Orbital reported a fourth quarter 2001 operating loss of $23.0 million compared to a fourth quarter 2000 operating loss of $63.3 million. The company's net loss for the fourth quarter of 2001 was $31.7 million ($0.80 per share), as compared to a quarterly net loss of $88.2 million ($2.35 per share) a year earlier.

As more fully described below, fourth quarter 2001 operating results included $20.7 million in remaining charges for the OrbView-3 satellite project, a $3.4 million litigation-related charge as well as $13.0 million of earnings related to the settlement of the NASA X-34 contract. Fourth quarter operations also included $12.0 million of charges for unprofitable contracts.

For the full year, Orbital reported 2001 revenues of $415.2 million, an increase of 9% over full year 2000 revenues.

Orbital's 2001 loss from operations was $53.0 million compared to a loss from operations in 2000 of $165.5 million.

The company's net income was $19.0 million ($0.49 per share) in 2001 as compared to a net loss of $278.2 million ($7.42 per share) for 2000.

Full year 2001 results included $114.6 million of income from discontinued operations, including net gains from the sale of three non-core businesses during the year.

Full year net earnings also included $26.5 million of non- cash charges related to the company's allocated share of losses of its ORBIMAGE and ORBCOMM affiliates.

Orbital believes that it has recognized all existing obligations to these affiliates and does not expect any further charges related to these investments.

The full year 2001 loss from operations includes non-recurring charges of $5.4 million for litigation-related matters and $4.9 million for excess facilities charges.

In addition, full year results also include approximately $56.0 million of losses related to unprofitable contracts and $16.0 million of earnings in connection with the NASA X-34 contract.

"We are encouraged by the progress the company made in the fourth quarter toward our goal of restoring Orbital to profitability and positive cash flow," said Mr. David W. Thompson, Orbital's Chairman and Chief Executive Officer.

"In 2001, Orbital effectively executed the major elements of our turnaround plan that is focused on the company's core space technology business.

"Specifically, we improved the cost and schedule performance of our satellite design and manufacturing division, completed the sale of three non-core business units and significantly reduced our total debt.

"Today, our financial foundation is much stronger than it was a year ago. As Orbital begins 2002, we are looking forward to returning the company to robust growth and improved profitability this year," said Thompson.

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