Orbital Sciences Fires Outside Auditors
Orbital Sciences Corp., the top maker of small satellites, fired its outside auditors while reporting unexpectedly weak results at a joint venture and a loss for the latest quarter. Dulles, Va.-based Orbital said it lost $15.8 million, or 43 cents a share, in the first quarter, contrasted with net income of $4.75 million, or 13 cents, a year earlier. It was expected to report profit of 2 cents, the average estimate of seven analysts polled by First Call Corp. Estimates ranged from a profit of 15 cents to a loss of 3 cents.
Orbital said it fired KPMG after the auditors cited “material weaknesses†in Orbital’s internal auditing system.
The company blamed its loss mostly on a $28.9-million loss in its satellite services division. It warned that losses will persist in the division as the business catches up with orders.
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