DULLES, Va., Sep 8, 2004 (BUSINESS WIRE) -- Orbital Sciences Corporation (NYSE:ORB) announced today that 2,489,017 (or 54%) of the 4,631,121 common stock purchase warrants issued in 2001 were exercised prior to their expiration date last week. Each warrant allowed its holder to purchase one share of the company's common stock at an exercise price of $4.82 per share. The company received an aggregate of approximately $12 million in cash from the exercise of the warrants, approximately $10 million of which was received during the third quarter of 2004. As previously announced, the warrants not exercised on or before August 31, 2004 expired at that time and no further exercises may be made.
Orbital develops and manufactures small space and rocket systems for commercial, military and civil government customers. The company's primary products are satellites and launch vehicles, including low-orbit, geosynchronous and planetary spacecraft for communications, remote sensing, scientific and defense 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 offers space-related technical services to government agencies and develops and builds satellite-based transportation management systems for public transit agencies and private vehicle fleet operators.
SOURCE: Orbital Sciences Corporation
Orbital Sciences Corporation Barron Beneski, 703-406-5528 Beneski.firstname.lastname@example.org
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