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SPACEHAB Lands New Space Station Mission; Contract Expansion and New Awards Provide Approximately $24.0 Million in Revenue
THURSDAY, NOVEMBER 20, 2003 2:52 PM
- PR Newswire
SPAB
3.158 +1.478
HOUSTON, Nov 20, 2003 /PRNewswire-FirstCall via Comtex/ -- SPACEHAB, Incorporated (SPAB) , a leading provider of commercial space services, today announced that the Company was awarded a new mission under its Research and Logistics Mission Support (ReALMS) contract with NASA for cargo services to the International Space Station (ISS).
A modification to the ReALMS contract has been signed, adding the use of SPACEHAB's Integrated Cargo Carrier (ICC) to the STS-121 space shuttle mission scheduled for launch in November 2004. Additionally, the contract was amended to fund equitable adjustment payments through December 2003 for services being provided on ISS missions STS-116 (12A.1) and STS-118 (13A.1) due to space shuttle launch delays.
NASA has directed Lockheed Martin (LMT) , the recent winner of the ISS Cargo Mission contract, to establish a contract with SPACEHAB for continued ICC and logistics module support beginning January 1, 2004. This allows the ReALMS contract to end on its expiration date without creating any lapse in service to the Government.
SPACEHAB is supporting the transition of the ISS Program Integration and Control function as a subcontractor to the ARES Corporation team. This effort utilizes SPACEHAB's core competency in configuration management services. This five-year initiative is currently valued at approximately $22.0 million for the Company, and if exercised, two additional one-year contract options would increase the award by an additional $10.0 million.
About SPACEHAB, Incorporated
With approximately $100 million in annual revenue, SPACEHAB, Incorporated (
www.spacehab.com) 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 for space station resupply and research purposes. Its Government Services business unit provides Space Station and Space Shuttle support services including orbiter crew compartment integration, stowage, and configuration management to 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). The statements in this document may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected in the statements. In addition to those risks and uncertainties discussed herein, such risks and uncertainties include, but are not limited to, whether the Company will fully realize the economic benefits under its U.S. National Aeronautics and Space Administration ("NASA") and other customer contracts, whether NASA and other customers will continue to utilize the Company's habitat modules and related commercial space assets, whether plans to complete the International Space Station ("ISS") are fulfilled, continued availability and use of the U.S. Space Shuttle system, technological difficulties, product demand and market acceptance risks, the effect of economic conditions, uncertainty in government funding, the impact of competition, delays and uncertainties in future space shuttle and ISS programs, resolution of the Company's indemnification claim with NASA arising from the loss of the Columbia orbiter and its crew during the STS-107 mission, and other risks described in reports filed by the Company with the Securities and Exchange Commission. The Company assumes no obligation to update these forward-looking statements.
For more information, contact:
Kimberly Campbell Julia A. Pulzone
Director of Marketing Chief Financial Officer
SPACEHAB, Inc. SPACEHAB, Inc. -- Washington Office
Phone 713.558.5049 Phone 202.488.3500
Fax 713.558.5957 Toll free 888.647.9543
campbell@spacehab.com pulzone@hqspacehab.com
SOURCE SPACEHAB, Incorporated
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