Develops and manufactures small rockets and space systems for commercial, military and civil government customers, including the U.S. Department of Defense, the National Aeronautics and Space Administration and other U.S. government agencies.
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I have committed my first act of Fooliganism. Why? Because I have been deemed a Fooligan, and a recidivist at that probably!.
I have chosen Orbital Sciences Corporation. Why? Orbital's business strategy is simple: to establish and maintain market leading positions in smaller space and launch systems niches not served by larger aerospace companies. Orbital provides value to ti's customers by developing and building innovative technology and highly reliable systems at affordable prices on rapid schedules. This gives Orbital competitive advantages into increasing shareholder value by combining consistent operational execution with disciplined resource allocation and strong corporate governance. This has allowed Orbital's stock to appreciate over 400% during the last five years.
In 2007, Orbital generated record-setting financial results with revenues, operating income, earnings per share and free cash flow all reaching their highest level in the company's 25 year history. The year-end total contract back log was above $3.9 billion for 2007. Orbital began 2008 with 90% of projected revenues in backlog at the beginning of the year. A strong head start! Orbital completed and delivered over 60 rockets, satellites and other space related products while maintaining a 100% success rate in major launch vehicle and spacecraft missions. Orbital also had 100% mission success in 2006,2005,2004,2003 and 2002. With these accomplishments Orbital had a 32% increase in share price, providing shareholders with double digit gains in 2007.
2007 also saw new contracts awarded and existing options exercised for a total of $1.975 billion in new order activity. New business activity in 2007 consisted of $1.25 billion in firm orders, $$585 million in options, and $265 million in option exercised under previously awarded contracts.
In 2007 revenues increased 35% to $1.08 billion. A 27% increase in operating income and a significant reduction in interest expense contributed to an increase in net income by 43% to $56.7 million. The four segments that generated revenue are:
Satellites and Space Systems - 43%
Advanced Space Programs - 16%
Launch Vehicles - 36%
Transportation Management Systems - 5%
Free cash flow in 2007 of $81.9 million set a new company record and continued a five year trend of robust annual cash flow. Since 2004, Orbital has spent $145 million of its accumulated cash flow generated over the past five years to buy back 9.25 million shares of company stock At the end of 2007, Orbital's cash balance exceeded $235 million.
Orbital's operations are expected to increase in 2008 with 40 major product delivery and launch events scheduled. These include 25 satellite deployments, rocket launches, and other major space missions together with 15 of more additional system deliveries for future missions.
Orbital's four business segments are comprised of the following:
Satellites and Space Systems
Communications Satellites - small geosynchronous-Earth orbit satellites that provide broadcast , cable and direct-to-home television, business data networks and other space-based communications services.
Science and Technology Satellites - small and medium satellites are used to conduct scientific research, deep space exploration and collect data and imagery about the Earth.
Space Technical Services - space related engineering, analytical and manufacturing services for scientific and military programs.
Advanced Space Programs
Human Space Systems - human related space systems to be used in Earth orbit, lunar exploration and other advanced space missions.
National Security Space Systems - small satellites and subsystems used for national security space missions and related technology demonstration programs.
Advanced Launch Systems - new medium class launch vehicles and advanced booster systems.
Launch Vehicles
Space Launch Vehicles - small and medium class rockets that deliver satellites into low Earth orbit for commercial, civil government and military customers.
Interceptor Launch Vehicles - missile defense rockets that boost intercept vehicles to destroy ballistic missiles launched against the United States, its troops and overseas allies.
Target Launch Vehicles - suborbital rockets and systems used to develop and test missile defense systems and to serve as platforms for military research.
Transportation Management Systems - software based systems that combine navigation and wireless communications to enable municipal transit and other fleet operators to better manage and track vehicles.
Financials
Trailing P/E (ttm): 24.38
Forward P/E (fye 31-Dec-09): 22.12
Profit Margin (ttm): 5.12%
Operating Margin (ttm): 7.88%
Return on assets (ttm): 7.25%
Return on equity (ttm): 13.38%
Qtrly Revenue Growth(yoy): 29.70%
EBITDA (ttm): $107.91 million
Total Cash (mrq): $244.25 million
Total Debt (mrq): $143.75 million
Operating Cash Flow (ttm): $117.39 million
Levered Free Cash Flow (ttm): $61.65 millon
Revenue 2007 - $1,084 billion
Revenue 2006 - $802,856 million
Profit 2007 - $187,203 million
Profit 2006 - $158,719 million