Company Elects Four Board Members to New Terms; Approves Increase in Number Of Shares Allocated for Employee Stock Purchase Plan; Recaps 2001 Strategic And Financial Results and Provides Outlook for 2002

Orbital Sciences
Corporation held its 2002 Annual Meeting of Stockholders today at
the company’s headquarters in Dulles, Virginia, during which four members of
the Board of Directors, Mr. Daniel J. Fink, Dr. Robert J. Hermann, Ms. Janice
I. Obuchowski and Mr. Frank L. Salizzoni, were elected to three-year terms,
expiring in 2005.

Orbital also received shareholder approval to increase the number of
shares available to the company’s Employee Stock Purchase Plan (ESPP) from 1.0
million shares to 3.0 million shares. During 2001 and 2000, Orbital employees
purchased 1.0 million shares of common stock through the ESPP program.

Orbital’s Chairman and Chief Executive Officer, Mr. David W. Thompson,
gave a presentation to stockholders that recapped the progress of the
company’s “back-to-basics” strategic focus in 2001, as well as detailed the
company’s business outlook for the remainder of 2002.
The highlights of Mr.
Thompson’s presentation are summarized below:

2001 in Review

Mr. Thompson indicated that 2001 was a year of “major transformation” for
Orbital as the company executed its “back-to-basics” strategy adopted in late
2000. He said principal elements of Orbital’s refocus on its core space
technology products were successfully completed in 2001, including improving
the company’s operational performance, divesting four non-core businesses for
approximately $245 million in proceeds, terminating further investments in
satellite service ventures, and strengthening the company’s balance sheet.
As
a result of the actions taken in 2001, Mr. Thompson indicated he believes the
company is now positioned for significantly improved financial performance in
2002.

Outlook for 2002

With missile defense launch vehicles and geosynchronous communications
satellites leading the way as the company’s primary growth products, Orbital
is looking forward to significantly improved financial performance in 2002,
Mr. Thompson stated.
The company is targeting revenues in excess of $500
million, with operating profit margins in the range of 4 to 5%.
He said the
company is targeting all four quarters of 2002 to generate positive net income
and that the year began on an upbeat note with the $2.4 million net income, or
$0.05 earnings per share, that the company reported for its first quarter
earlier this week.

Mr. Thompson indicated that while Orbital has clearly established positive
momentum over the past several quarters, challenges for the company remain
ahead in 2002.
Specifically, he cited the need to address the company’s $100
million convertible bonds that mature on October 1, 2002, together with a
focus on large-scale ramp-up of the company’s operations on new programs like
the recently awarded missile defense boost vehicle contract, as well as
continued discipline in the areas of cost control, cash management and program
execution.

Orbital is one of the world’s leading developers and manufacturers of
affordable space systems for commercial, civil government and military
customers.
The company’s primary products include low-orbit, geosynchronous
and planetary spacecraft for communications, scientific and remote sensing
missions; ground- and air-launched rockets that deliver satellites into orbit;
and missile defense boosters that are used as target and interceptor 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.

More information about Orbital can be found at: http://www.orbital.com .

Note:
“Safe Harbor” Statement Under the Private Securities Litigation
Reform Act of 1995.

Some of the statements in this release constitute “forward-looking
statements” within the meaning of the Private Securities Litigation Reform Act
of 1995.
All statements other than those of historical facts included herein,
including those related to the company’s financial outlook, goals, business
strategy, projected plans and objectives of management for future operations,
new order trends and liquidity are forward-looking statements.
Such “forward-
looking statements” involve unknown risks and uncertainties that may cause the
actual results, performance or achievements of the company to be materially
different from any future results, performance or achievements, expressed or
implied by such forward-looking statements.

Factors such as general economic and business conditions, availability of
required capital for Orbital and its affiliates, continued government support
and funding for key space and defense programs, the financial condition of
major customers, product performance, market acceptance of products, services
and technologies, consumer demand, and dependence upon long-term contracts and
licensing agreements with commercial and government customers may impact the
company’s revenues, expenses and profit from period to period.
These factors
and others related to the company’s business are described in further detail
in the company’s SEC filings, including its Form 10-K.
Orbital assumes no
obligation to update any such forward-looking information.