SPACEHAB Reports Financial Results for Fiscal Year 2006.HOUSTON -- SPACEHAB, Incorporated (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :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 fourth quarter and fiscal year 2006 ended June 30, 2006. Fourth Quarter Results SPACEHAB posted a fourth quarter fiscal 2006 net income of $48,000, or $0.00 per share, on revenue of $14.6 million compared with a fourth quarter fiscal 2005 net income of $0.1 million, or $0.01 per share, on revenue of $19.0 million. "We were pleased to see the flawless liftoff of 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. Discovery just days following the end of fiscal 2006 with the Company's Integrated Cargo Carrier nestled within the cargo bay," stated Michael E. Kearney, SPACEHAB President and Chief Executive Officer. "During the quarter we continued to support NASA NASA: see National Aeronautics and Space Administration. NASA in full National Aeronautics and Space Administration Independent U.S. with the upcoming STS-116 and STS-118 missions, both scheduled for launch in our 2007 fiscal year, however, delays in the shuttle manifest and unmanned vehicle launch schedules continued to impact revenue for the fourth quarter as it did throughout the year." Year End Results SPACEHAB's net loss for fiscal 2006 was $12.4 million, or $0.97 per share, on revenue of $50.7 million compared to a net income of $5.2 million, or $0.37 per share, on revenue of $59.4 million. Year end results include a non-cash charge Non-Cash Charge A charge off, made by a company against earnings, that does not require an initial outlay of cash. Notes: Non-cash charges are typically against the depreciation, amortization, and depletion accounts on a company's balance sheet. of $6.3 million as the Company wrote down the book value of one of its two pressurized pres·sur·ize tr.v. pres·sur·ized, pres·sur·iz·ing, pres·sur·iz·es 1. To maintain normal air pressure in (an enclosure, as an aircraft or submarine). 2. space shuttle modules and changed the depreciable depreciable Of, relating to, or being a long-term tangible asset that is subject to depreciation. life of its remaining space shuttle assets to align with NASA's current launch manifest that anticipates retiring the space shuttle fleet at the end of 2010. Included in the prior year results was a recovery of $8.2 million from NASA in partial indemnification Indemnification Used in insurance policy agreements as to compensation for damage or loss. In the context of corporate governance, Director Indemnification uses the bylaws and/or charter to indemnify officers and directors from certain legal expenses and judgements resulting from for losses the Company sustained in the Space Shuttle Columbia tragedy in February 2003. Liquidity SPACEHAB's cash and short-term investments were approximately $6.3 million as of June 30, 2006. 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 $17.9 million at June 30, 2006 compared to $20.4 million at June 30, 2005 due to reductions in accounts payable and accrued expense Accrued Expense An accounting expense recognized in the books before it is paid for. It is a liability, usually current. These expenses are typically periodic and documented upon a company's balance sheet due to the high probability of collection. . As of year end SPACEHAB carried a contract backlog of $57.0 million which represents the expected value Expected value The weighted average of a probability distribution. Also known as the mean value. of contractually-committed work, portions of which are subject to the space shuttle's launch schedule or future government funding decisions. Update of Ongoing Operations During the recently completed fiscal year 2006, SPACEHAB continued to support manned and unmanned missions to space through its three major business units, assisting both commercial and government initiatives. SPACEHAB Flight Services provided a commercial deployable cargo carrier on NASA's second return-to-flight mission, STS-114, that is now permanently attached to the International Space Station serving as a 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. platform. Work continued on the STS-121 and 116 missions with new work commencing on the STS-118 flight. Subsequent to year end, the STS-121 mission, which utilized a returnable version of the Company's cargo carrier, launched and concluded successful space station resupply re·sup·ply tr.v. re·sup·plied, re·sup·ply·ing, re·sup·plies To provide with fresh supplies, as of weapons and ammunition. re activities. The STS-116 and 118 missions are using the Company's cargo pallets - one set for permanent deployment and attachment to the space station - but also utilize SPACEHAB's patented module system which will transport thousands of pounds of equipment and provisions, much of it transferred to the space station for use by the astronaut astronaut, crew member on a U.S. manned spaceflight mission; the Soviet term is cosmonaut. Candidates for manned spaceflight are carefully screened