Message #40 From:
NewsBot Date: January 18, 2007 07:34:00 AM
SPAB News SPACEHAB Unveils Initiative to Streamline Company, Reduce Costs
HOUSTON--(BUSINESS WIRE)--SPACEHAB, Incorporated (NASDAQ:SPAB), a leading provider of commercial
space services, today announced plans to restructure corporate functions
and reduce staff to streamline operations, improve efficiency, and lower
overhead costs.
The Company anticipates the 15-20% reduction in workforce, approximately
36 positions out of 220, to result in savings of $3.9 million annually.
The reductions eliminate redundant capabilities as SPACEHAB’s
support of NASA’s space shuttle program moves
toward completion of the Company’s last
contracted mission, utilizing the Logistics Single Module on STS-118
currently scheduled for launch in June 2007. SPACEHAB announced that
none of the Company’s facilities are closing
as a result of the plan and that all necessary skills required to
successfully support International Space Station resupply, and SPACEHAB’s
22nd, mission remain firmly in place to
accomplish all mission critical milestones on time. The Houston, Texas
Headquarters and Cape Canaveral, Florida payload processing facility are
the only locations impacted by the immediate restructuring. Costs and
planned cash expenditures associated with the restructuring are
estimated at $450,000.
“After an exhaustive review of our business,
we have aligned SPACEHAB’s infrastructure to
enable the Company to serve our customers better than ever and achieve
our strategic goals,” said SPACEHAB President
and CEO Thomas B. Pickens, III. “Concentrating
these core resources allows the Company to both maintain our signature
high performance and remain competitive in the interest of our
customers, partners, and shareholders.”
About SPACEHAB, Incorporated
Incorporated in 1984, SPACEHAB (www.spacehab.com)
is a leading provider of commercial space products and services to NASA,
international space agencies, Department of Defense, and private
customers worldwide. The Company offers end-to-end space access
solutions, space systems development, mission integration and pre-launch
processing facilities and services, and large-scale government program
support services. From securing a spaceflight opportunity and
facilitating the integration of spacecraft and payloads for launch, to
developing human habitats, supplying the International Space Station,
and coordinating the transport and operation of cargo and experiments to
and from orbit, SPACEHAB clearly demonstrates that “We
Mean Business in Space.”
The statements in this document may contain forward-looking
statements that are made pursuant to the Safe Harbor provisions of the
Private Securities Litigation Reform Act 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. 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.
