Orbital Sciences announces $50 million repurchase program

New York, April 22 - Orbital Sciences Corp. said its board of directors has authorized the company to buy back up to $50 million of its debt and equity securities over the next 12 months.

Covered by the authorization are Orbital Sciences' $135 million 9% senior notes due 2011, 48.7 million shares of common stock and 135,000 warrants to buy 16.5 million shares of common stock with an exercise price of $3.86 per share that expire in 2006.

The Dulles, Va., rocket company reported that it generated $41.5 million of free cash flow in the first quarter compared to $11.2 million in the same period of 2003.

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