to meet the highest physical and mental standards, and they undergo rigorous training. crews that live for extended periods in space. Astrotech Space Operations provides support necessary for its customers to successfully process their spaceflight hardware for launch, including advanced planning; use of unique facilities; and spacecraft checkout, fueling, encapsulation (1) In object technology, the creation of self-contained modules that contain both the data and the processing. See object-oriented programming. (2) The transmission of one network protocol within another. , transport, and remote control through launch. Astrotech supported the processing of eight spacecraft during fiscal 2007 with four of those launching in the fourth quarter. The Astrotech team located in Florida was instrumental in the successful liftoff of NASA's GOES-N, an earth monitoring satellite, while the California teams at Sea Launch and Vandenberg Air Force Base Vandenberg Air Force Base, U.S. military installation, 3,456 acres (1,399 hectares), SW Calif., near Lompoc; chief Pacific coast launch site for military satellites. assisted 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 and launch activities of the Galaxy 16 as well as NASA's CloudSat and CALIPSO CALIPSO Cloud-Aerosol Lidar and Infrared Pathfinder Satellite Observations spacecraft, respectively. This business unit also captured over $7.0 million in new business during the fiscal year with an additional contract subsequent to year end. SPACEHAB Government Services continues its exceptional support to NASA's International Space Station program, primarily in the areas of configuration and data management supporting the final acceptance of space station hardware and software for NASA and the sixteen international partners. The Company is actively pursuing an additional NASA contract in a subcontractor One who takes a portion of a contract from the principal contractor or from another subcontractor. When an individual or a company is involved in a large-scale project, a contractor is often hired to see that the work is done. role to support configuration management initiatives. Conference Call SPACEHAB will host a conference call at 10:00 a.m. Central time following the earnings release. 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 877-502-9274 (domestic calls) or 913-981-5584 (international calls). A taped replay will be available following the conference call until 11:59 p.m. Eastern time on September 6, 2006 at 888-203-1112 (domestic calls) or 719-457-0820 (international calls) via access code 5271147. 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:
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,
----------------------- -----------------------
2006 2005 2006 2005
----------- ----------- ----------- -----------
Revenue $14,568 $18,958 $50,746 $59,401
Costs of revenue 10,592 14,566 46,855 47,158
----------- ----------- ----------- -----------
Gross profit 3,976 4,392 3,891 12,243
----------- ----------- ----------- -----------
Operating expenses
Selling, general and
administrative 2,814 2,827 10,672 9,383
Research and
development 108 40 410 77
Nonrecurring charge,
loss of Research
Double Module - 500 - (7,744)
----------- ----------- ----------- -----------
Total operating
expenses 2,922 3,367 11,082 1,716
----------- ----------- ----------- -----------
Income (loss) from
operations 1,054 1,025 (7,191) 10,527
Interest expense (1,083) (1,417) (5,511) (5,716)
Interest and other
income (expense), net 77 171 337 292
----------- ----------- ----------- -----------
Income (loss) before
income taxes 48 (221) (12,365) 5,103
Income tax (expense)
benefit - 301 (32) 146
----------- ----------- ----------- -----------
Net income (loss) $48 $80 $(12,397) $5,249
=========== =========== =========== ===========
Income (loss) per share
Net income (loss) per
share - basic $0.00 $0.01 $(0.97) $0.42
=========== =========== =========== ===========
Shares used in
computing net income
(loss) per share -
basic 12,819,906 12,644,358 12,743,533 12,613,491
=========== =========== =========== ===========
Net income (loss) per
share - diluted $0.00 $0.01 $(0.97) $0.37
=========== =========== =========== ===========
Shares used in
computing net income
(loss) per share -
diluted 14,213,185 14,163,713 12,743,533 14,190,281
=========== =========== =========== ===========
SPACEHAB, INCORPORATED AND SUBSIDIARIES
Unaudited Condensed Consolidated Balance Sheets
(In thousands)
June 30, June 30,
2006 2005
ASSETS
----------- -----------
Cash, restricted cash and investments $6,317 $8,297
Accounts receivable, net 11,379 16,906
Property, plant, and equipment, net 61,637 73,647
Other assets, net 6,117 3,101
----------- -----------
Total assets $85,450 $101,951
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities 17,922 20,461
Long-term liabilities 64,719 66,693
Stockholders' equity 2,809 14,797
----------- -----------
Total liabilities and stockholders' equity $85,450 $101,951
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