Lockheed Martin Space Operations (LMSO) is a member of the winning team recently selected by NASA’s Johnson Space Center (JSC) to provide astronaut-related medical support and operations, flight hardware development and research services for NASA’s Space Shuttle and International Space Station programs. The potential value of this contract to Lockheed Martin (NYSE: LMT – News) is about $300 million over the expected ten-year life of the contract.
As the principal subcontractor on this program to Wyle Laboratories, Inc., LMSO will support JSC’s Office of Bioastronautics in the Space and Life Sciences organization, which is responsible for the health and productivity of crews living and working in space. The Office of Bioastronautics also ensures the overall excellence of science on human space missions and leverages knowledge gained in space to enhance life on Earth.
“Lockheed Martin has been supporting America’s human spaceflight program for more than 40 years and has provided Life Sciences support at Johnson Space Center for more than two decades,” said Jay Honeycutt, president, Lockheed Martin Space Operations. “We are delighted that we will continue to be playing a key role in support of JSC’s Office of Bioastronautics as a member of the Wyle team.”
Under the contract, the company will provide mission management, development, integration and operations support for life sciences experiments and payloads. Its scientists will also develop space food technology and support NASA’s award-winning Life Sciences Data Archive. Other activities will include human factors research and support and development of flight hardware and ground systems.
Among its accomplishments in support of NASA’s bioastronautics program, Lockheed Martin developed the Human Research Facility, the first facility- class payload on the International Space Station. The company also managed the Shuttle Radar Topography Mission payload, which flew onboard Space Shuttle Endeavour and gathered topographic data over approximately 80% of the land surfaces of the Earth, creating the first-ever near-global data set of land elevations.
Lockheed Martin Space Operations, a business unit of Lockheed Martin Technology Services headquartered in Cherry Hill, New Jersey, is a high- technology company with about 3,000 engineers, scientists and support personnel. Services include data collection, processing and exploitation, telemetry, and communication operations support for NASA; software and hardware engineering for the Space Shuttle and International Space Station; mission operations and planning systems design, development, and integration; and human life sciences research.
SPACEHAB Announces Stock Repurchase Program
SPACEHAB, Incorporated (Nasdaq: SPAB – News), a leading provider of commercial space services with over $100 million in sales, today announced that its Board of Directors has authorized a common stock repurchase program of up to $1.0 million. The program is effective immediately.
Any purchases under SPACEHAB’s stock repurchase program may be made from time-to-time, in the open market, through block trades or otherwise in accordance with applicable regulations of the Securities and Exchange Commission. Depending on market conditions and other factors, these purchases may be commenced or suspended at any time or from time-to-time without prior notice. Additionally, the timing of such transactions will depend on other corporate strategies and will be at the discretion of the management of the Company.
SPACEHAB currently has approximately 13.6 million shares of common stock outstanding, with cash and cash equivalents of approximately $19.3 million, or $1.42 per diluted share, as of the end of February 2003. The repurchased shares will become treasury shares and may be used for general corporate purposes.
“The Board of Directors decided to pursue this course of action after a review of the Company’s financial condition, outlook, and other investment alternatives,” said Michael E. Kearney, President and Chief Operating Officer of SPACEHAB. “Under current market conditions, we have an opportunity to buy back shares of SPACEHAB stock at what we believe are attractive levels. Additionally, we believe repurchasing shares of the stock at current market prices, which are now trading well below the Company’s cash value per share of approximately $1.42 per diluted share, is a productive use of our capital,” concluded Mr. Kearney.
About SPACEHAB
With more than $100 million in annual revenue, SPACEHAB, Incorporated is a leading provider of commercial space services. The Company develops, owns, and operates habitat and laboratory modules and cargo carriers aboard NASA’s Space Shuttles. Its Johnson Engineering subsidiary provides orbiter crew compartment integration, ISS stowage and configuration management, supports astronaut training, and builds space-flight mockup trainers at NASA’s Johnson Space Center in Houston. SPACEHAB’s Astrotech subsidiary provides commercial satellite processing services at facilities in California and Florida. Additionally, through The Space Store, Space Media provides space merchandise to the public and space enthusiasts worldwide (www.thespacestore.com).
This release contains forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected in such statements. Such risks and uncertainties include, but are not limited to, whether the Company will fully realize the economic benefits under its NASA and other customer contracts, the timing and mix of Space Shuttle missions, the impact of the recent Columbia tragedy on the Company’s existing and future business operations, the amount of any indemnification payments the Company may receive for its RDM, which was lost as part of the Columbia tragedy, the successful development and commercialization of new space assets, technological difficulties, product demand, timing of new contracts, launches and business, market acceptance risks, the effect of economic conditions, the impact of war, uncertainty in government funding, the impact of competition, and other risks detailed in the Company’s Securities and Exchange Commission filings. The Company assumes no obligation to update these forward-looking statements.
