GeoEye Reports Record 2009 Second Quarter Results

               RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA

                                              For the Three     For the Six
                                               Months Ended     Months Ended
                                                 June 30,        June 30,
                                              -------------    -------------
                                                2009   2008     2009    2008
                                                ----   ----     ----    ----
                                               (Unaudited)      (Unaudited)

      Net income (loss)                       $9,552  $(558)  $7,815 $(1,376)
      Adjustments:
        Interest expense, net                  8,618  2,030   14,180   5,758
        Provision for income taxes             5,689  3,636    3,569   6,350
        Depreciation and amortization         15,936  3,196   24,396   6,469
        Non-cash stock-based compensation
         expense                                 657    501    1,029   1,043
                                                 ---    ---    -----   -----
      Adjusted EBITDA                        $40,452 $8,805  $50,989 $18,244
                                             ======= ======  ======= =======

                     CONDENSED CONSOLIDATED BALANCE SHEETS

                                          June 30,    December 31,
                                             2009         2008    Change
                                             ----         ----    ------
                                         (unaudited)

                                 ASSETS

      Current assets:
        Cash and cash equivalents         $47,755      $106,733 $(58,978)
        Short-term investments                  -         3,813   (3,813)
        Accounts receivable -
         trade and unbilled
         receivables (net of
         allowances: 2009 -$1,048;
         2008 -$738)                       52,996        26,851   26,145
        Income tax receivable              16,050        20,142   (4,092)
        Restricted cash                     4,473             -    4,473
        Other current assets               15,293        34,325  (19,032)
                                           ------        ------  -------
          Total current assets            136,567       191,864  (55,297)
      Property, plant and
       equipment, net                      25,956        22,748    3,208
      Satellites and related
       ground systems, net                517,648       488,145   29,503
      Goodwill                                                    34,264                34,264                -
            Intangible  assets,  net                              13,006                14,335      (1,329)
            Restricted  cash                                            15,628                          -      15,628
            Other  non-current  assets                          11,974                12,978      (1,004)
            Deferred  tax  asset                                      30,271                30,271                -
                                                                                      ------                ------            ---
                    Total  assets                                      $785,314            $794,605    $(9,291)
                                                                                  ========            ========    =======
                              LIABILITIES  AND
                          STOCKHOLDERS'  EQUITY

            Current  liabilities:
                Accounts  payable  and
                  accrued  expenses                                  $41,962              $69,763  $(27,801)
                Current  portion  of  deferred
                  revenue                                                      56,264                40,629      15,635
                Current  deferred  tax
                  liability                                                    5,594                  5,594                -
                                                                                        -----                  -----            ---
                    Total  current  liabilities              103,820              115,986    (12,166)
            Long-term  debt                                            247,859              247,502            357
            Long-term  deferred  revenue,
              net  of  current  portion                          191,959              199,317      (7,358)
            Non-current  income  tax
              reserve                                                                688                  1,396          (708)
                                                                                            ---                  -----          ----
                    Total  liabilities                              544,326              564,201    (19,875)
                                                                                    -------              -------    -------
            Commitments  and  contingencies                          -                          -                -
            Stockholders'  equity:
                Preferred  stock                                                  -                          -                -
                Common  stock                                                    186                      184                2
                Additional  paid-in  capital                213,280              210,513        2,767
                Retained  earnings                                    27,522                19,707        7,815
                                                                                      ------                ------        -----
                    Total  stockholders'  equity            240,988              230,404      10,584
                                                                                    -------              -------      ------
                    Total  liabilities  and
                      stockholders'  equity                    $785,314            $794,605    $(9,291)
                                                                                  ========            ========    =======

 





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