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                                                                      Exhibit 99

                          IMPORTANT FACTORS REGARDING
                           FORWARD LOOKING STATEMENTS


The following factors, among others, could affect the Company's actual results
and could cause Orbital's actual consolidated results for the fourth quarter of
1996 and beyond, to differ materially from those expressed in any
forward-looking statements made by, or on behalf of, the Company:

- -   Orbital, like most companies and governments that have launch and satellite
    programs, has experienced occasional product failures and other problems,
    including with respect to certain of its launch vehicles and satellites.
    In addition to any costs resulting from product warranties, contract
    performance or required remedial action, product failures may result in
    increased costs or loss of revenues due to postponement or cancellation of
    subsequently scheduled launches or spacecraft operations or other product
    deliveries.

- -   As of December 31, 1995, approximately 60% of Orbital's backlog is with the
    U.S. Government or under subcontracts with prime contractors to the U.S.
    Government.  Most of Orbital's government contracts are funded
    incrementally on a year-to-year basis.  Changes in government policies,
    priorities or funding levels through agency or program budget reductions by
    the U.S. Congress or the imposition of budgetary constraints could
    materially adversely affect Orbital's financial condition or results of
    operations.  All the Company's U.S. Government contracts and, in general,
    its subcontracts with U.S. Government prime contractors, provide that such
    contracts may be terminated at will by the  U.S. Government or the prime
    contractor, respectively.  There can be no assurance that these contracts
    will not be terminated or suspended in the future, or that contract
    suspensions or termination will not result in unreimbursable expenses or
    charges or other adverse effects on the Company.

- -   Certain of the Company's revenues have been generated under fixed-price
    incentive fee, firm fixed-price and cost-plus-fee long-term contracts.
    Revenue recognition and profitability, if any, from a particular contract
    may be adversely affected to the extent that original cost estimates,
    estimated costs to complete or incentive or award fee estimates are
    revised, delivery schedules are delayed, or progress under a contract is
    otherwise impeded.

- -   The accuracy and appropriateness of Orbital's direct and indirect costs and
    expenses under its U.S. Government  contracts are subject to extensive
    regulation and audit by the Defense Contract Audit Agency or by other
    appropriate agencies of the U.S.  Government.  These agencies have the
    right to challenge Orbital's cost estimates or allocations with respect to
    any such contract.  Additionally, a substantial portion of payments to the
    Company under U.S. Government contracts are provisional payments that are
    subject to potential adjustment upon audit by such agencies.  While there
    can be no certainty, Orbital believes that any adjustments likely to result
    from pending inquiries or audits of its contracts will not have a material
    adverse impact on Orbital's financial condition or results of operations.