DigitalGlobe reports 54% revenue increase in third quarter

DigitalGlobe reports 54% revenue increase in third quarter

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US: DigitalGlobe has reported financial results for the quarter ending September 30, 2013. Third quarter 2013 revenue was $164.8 million, a 54% increase compared with the same period last year. The company reported a net loss for the third quarter of 2013 of $(1.8) million, and a net loss available to common shareholders of $(2.8) million, including $1.0 million of preferred stock dividends, or $(0.04) per diluted share, compared with net income available to common stockholders of $8.5 million or $0.18 per diluted share in the third quarter of 2012.

Third quarter 2013 EBITDA was $54.5 million. Not including $11.1 million of restructuring and integration related to the combination with GeoEye yields Adjusted EBITDA of $65.6 million, with an associated margin of approximately 40%.

“We built significant momentum in the business during the third quarter — accelerating growth, expanding margins and generating positive free cash flow,” said Jeffrey R. Tarr, Chief Executive Officer. “I”m proud of our team”s outstanding execution, achieving more than $100 million of synergy savings related to our combination with GeoEye. We remain confident in our ability to drive double-digit growth and to return to 50 percent EBITDA margin after we complete our 18 month integration process in the second half of 2014.”

Source: DigitalGlobe