Orion Network pares its losses


November 01, 1996

Orion Network Systems Inc., one of Maryland's fastest growing technology companies, said yesterday that its third-quarter losses decreased to $5.79 million, or 53 cents a share, compared with a loss of $6.99 million, or 78 cents a share, during the year-ago period.

The improvement for the Bethesda-based company was a result of a 97 percent increase in revenues to $12.2 million, compared with $6.2 million during the third quarter last year. While both parts of the business grew fast, the largest increase was in providing satellite services for private international businesses. Orion can set up antennas on the roof of a company office and beam information across great distances.

"They come to Orion to put together a network solution for that company," said William Randall, the company's investor relations chief.

The company also had a 110 percent growth in the leasing of space on its satellite to companies such as CNN. Orion reported nine-month revenues of $30 million, compared with $13.9 million for 1995. The loss for the nine months of 1996 was $19.8 million, compared with $19.99 million during the year-ago period.

Pub Date: 11/01/96

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