Message #50 From:
NewsBot Date: May 9, 2008 11:28:23 PM
SpaceDev Reports First Quarter Fiscal 2008 Results
Quarterly Record Revenues With Positive Operating Income, Net Income and Adjusted EBITDA
SpaceDev, Inc. (OTCBB: SPDV) reported its
financial results for the three months ended March 31, 2008 with revenue of
over $10.3 million, an increase of over 14%, net income of approximately
$57,000 and Adjusted EBITDA of over $490,000.
"We reached a new revenue milestone for SpaceDev this quarter with our
first $10 million quarter, as we continue to build the Company with major
new programs, while closing-out some of our legacy long-term fixed price
development programs," said Mark N. Sirangelo, SpaceDev's Chairman and
Chief Executive Officer. "We are successfully executing on our existing
work, while remaining focused on building the foundation of an emerging
mid-market aerospace company for our stockholders."
Revenue - SpaceDev reported revenue of approximately $10.3 million for the
three months ended March 31, 2008, an increase of approximately $1.3
million, or 14%, from the approximate $9.1 million in revenue reported for
the same period in 2007. Most of the revenue increase was due to the
growth of non-government sector programs by approximately $2.0 million
offset by a slight decline in government based contracts.
Income from Operations - SpaceDev realized income from operations of
approximately $58,000 in the first quarter of 2008, which included
approximately $99,500 for stock option expense, compared to an operating
income of $221,000 for the same three months in 2007, which included
approximately $105,000 for stock option expense.
Net Income; Adjusted EBITDA - Net income for the 2008 first quarter was
approximately $57,000, compared to approximately $109,000 for the same
period in 2007 with ($0.00) earnings per share for both quarters. During
the first quarter of 2008, SpaceDev's Adjusted EBITDA was approximately
$493,000, or 5% of net sales, compared to an adjusted EBITDA of $642,000,
or 7% of net sales, for the same quarter in 2007.
Cash Position - At March 31, 2008, SpaceDev's cash position, which included
cash reserves and cash available for investment, was approximately $4.7
million compared to approximately $6.5 million at December 31, 2007.
"A significant item of note in the quarter was our increased expenditure on
small satellite related research and development activities," said Richard
B. Slansky, SpaceDev's President and Chief Financial Officer. "During the
first quarter of 2008, our R&D expense totaled $259,000 compared to only
$39,000 during the same period in 2007. We will continue to invest
prudently in internal R&D to strengthen our intellectual property portfolio
in our key business areas for the future. Also, our cash position changed
primarily due to a government contract modification delay; however, our
accounts receivable increased by $3.1 million to $8.1 million at March 31,
2008 from $5.0 million at December 31, 2007."
First Quarter Conference Call Details
SpaceDev will host a conference call on Monday, May 12, 2008 at 11:00 a.m.
EDT to discuss the quarter results. All those interested in hearing
management's discussion are invited to join the call by dialing (866)
289-3234 and then entering PIN 8832 when prompted. A replay of the
conference call will also be available for seven days through the investor
relations section of SpaceDev's website, www.spacedev.com.
About SpaceDev
SpaceDev, Inc. is a space technology/aerospace company that creates and
sells affordable and innovative space products and mission solutions. For
more information, visit www.spacedev.com.
For more information on SpaceDev, please review the Company's filings on
the SEC EDGAR system at www.sec.gov or at www.spacedev.com.
Except for factual statements made herein, this news release consists of
forward-looking statements that involve risks, uncertainties and
assumptions that are difficult to predict. Words such as "believe,"
"intends," "expects," "plans," "anticipates" and variations thereof,
identify forward-looking statements, although their absence does not mean
that a statement is not forward looking. Forward-looking statements are
based on the Company's current expectations, and are not guarantees of
performance. The Company's actual results could differ materially from its
current expectations. Factors that could contribute to such differences
include risks and uncertainties associated with: the Company's ability to
effectively integrate acquisitions; rescheduling or cancellation of
customer orders; uncertainties in the government budgeting process; ability
to control costs and expenses; and larger competitors' competitive
advantages. Reference is also made to other factors described in the
Company's periodic reports filed with the SEC, including the Company's most
current Annual Report on Form 10-KSB. These forward-looking statements
speak only as of the date of this release. SpaceDev does not undertake to
update these forward-looking statements.
