- The Washington Times - Wednesday, July 24, 2002

Orbital Sciences Corp. posted a net income of $5.4 million (12 cents per diluted share) for the second quarter ended June 30, an improvement from a net loss of $25.1 million (66 cents) a year earlier.

The Sterling, Va.-based company develops and manufactures space systems for commercial, government and military clients.

David Thompson, Orbital's chairman and chief executive officer, credited part of the profits to strong revenue and operating-margin performance in the company's launch vehicles and electronic-systems segment.

"In the second quarter, we continued to realize the benefits of our 'back-to-basics' strategy, which is focused on our core space-technology businesses," he said.

Freddie Mac also posted profits for the second quarter ended June 30.

The home-mortgage purchasing company headquartered in McLean said earnings rose 20 percent to $1.1 billion ($1.50) from $914 million ($1.24) a year earlier.

Analysts said the company increased profits by slowing down its amount of purchases while buying back debt.

Among other local area companies reporting earnings yesterday:

•Black & Decker Corp., the largest U.S. power-tool manufacturer, of Towson, Md., posted a 59 percent increase in its second-quarter earnings ended June 30 to $66.1 million (81 cents) from $41.7 million (51 cents) a year earlier.

•XM Satellite Radio Holdings Inc., the Washington-based satellite-radio broadcaster, reported a 204 percent increase in net losses for the second quarter ended June 30 to $117.2 million ($1.38) from $38.5 million (76 cents) a year earlier.

•WebMethods Inc., an integration software provider headquartered in Fairfax, said net losses for the second quarter ended June 30 declined to $3.1 million (6 cents) from a net loss of $15.7 million (31 cents) a year earlier.

•Southern Financial Bankcorp Inc., the owner of Southern Financial banks headquartered in Warrenton, Va., said profits in the second quarter ended June 30 rose 18 percent to $2.6 million (58 cents per diluted share) from $2.2 million (63 cents) a year earlier.


Copyright © 2018 The Washington Times, LLC. Click here for reprint permission.

The Washington Times Comment Policy

The Washington Times welcomes your comments on Spot.im, our third-party provider. Please read our Comment Policy before commenting.

 

Click to Read More and View Comments

Click to Hide