SPACE NEWS PRESS RELEASE
SpaceDev, Inc. reported its financial results for the year ending December 31, 2007 with revenue of $34.7 million, an increase of over $2 million from 2006. Gross Margin increased to over 25% of net sales, a gain of over 4 percentage points, and Income from Operations improved by over $1 million. Net loss was reduced by $700,000. The Company also experienced Adjusted EBITDA for the year of approximately $1.8 million, an increase of over $1.6 million from 2006.
“SpaceDev continued to show operational and financial progress in 2007,” said Mark N. Sirangelo, SpaceDev’s Chairman and Chief Executive Officer. “We are remaining focused on building an integrated mid-market aerospace company. Despite unexpected conditions, such as the firestorms in San Diego last year that challenged us, we are progressing well as a company.”
The Company’s primary financial information is shown below. The discussion of the Company’s financial results should be read in conjunction with the Company’s Form 10-KSB filed with the Securities and Exchange Commission.
SpaceDev reported net sales of $34.7 million for the year ended December 31, 2007, an increase of $2.1 million, or 6%, from the $32.6 million in net sales reported for 2006.
The Company realized a Gross Margin of approximately $8.8 million, or 25.4% of net sales, for 2007, compared to a Gross Margin of $6.8 million, or 21.0% of net sales, in 2006, an increase of $2 million, or 4.4 percentage points. SpaceDev also realized Income from Operations of $116,000 in 2007, compared to an Operating Loss of $974,000 for 2006, a positive change of approximately $1.1 million. Net Loss for the year ended December 31, 2007 was ($273,000), or ($0.03) per common share, compared to a Net Loss of ($973,000), or ($0.06) per common share, for the same period in 2006, an increase of $0.03 per share. For 2007, the Company’s Adjusted EBITDA (see explanation note below) increased to $1.8 million compared to an Adjusted EBITDA of $142,000 for the same period in 2006, an increase of $1.6 million.
Cash reserves and cash available for investment increased to $6.5 million at December 31, 2007, compared to $1.4 million at December 31, 2006. Cash plus accounts receivable increased from $8.7 million at December 31, 2006 to $13.0 million at December 31, 2007, an increase of over $4.2 million. The working capital ratio at December 31, 2007 was 2.0 compared to 1.2 at December 31, 2006.
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