no earlier than March 2006 is expected to have some impact on overall revenue within the SPACEHAB Flight Services business unit. However, SPACEHAB is compensated via a monthly asset maintenance agreement for any slips in missions under contract. Currently, SPACEHAB is contracted to provide assets and support for three upcoming shuttle missions: STS-121, STS-116, and STS-118, in order of scheduled launch dates. Even with planned facility maintenance temporarily limiting payload processing support activities, SPACEHAB's Astrotech subsidiary saw the successful launch of two spacecraft spacecraft Vehicle designed to operate, with or without a crew, in a controlled flight pattern above Earth's lower atmosphere. Since streamlining is not needed in the high vacuum of this environment, a spacecraft's shape is designed according to its mission (see in the fourth quarter, both processed at Company operated facilities at the Sea Launch Home Port in California. A slip in the launch of the Boeing Satellite Systems' GOES-N spacecraft impacted fiscal 2005 revenues that, upon launch, will be recognized in 2006. SPACEHAB Government Services continues to provide configuration and data management services within the Program Integration and Control contract supporting the International Space Station program. This is a five-year initiative of which approximately three and a half years remain on the contract. NASA has the option to issue two one-year contract options that could expand the overall contract to seven years. Conference Call SPACEHAB will host a conference call at 10:00 a.m. Central time on September 6, 2005. During the call, management will discuss the Company's year end and fourth quarter financial results as well as other recent and potential future developments relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc SPACEHAB. To participate on the call, please dial 866-613-5217 (domestic calls) or 678-460-1862 (international calls) and when prompted, enter the pin code 4182202 followed by the pound (#) key. A taped replay will be available following the conference call until 11:59 p.m. Eastern time on September 7, 2005 at 866-453-6660 (domestic calls) or 678-460-1866 (international calls) via access code 203395. To hear a replay of the call via the Internet, visit the Investor Information section of the SPACEHAB website at www.spacehab.com. This audio archived webcast of the conference call is available on the Company website for approximately one year. About SPACEHAB, Incorporated SPACEHAB, Incorporated (www.spacehab.com) is a leading provider of commercial and government space services with three primary business units. The Flight Services business unit develops, owns, and operates habitat and laboratory modules and cargo carriers aboard NASA's Space Shuttles The term Space Shuttles refers to partly or fully reusable launch vehicles for regularly placing payloads into low earth orbit. See:
tr.v. re·sup·plied, re·sup·ply·ing, re·sup·plies To provide with fresh supplies, as of weapons and ammunition. re and research purposes. SPACEHAB's Astrotech subsidiary provides payload processing support services support services Psychology Non-health care-related ancillary services–eg, transportation, financial aid, support groups, homemaker services, respite services, and other services for both commercial and government customers at company-owned facilities in Florida and California. The Company's Government Services business unit supports NASA's Johnson Space Center providing configuration management, product engineering, and support services for both the Space Station and Space Shuttle programs. Additionally, through The Space Store, Space Media provides space merchandise to the public and space enthusiasts worldwide (www.thespacestore.com). The statements in this document may contain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that are made pursuant to the Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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 Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 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. Tables follow
SPACEHAB, INCORPORATED AND SUBSIDIARIES
Unaudited Condensed Consolidated Statements of Operations
(In thousands, except share data)
Three Months Twelve Months
Ended June 30, Ended June 30,
----------------------- -----------------------
2005 2004 2005 2004
----------- ----------- ----------- -----------
Revenue $18,958 $11,140 $59,401 $77,606
Costs of revenue 14,566 9,506 47,158 45,678
----------- ----------- ----------- -----------
Gross profit 4,392 1,634 12,243 31,928
----------- ----------- ----------- -----------
Operating expenses
Selling, general and
administrative 2,827 2,028 9,383 10,908
Research and
development 40 214 77 223
Nonrecurring charge,
loss of Research
Double Module 500 - (7,744) -
Goodwill impairment - - - 8,274
Impairment of
investment in Guigne - - - 1,800
----------- ----------- ----------- -----------
Total operating
expenses 3,367 2,242 1,716 21,205
----------- ----------- ----------- -----------
Income (loss) from
operations 1,025 (608) 10,527 10,723
Interest expense (1,417) (1,461) (5,716) (8,237)
Interest and other
income (expense), net 171 (2) 292 95
----------- ----------- ----------- -----------
Income (loss) before
income taxes (221) (2,071) 5,103 2,581
Income tax (expense)
benefit 301 (255) 146 (506)
----------- ----------- ----------- -----------
Net income (loss) $80 $(2,326) $5,249 $2,075
=========== =========== =========== ===========
Income (loss) per share
Net income (loss) per
share - basic $0.01 $(0.19) $0.42 $0.17
=========== =========== =========== ===========
Shares used in
computing net income
(loss) per share -
basic 12,644,358 12,563,072 12,613,491 12,450,320
=========== =========== =========== ===========
Net income (loss) per
share - diluted $0.01 $(0.19) $0.37 $0.15
=========== =========== =========== ===========
Shares used in
computing net income
(loss) per share -
diluted 14,163,713 12,563,072 14,190,281 14,141,949
=========== =========== =========== ===========
SPACEHAB, INCORPORATED AND SUBSIDIARIES
Unaudited Condensed Consolidated Balance Sheets
(In thousands)
June 30, June 30,
2005 2004
ASSETS
------------ ------------
Cash, restricted cash and investments $8,297 $7,577
Accounts receivable, net 16,906 7,878
Property, plant, and equipment, net 73,647 79,600
Other assets, net 3,101 4,870
------------ ------------
Total assets $101,951 $99,925
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities 20,031 22,301
Long-term liabilities 67,123 68,214
Stockholders' equity 14,797 9,410
------------ ------------
Total liabilities and stockholders' equity $101,951 $99,925
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