Headlines > News > SpaceDev Reports Second Quarter and Six Month Fiscal 2007 Results

SpaceDev Reports Second Quarter and Six Month Fiscal 2007 Results

Published by Klaus Schmidt on Tue Aug 14, 2007 7:02 am
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(SpaceDev) – Six Month Revenue Increases 12%, Net Income Increases by $120K, EBITDA Increases 265%

POWAY, CA – SpaceDev, Inc. (OTCBB: SPDV) reported its financial results for the six and three months ended June 30, 2007 with revenue over $17.7 million and $8.6 million for the two periods, as well as net income over $156,000 and $47,000 for the six and three month periods ended June 30, 2007, respectively. The Company also experienced EBITDA for the six and three month periods of approximately $1.2 million and $537,000, respectively.

“We continue to show financial progress as we build our contract and customer base,” said Mark N. Sirangelo, SpaceDev Chief Executive Officer and Chairman of the Board. “The Company is performing to its plan for the year, and while there is still much progress to make, we believe that we are positioning ourselves to take advantage of future opportunities in the mid-market aerospace industry for years to come.”

The Company’s primary financial information is shown below, comparing the first six months of 2007 with the first six months of 2006 and the three months ending June 30, 2007 with the three months ending June 30, 2006. The discussion of the Company’s financial results should be read in conjunction with the Company’s consolidated financial statements and the notes thereto and the other financial information appearing in the Company’s Form 10-QSB filing with the Securities and Exchange Commission.

Revenue – SpaceDev reported revenue of approximately $17.7 million for the six months ended June 30, 2007, an increase of approximately $1.9 million, or 12%, from the approximately $15.8 million in revenue reported for the same period in 2006. The Company reported revenue of approximately $8.6 million in each of the three months ended June 30, 2007 and 2006.

Income from Operations – The Company realized income from operations of approximately $374,000 in the first six months of 2007, compared to an operating loss of $36,000 for the same six months in 2006. During the first six months of 2007, the Company’s EBITDA increased to approximately $1.2 million, or 7% of net sales, compared to an EBITDA of $452,000, or 2% of net sales, for the same six months in 2006. SpaceDev also realized income from operations of approximately $153,000 in the second quarter 2007, compared to operating income of approximately $10,000 for the same three month period in 2006. During the three months ended June 30, 2007, the Company’s EBITDA increased to approximately $537,000, or 6% of net sales, compared to an EBITDA of $260,000, or 3% of net sales, for the same three months in 2006.

Net Income – Net income for the first six months of 2007 was approximately $156,000, compared to approximately $43,000 for the same six month period in 2006. Net income for the three months ended June 30, 2007 was approximately $47,000, compared to approximately $36,000 for the same three month period in 2006.

Cash Position – At June 30, 2007, the Company’s cash position, which included cash reserves and cash available for investment, was approximately $2.9 million compared to approximately $1.4 million at December 31, 2006, an increase of approximately $1.5 million.
Second Quarter Conference Call Details

As previously announced, SpaceDev will host a conference call on Tuesday, August 14, 2007 at 1:00 p.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.

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