US: DigitalGlobe has reported financial results for the fourth quarter and full year ended December 31, 2012. Fourth quarter 2012 revenue was $125.4 million, a 28% increase compared with the same period last year. Net income for the fourth quarter was $17.1 million, or $0.36 per diluted share, compared with a net loss of $27.0 million or $(0.58) per diluted share in fourth quarter 2011. Fourth quarter 2012 EBITDA was $57.6 million, driving an EBITDA margin of 45.9%. Fourth quarter 2012 EBITDA margin expanded year-over-year despite incurring $10.2 million in one-time expenses related to the combination with GeoEye, which negatively impacted fourth quarter 2012 EBITDA margin by approximately 810 basis points.
Full year 2012 revenue was $421.4 million, a 24% increase compared with 2011. The company reported net income of $39.0 million, or $0.84 per share, compared with a net loss of $28.1 million, or $(0.61) per share in 2011. Note that reported fourth quarter and full-year 2012 results reflect fully diluted share counts of 47.0 million and 46.4 million, respectively. Full-year EBITDA was $189.6 million, yielding an EBITDA margin of 45.0% compared with a full-year 2011 EBITDA margin of 27.3%, or 42.6% not including the impact of a $51.8 million pre-tax loss related to the early extinguishment of debt. Full-year 2012 EBITDA margin expanded year over year in spite of incurring $19.9 million in one-time expenses related to the combination with GeoEye, which negatively impacted full-year 2012 EBITDA margin by approximately 470 basis points.
The company closed its combination with GeoEye on January 31, 2013. According to the terms of the transaction, GeoEye common stockholders received approximately 26.0 million shares of DigitalGlobe common stock and cash consideration of approximately $93.8 million. DigitalGlobe common shares outstanding as of February 21, 2013 total approximately 73.7 million.
“This was an extraordinary year and quarter for DigitalGlobe,” said Jeffrey R. Tarr, President and Chief Executive Officer. “We drove strong, profitable double-digit revenue growth across all customer categories, generated positive free cash flow, and grew our next 12-month revenue backlog by 37 percent. We also entered into a transformational agreement to combine with GeoEye. As a result of this combination, we are a more diversified, less capital intensive geospatial information business with a more complete set of capabilities to serve customers and fuel our growth.”