|
Barron Beneski
|
|
Friday, 06 March 2009 |
Orbital Sciences Corporation (NYSE: ORB) today announced that its Board of Directors has authorized the company to repurchase up to $50 million of its common stock over a 12-month period beginning immediately.
The new stock repurchase authorization will overlap with a previous $50 million authorization that expires on May 2, 2009. Orbital currently has approximately $3 million remaining under that plan.
“The Board’s authorization for another $50 million in common stock repurchases continues to demonstrate Orbital’s commitment to long-term shareholder value growth and reflects management’s view that the company’s future business prospects are solid,” said Mr. David W. Thompson, Chairman and Chief Executive Officer. “With our contract backlog at an all-time high, strong opportunities in most of our markets, and a balance sheet that affords us great flexibility, we believe the deployment of capital in the form of share repurchases is a smart move for our shareholders.”
Under the newly authorized repurchase program, shares of common stock may be purchased from time to time in the open market, in block purchases or in negotiated transactions. The timing and amount of shares to be repurchased will be determined based on market conditions and other factors.
About Orbital
Orbital develops and manufactures small- and medium-class rockets and space systems for commercial, military and civil government customers. The company’s primary products are satellites and launch vehicles, including low-Earth orbit, geosynchronous-Earth orbit and planetary spacecraft for communications, remote sensing, scientific and defense missions; human-rated space systems for Earth-orbit, lunar and other missions; ground- and air-launched rockets that deliver satellites into orbit; and missile defense systems that are used as interceptor and target vehicles. Orbital also provides satellite subsystems and space-related technical services to government agencies and laboratories. |
