US: The high-resolution earth imagery provider, DigitalGlobe announced the financial results for the quarter ended March 31, 2016. The report summarized a 3.5% hike in revenue up to $175.4 million; net income available to common stockholders of $7.3 million; adjusted EBITDA up 30.5% to $95.4 million; and an increase in net cash flows from operations 1.2% to $57.6 million.
In some of the announcements, the company declared the signing of a new DAP customer to a letter of intent for multi-year access to WorldView-4 and the current constellation; an agreement to convert an existing letter of intent into a definitive agreement with an existing DAP customer; and repurchased 4,116,271 shares of its common stock for $60.9 million at an average price of $14.80 per share.
“We got off to a good start to the year with revenue growth and margin expansion that exceeded our expectations, driven by strength in our DAP business and continued realization of operating efficiencies,” saidJeffrey R. Tarr, DigitalGlobe CEO. “We remain confident in our full year outlook despite more challenging comparisons in the quarters ahead. Longer term, we are encouraged by the demand we are seeing for WorldView-3 and WorldView-4 from our international defense and intelligence customers.”
DigitalGlobe will also sponsor a live and archived webcast of the conference call on the Investor Relations portion of its website. Click here to directly access the live webcast. Supplemental earnings materials, including conference call slides and management scripts, are available on the Investor Relations section of the company’s website at www.digitalglobe.com.