Orbital Sciences reports little change in profit, revenue

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Dulles-based Orbital Sciences Corp. reported Tuesday that its first-quarter revenues were $296.2 million, compared with $295.7 million in the first quarter of 2009.

The slight increase in revenues were most due to growth of its International Space Station Commercial Resupply Services contract with NASA and national security satellite programs. This was offset by decreased revenues in its missile defense programs, Orion human spacecraft program and some communications satellite programs.

Net income for the quarter was $9.3 million compared with $9.2 million for the same period last year.

The boost in profit came from a 55 percent increase in operating income during the quarter, which was offset by an increase in Orbital’s effective income tax rate to 39.6 percent (from 33.7 percent last year) because of the expiration of a research and development tax credit.

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