Orbital Sciences (News - Alert) Corporation announced its fourth quarter and full year 2011 financial results this morning. Along with announcing record full year revenues and earnings, the company provided updates to its COTS and CRS launch schedules.

The company closed 2011 with $1.345 billion of revenues, as compared to nearly $1.3 billion revenues in 2010. Operating income for 2011 was $79.8 million; 2010 was $73.0 million. Net income was $67.4 million or $1.13 diluted earnings per share in 2011, as compared to $47.5 million ($0.81 diluted earnings per share) in 2011. Full year free cash flow was $5.3 million in 2011, as compared to a negative $84.2 million in 2010.

Orbital has $2.4 billion in firm backlog, so it will start 2011 with more than 90 percent of its projected revenues for the year covered by existing contracts. Revenues decreased 3 percent in the fourth quarter of 2011 due to a reduction in satellite and space systems segment revenue. For the full year 2011, revenues increased $51.3 million, or 4 percent, compared to 2010, due to revenue growth in all segments of launch vehicles, satellite and space systems, and advanced space programs.

Highlights for the year, included 18 rockets launched and nine satellites and space systems deployed. Orbital also delivered four commercial communications satellites to customers around the globe, including SES (News - Alert)-2 and its integrated CHIRP hosted payload. The company also made what it termed "considerable progress" in the Antares rocket and Cygnus cargo spacecraft development programs for NASA.

Next year, the company anticipates the delivery and initial launches of Antares and Cygnus for NASA's COTS and CRS programs to supply the International Space Station (ISS), delivering up to six commercial communications and scientific satellites, launching two Pegasus rockets carrying NASA satellites, and continued production and launches of defense-related target and interceptor launch vehicles.

In May, Orbital will conduct the Antares first-stage static test fire test at Wallops Island, Va. The Antares test flight for NASA's COTS development program is slated to occur in June, with a full-up COTS mission to take place in the third quarter of 2012. In the COTS demonstration, Orbital will launch an Antares rocket carrying a Cygnus cargo supply craft to rendezvous and berth with ISS. 

Successful completion of the COTS demonstrations would lead to execution of Orbital's first NASA CRS mission for commercial delivery of cargo to ISS, taking place in the fourth quarter of 2012.