SpaceDev, Inc. Reports Financial Results for the Second Quarter of 2002
SpaceDev today reported financial results for the
second quarter and first half of 2002. For the first half of 2002, sales
increased by over 22%, and net losses decreased by 89.2% from the same period
in 2001.
During the second quarter of 2002, the Company had net sales of $862,638
as compared to net sales of $940,928 for the same period in 2001. Sales in
the second quarter were comprised of approximately $325,000 for the CHIPSat
program, $441,000 from a contract for a proprietary development program and
$97,000 from all other programs.
For the quarter, the Company experienced a net loss of $87,596 compared to
a net loss of $428,804 for the same three-month period in 2001. The decrease
in the net loss was due to increased revenues on a contract for a proprietary
development program, as well as a decrease in general and administrative
expenses.
“The company had a solid second quarter and first half of 2002, and we are
very pleased with our results,” said Jim Benson, chairman and chief executive
officer of SpaceDev. “We continue to make significant progress in
establishing stronger financial health, and are allocating considerably more
time and resources in sales and marketing to generating new business. Our
focus in the second half is on performing well on current contracts,
cultivating existing relationships and establishing significant new business.
We are utilizing this foundation to drive growth for the future.”
For the second quarter of 2002, the Company had cost of sales (direct and
allocated costs associated with individual contracts) of approximately
$730,000 as compared to $521,000 during the same period in 2001. This
increase was primarily due to the increase in revenues on percentage-of-
completion programs as well as an absorption of certain indirect general and
administrative costs into cost of goods sold. The Company’s revenues on these
programs are derived primarily from fixed-price contracts and are recognized
using the percentage-of-completion method of contract accounting, based on the
ratio of total costs incurred to total estimated costs, so an increase in
total costs will increase total revenue.
From a business development standpoint, SpaceDev has several outstanding
proposals for commercial and government programs submitted during the first
six months of 2002, has worked with the US Congress to identify additional
increased funding for its programs, and is aggressively pursuing several
significant commercial opportunities.
For more information regarding the company, please review the company’s
filings on the SEC EDGAR system at www.sec.gov .
About SpaceDev
SpaceDev provides affordable and innovative
space products and solutions to government and commercial enterprises.
SpaceDev products and solutions include the design, manufacture, marketing and
operation of sophisticated micro and nano satellites, hybrid rocket-based
orbital Maneuvering and orbital Transfer Vehicles (MTVs) as well as safe sub-
orbital and orbital hybrid rocket-based propulsion systems. SpaceDev
customers include: NASA, National Reconnaissance Office (NRO), Boeing, NASA’s
Jet Propulsion Laboratory (JPL), Air Force Research Laboratory (AFRL),
Lockheed Martin, California Space Authority (CSA) and commercial customers.
SpaceDev is developing commercial hybrid rocket motors and small high
performance space vehicles and subsystems. For more information, visit
www.spacedev.com .
This news release may contain forward-looking statements concerning the
company’s business and future prospects and other similar statements that do
not concern matters of historical fact. Forward-looking statements relating
to product development, business prospects and development of a commercial
market for technological advances are based on the company’s current
expectations. The company’s current expectations are subject to all of the
uncertainties and risks customarily associated with new business ventures
including, but not limited to, the level of sales to key customers; the
economic conditions affecting our industry; actions by competitors;
fluctuations in the price of raw materials; the availability of outside
contractors at prices favorable to the company; our dependence on single-
source or a limited number of suppliers; our ability to protect our
proprietary technology; market conditions influencing prices or pricing; an
adverse outcome in litigation, claims and other actions, and potential
litigation, claims and other actions by or against us; technological changes
and introductions of new competing products; the current recession; terrorist
attacks or acts of war, particularly given the acts of terrorism against the
United States on September 11, 2001 and subsequent military responses by the
United States; ability to retain key personnel; changes in market demand;
exchange rates; productivity; weather; and market and economic conditions in
the areas of the world in which we operate and market are products. The
company’s actual results may differ materially from current expectations.
Readers are cautioned not to put undue reliance on forward-looking statements
contained in this release and to read it in conjunction with the Company’s
annual report on Form 10-KSB, including the consolidated financial statements
filed therewith. The company disclaims any intent or obligation to update
publicly these forward-looking statements, whether as a result of new
information, future events or for any other reason.
