Quarterly Record Revenues With Positive Operating Income, Net Income and Adjusted EBITDA
POWAY, CA--(MARKET WIRE)--May 9, 2008 -- SpaceDev, Inc. (OTC BB: SPDV.OB) reported its financial results for the three months ended March 31, 2008 with revenue of over $10.3 million, an increase of over 14%, net income of approximately $57,000 and Adjusted EBITDA of over $490,000.
"We reached a new revenue milestone for SpaceDev this quarter with our first $10 million quarter, as we continue to build the Company with major new programs, while closing-out some of our legacy long-term fixed price development programs," said Mark N. Sirangelo, SpaceDev's Chairman and Chief Executive Officer. "We are successfully executing on our existing work, while remaining focused on building the foundation of an emerging mid-market aerospace company for our stockholders."
Revenue - SpaceDev reported revenue of approximately $10.3 million for the three months ended March 31, 2008, an increase of approximately $1.3 million, or 14%, from the approximate $9.1 million in revenue reported for the same period in 2007. Most of the revenue increase was due to the growth of non-government sector programs by approximately $2.0 million offset by a slight decline in government based contracts.
Income from Operations - SpaceDev realized income from operations of approximately $58,000 in the first quarter of 2008, which included approximately $99,500 for stock option expense, compared to an operating income of $221,000 for the same three months in 2007, which included approximately $105,000 for stock option expense.
Net Income; Adjusted EBITDA - Net income for the 2008 first quarter was approximately $57,000, compared to approximately $109,000 for the same period in 2007 with ($0.00) earnings per share for both quarters. During the first quarter of 2008, SpaceDev's Adjusted EBITDA was approximately $493,000, or 5% of net sales, compared to an adjusted EBITDA of $642,000, or 7% of net sales, for the same quarter in 2007.
Cash Position - At March 31, 2008, SpaceDev's cash position, which included cash reserves and cash available for investment, was approximately $4.7 million compared to approximately $6.5 million at December 31, 2007.
"A significant item of note in the quarter was our increased expenditure on small satellite related research and development activities," said Richard B. Slansky, SpaceDev's President and Chief Financial Officer. "During the first quarter of 2008, our R&D expense totaled $259,000 compared to only $39,000 during the same period in 2007. We will continue to invest prudently in internal R&D to strengthen our intellectual property portfolio in our key business areas for the future. Also, our cash position changed primarily due to a government contract modification delay; however, our accounts receivable increased by $3.1 million to $8.1 million at March 31, 2008 from $5.0 million at December 31, 2007."
First Quarter Conference Call Details
SpaceDev will host a conference call on Monday, May 12, 2008 at 11:00 a.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.
About SpaceDev
SpaceDev, Inc. is a space technology/aerospace company that creates and sells affordable and innovative space products and mission solutions. For more information, visit www.spacedev.com. For more information on SpaceDev, please review the Company's filings on the SEC EDGAR system at www.sec.gov or at www.spacedev.com.
Except for factual statements made herein, this news release consists of forward-looking statements that involve risks, uncertainties and assumptions that are difficult to predict. Words such as "believe," "intends," "expects," "plans," "anticipates" and variations thereof, identify forward-looking statements, although their absence does not mean that a statement is not forward looking. Forward-looking statements are based on the Company's current expectations, and are not guarantees of performance. The Company's actual results could differ materially from its current expectations. Factors that could contribute to such differences include risks and uncertainties associated with: the Company's ability to effectively integrate acquisitions; rescheduling or cancellation of customer orders; uncertainties in the government budgeting process; ability to control costs and expenses; and larger competitors' competitive advantages. Reference is also made to other factors described in the Company's periodic reports filed with the SEC, including the Company's most current Annual Report on Form 10-KSB. These forward-looking statements speak only as of the date of this release. SpaceDev does not undertake to update these forward-looking statements.
For Further Information, Contact:
RedChip Companies, Inc.
500 Winderley Place, Suite 100, Orlando, FL 32751,
(800) 733-2447,Fax: (407) 644-0758,
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