Daily Archives: May 10, 2012

LOS ANGELES and ARLINGTON, Va., May 9, 2012 /PRNewswire/ -- ATK (ATK) announced today it has developed Liberty into a complete commercial crew transportation system, including the spacecraft, abort system, launch vehicle, and ground and mission operations, designed from inception to meet NASA's human-rating requirements with a potential for the first test flight in 2014 and Liberty crewed flight in 2015.

The company also announced Lockheed Martin (LMT) will provide support to the ATK and Astrium Liberty team as a major subcontractor on the project.

"Our goal in providing Liberty is to build the safest and most robust system that provides the shortest time to operation using tested and proven human-rated components," said Kent Rominger, vice president and program manager for Liberty. "Liberty will give the U.S. a new launch capability with a robust business case and a schedule that we expect will have us flying crews in just three years, ending our dependence on Russia."

"Liberty will enable a successful commercial space program and result in a globally competitive capability that America doesn't have today," said Rominger. "This program is changing the way we do business and can also result in a positive change to government programs."

Liberty's test flights are expected to begin in 2014, with a crewed mission anticipated in late 2015. The current schedule will support crewed missions for NASA and other potential customers by 2016, with a price-per-seat that is projected to be lower than the cost on the Russian Soyuz rocket.

Liberty's approach is to bring together flight-proven elements designed from inception to meet NASA's human-rating requirement, reducing development time and costs, and providing known, reliable and safe systems. The simple configuration of a solid first stage and liquid second stage lowers the likelihood of failure and enables a flight path with total abort coverage, maximizing survival for the crew in the unlikely event of an anomaly requiring an abort. In addition, the Liberty spacecraft leverages design work performed at NASA Langley Research Center on the composite crew module and launch abort system, for which ATK was a contractor.

"Because Liberty provides a safe and reliable vehicle for the crew, as well as a sustainable business for years to come, it can be a successful commercial business," said Rominger. "Liberty's business case benefits from mature, flight-proven elements that dramatically lower our up-front development costs."

Liberty has a robust and sustainable business case that will create and sustain thousands of jobs across the United States including Alabama, California, Colorado, Florida, Maryland, New York, Ohio, Texas, Utah, and Virginia. Its low remaining development cost accelerates the time to market, filling NASA's requirements, and provides a quicker return on investment to outside entities. Liberty's performance of 44,500 pounds to low-earth orbit enables the system to launch both crew and cargo and also serve non-crewed markets including ISS cargo up and down mass, commercial space station servicing, U.S. government satellite launch, and future endeavors.

"We believe that no other offering can match Liberty's safety, spacious spacecraft, customer service and performance," said Rominger. "These traits enable the Liberty business to provide the best commercial space flight experience."

The Liberty spacecraft includes a composite crew module, which ATK built at its Iuka, Miss., facility as part of a NASA risk-reduction program at Langley between 2007 and 2010. As prime contractor, ATK is responsible for the composite crew module, Max Launch Abort System (MLAS), first stage, system integration and ground and mission operations, while Astrium provides the second stage powered by the Vulcain 2 engine and Lockheed Martin provides subsystems and other support.

See the article here:
ATK Announces Complete Liberty System to Provide Commercial Crew Access

GREAT NECK, NY--(Marketwire -05/09/12)- One Liberty Properties, Inc. (OLP), an owner of a geographically diversified portfolio of retail, industrial, office and other properties primarily under long term leases in the United States, today announced operating results for the quarter ended March 31, 2012.

Patrick J. Callan, Jr., President and Chief Executive Officer of One Liberty, stated, "Our first quarter results represent year-over-year growth in rental income primarily driven by our success in capitalizing on investment opportunities in the past year. In the first quarter, we acquired four properties, continuing the pace of activity we achieved in 2011. Occupancy at the end of the quarter was at 97.6%. We continue to see a steady flow of compelling opportunities, using our network of relationships to further strengthen and grow our portfolio in the coming quarters."

Operating Results:

Revenues for the first quarter of 2012 increased 4.9% to $11.64 million compared to $11.1 million for the first quarter of 2011. The net increase is primarily attributable to the ten properties acquired beginning March 2011.

Total operating expenses for the first quarter of 2012 increased 12.3% to $5.21 million from $4.64 million for the first quarter in the prior year. Approximately $184,000 of the increase is attributable to increased depreciation resulting from property acquisitions and approximately $290,000 is attributable to increased general and administrative expenses, including the quarterly impact of a $125,000 quarterly increase (effective as of January 1, 2011) in the amount payable pursuant to the compensation and services agreement which increase was not reflected in the first quarter of 2011.

Net income attributable to One Liberty in the first quarter of 2012 was $3.22 million or $0.21 per diluted share compared to $2.73 million or $0.21 per diluted share in the first quarter of 2011.

For the quarter ended March 31, 2012, the Company reported Funds from Operations ("FFO") of $5.57 million, a 7.5% increase from the $5.18 million reported in the first quarter of 2011. FFO was $0.38 per diluted share in the first quarter of 2012 compared to $0.39 per diluted share in the corresponding period of the prior year. A reconciliation of GAAP amounts to non-GAAP amounts is presented with the financial information included later in this release.

The per share net income and FFO results for the three months ended March 31, 2012 take into account the issuance of 2.7 million shares in a public offering completed by the Company in February 2011, while the results for the corresponding period in the prior year only takes such shares into account for a portion of the first quarter of 2011.

Acquisitions:

During the first quarter of 2012, the Company acquired four properties for an aggregate of $9.8 million. The 2012 annual base rent of these properties is approximately $ 769,000.

Excerpt from:
One Liberty Properties, Inc. Reports First Quarter 2012 Results