DigitalGlobe Reports Third Quarter 2009 Financial Results and Raises Full Year Outlook

Extends QuickBird Useful Life; WorldView-2 Commissioning On Schedule

LONGMONT, Colo. — (BUSINESS WIRE) — November 9, 2009DigitalGlobe (NYSE: DGI), a leading global provider of commercial high-resolution earth imagery products and services, today reported financial results for the third quarter ended September 30, 2009.

Third quarter 2009 revenue was $71.8 million, an increase of 8% compared to the same period last year. Third quarter net income was $14.6 million or $0.32 per diluted share as compared to net income of $14.3 million or $0.32 per diluted share for the third quarter 2008.

Third quarter 2009 Adjusted EBITDA, a non-GAAP financial measure, was $43.8 million, compared to third quarter 2008 Adjusted EBITDA of $44.1 million. The definition of Adjusted EBITDA and reconciliation to net income are set forth in this press release.

Separately, the company announced the extension of the estimated useful life of its QuickBird satellite by eighteen months. The satellite will continue to be an important part of DigitalGlobe’s constellation through May 2012.

“We are very pleased with our strong third quarter performance, reflecting continued momentum across our key customer segments,” said Jill Smith, Chairman, and Chief Executive Officer of DigitalGlobe. “We are delighted that the launch of WorldView-2 was successful and commissioning is progressing on plan. We anticipate that imagery from WorldView-2 will be commercially available approximately 90 days following the launch. Based on our results to date and our outlook for the remainder of 2009, we are raising our full year outlook.”

Business Highlights

  • On October 8, 2009, successfully launched WorldView-2, the company’s third high-resolution remote-sensing satellite and the first commercial platform to offer eight band multispectral imagery.
  • Released first images from WorldView-2 on October 19, 2009.
  • Initiated service for the ground station based in Troll, Antarctica, increasing the effective capacity of DigitalGlobe’s WorldView-1 and WorldView-2 satellites and enabling faster imagery delivery.
  • Signed Clear30 agreement with Microsoft Corporation (NASDAQ: MSFT) for high-resolution aerial imagery. This relationship will complement DigitalGlobe’s high-resolution satellite constellation and provide for complete coverage of the United States and Europe, updated every other year.
  • Increased ImageLibrary size to 815 million square kilometers as of September 30, 2009.

Full Year 2009 Outlook

Based on DigitalGlobe’s results for the first nine months of 2009 and our outlook for the remainder of the year, management is revising its full year outlook. The full year outlook assumes that WorldView-2 is not operational in 2009.

  • Full year 2009 total revenue is expected to be between $278 million and $283 million compared with the previous expectation of between $267 million and $277 million.
  • Full year 2009 diluted earnings per share are expected to be between $1.00 and $1.05 compared with the previous expectation of between $0.80 and $0.90.
  • Full year 2009 Adjusted EBITDA is expected to be between $165 million and $170 million compared with the previous expectation of between $155 million and $160 million.
  • Capital expenditures for 2009 are expected to be between $165 million and $170 million, including of approximately $155 million for WorldView-2. This is compared with the previous expectation of between $170 million and $180 million, including approximately $160 million for WorldView-2.

Conference Call Information

DigitalGlobe’s management will host a conference call today at 5:00p.m. ET/ 3:00p.m. MT to discuss its third quarter 2009 financial results.

The conference call dial-in numbers are as follows:
US/Canada dial-in: (866) 921-3936
International dial-in: (706) 679-9623
Passcode: 3485-0131

A replay of the call can be accessed by phone at the following number for 30 days following the call:

US/Canada dial-in: (800) 642-1687
International dial-in: (706) 645-9291
Passcode: 3485-0131

DigitalGlobe will also sponsor a live and archived webcast of the conference call on its website, www.digitalglobe.com.

About DigitalGlobe

Longmont, Colorado-based DigitalGlobe ( http://www.digitalglobe.com ) is a leading global provider of commercial high-resolution earth imagery products and services. Sourced from our own advanced satellite constellation, our imagery solutions support a wide variety of uses within defense and intelligence, civil agencies, mapping and analysis, environmental monitoring, oil and gas exploration, infrastructure management, internet portals and navigation technology.

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