GeoEye Reports First Quarter 2009 Operating Results

DULLES, Va., May 11 /PRNewswire-FirstCall/ -- GeoEye, Inc. (NASDAQ: GEOY) today reported its financial results for the first quarter of 2009. First quarter 2009 revenues were $45.2 million, a 26 percent increase compared to $35.9 million in the first quarter of 2008. The increase was primarily due to our GeoEye-1 satellite beginning commercial operations in February 2009 resulting in increased imagery orders from the National Geospatial-Intelligence Agency (NGA). In addition, we began recognizing deferred revenue related to the cost share from NGA for GeoEye-1.

(Logo: http://www.newscom.com/cgi-bin/prnh/20080625/LAW528LOGO)

Income from operations was $1.7 million for the first quarter 2009 compared to $5.6 million for the first quarter 2008. The decrease was due to increased costs related to GeoEye-1 becoming operational, offset by our initial revenues from GeoEye-1. Beginning in the first quarter of 2009, operating expenses included operating costs related to the GeoEye-1 satellite including depreciation, satellite insurance and salary costs.

Our net loss for the first quarter of 2009 was $1.7 million compared to a net loss of $0.8 million for the corresponding period in 2008.

Selected year-end financial results for the Company are as follows (dollars in thousands, except earnings per share):


                                       Three Months Ended March 31,
                                       ---------------------------
                                           2009          2008       Change
                                           ----          ----       ------
                                              (unaudited)

    Revenues                             $45,211        $35,912     $9,299

    Operating expenses:
      Direct costs of revenue
       (exclusive of depreciation and
       amortization)                      24,842         18,697      6,145
      Depreciation and amortization        8,460          3,273      5,187
      Selling, general and
       administrative                     10,204          7,168      3,036
      Satellite impairment
       settlement                              -          1,150     (1,150)
                                          ------          -----     ------
      Total operating expenses            43,506         30,288     13,218
                                          ------         ------     ------
    Income from operations                 1,705          5,624     (3,919)
    Interest expense, net                  5,562          3,728      1,834
                                           -----          -----      -----
    (Loss) income before provision
     for income taxes                     (3,857)         1,896     (5,753)
    (Benefit) provision for income
     taxes                                (2,120)         2,713     (4,833)
                                          ------          -----     ------
    Net loss                             $(1,737)         $(817)     $(920)
                                         =======          =====      =====
    Net loss per share (basic and
     diluted)                             $(0.09)        $(0.05)    $(0.04)
                                          ======         ======     ======



                                         March 31,    December 31,
                                           2009                    2008            Change
                                                                                      ----                    ----            ------
                                                                                (unaudited)

        Cash  and  cash  equivalents                        $93,131              $106,733      $(13,602)
        Other  current  assets                                    96,717                  85,131          11,586
        Satellites  and  PPE                                      520,902                510,893          10,009
        Other  non-current  assets                            60,373                  61,577          (1,204)
        Deferred  tax  asset                                        30,270                  30,271                  (1)
                                                                                    ------                  ------          ------
                Total  assets                                        $801,393              $794,605          $6,788
                                                                                ========              ========          ======
        Total  current  liabilities                        131,979                115,986          15,993
        Long-term  deferred  revenue,  net
          of  current  portion                                    190,273                199,317          (9,044)
        Long-term  debt  and  other                          248,368                248,898              (530)
        Stockholders'  equity:                                230,773                230,404                369
                                                                                  -------                -------                ---
                Total  liabilities  and
                  stockholders'  equity                      $801,393              $794,605          $6,788
                                                                                ========              ========          ======



                                                                              Three  Months  Ended  March  31,
                                                                              ---------------------------
                                                                                      2009                      2008          Change
                                                                                      ----                      ----          ------
                                                                                              (unaudited)
        Net  cash  provided  by
          operating  activities                                      $725                  $9,918        $(9,193)
        Net  cash  used  in  investing
          activities                                                    (16,069)              (29,321)        13,252
        Net  cash  provided  by  financing
          activities                                                        1,742                    1,002                740
        Net  decrease  in  cash  and  cash
          equivalents                                                  (13,602)              (18,401)          4,799
        Cash  and  cash  equivalents,
          beginning  of  period                                  106,733                226,761      (120,028)
        Cash  and  cash  equivalents,  end
          of  period                                                      $93,131              $208,360    $(115,229)

 


1 | 2  Next Page »



Review Article Be the first to review this article
Teledyne Optech:

Harris

Featured Video
Jobs
Mapping & GIS Sales Rep for California Surveying & Drafting Supply at Sacramento, CA
Analyst Programmer for Palm Beach County at West Palm Beach, FL
Architectural Designer for Champion Home Builders at Troy, MI
Upcoming Events
Intergeo 2017 at Berlin Germany - Sep 26 - 28, 2017
2017 South Florida GIS Expo at Palm Beach County Convention Center 650 Okeechobee Blvd West Palm Beach FL - Sep 28 - 29, 2017
2nd International Conference on GIS and Remote Sensing (GIS Congress-2017) at Vienna, Austria Vienna Vienna Austria - Oct 2 - 3, 2017
Drone World Expo at San Jose Convention Center CA - Oct 3 - 4, 2017
Teledyne Optech
University of Denver GIS Masters Degree Online



Internet Business Systems © 2017 Internet Business Systems, Inc.
25 North 14th Steet, Suite 710, San Jose, CA 95112
+1 (408) 882-6554 — Contact Us, or visit our other sites:
AECCafe - Architectural Design and Engineering EDACafe - Electronic Design Automation TechJobsCafe - Technical Jobs and Resumes  MCADCafe - Mechanical Design and Engineering ShareCG - Share Computer Graphic (CG) Animation, 3D Art and 3D Models
  Privacy PolicyAdvertise