Home News Business GeoEye reports 4Q and FY 2011 earning results

GeoEye reports 4Q and FY 2011 earning results

Herndon, US: GeoEye, Inc. announced results for its fiscal fourth quarter (4Q) and fiscal year (FY) 2011. Total revenues for the twelve months ended on December 31, 2011, were USD 356.4 million, an 8 percent increase from USD 330.3 million in the FY 2010.

For the fourth quarter of 2011, total revenues were USD 96.8 million, a 17 percent increase from USD 82.5 million reported for the fourth quarter of 2010. Net income available to common stockholders for the fourth quarter of 2011 was USD 14.1 million, or USD 0.62 per fully diluted share, compared to net income available to common stockholders of USD 15.2 million, or USD 0.68 per fully diluted share, for the fourth quarter of 2010.

“In 2011, we greatly strengthened our capabilities to deliver geospatial solutions to our many customers around the world,” said Matt O’Connell, chief executive officer and president. “We had a record fourth quarter, we won several significant commercial contracts and our GeoEye-2 satellite program remains on schedule and on budget.”

New business developments
Multi-year, multi-million dollar Russian contract with ScanEx – In the fourth quarter, our reseller, ScanEx, signed a multi-year agreement with the Russian cadastre agency that is using our extensive image library for tracking land sales in Russia.

New agreement with Esri – In the fourth quarter, we began developing a new Global Crisis Response Service with Esri for first responders, government agencies and commercial organizations.

Expanding relationship with Google – Imagery from GeoEye is now widely available on numerous Google platforms including Google Earth and Google Maps. We added a new premium service on Google Earth Builder platform in the fourth quarter.

New multi-million dollar contract win with GE Aviation – In early March, we signed a multi-year agreement that will provide GE Aviation with access to GeoEye’s imagery for hundreds of international airports from GeoEye’s 3D Airports product family. These GeoEye aeronautical databases will be imbedded into GE Aviation’s products and services.

Recent operating highlights
EnhancedView contract award renewal – The EnhancedView Service Level Agreement with the NGA was renewed on October 4, 2011. The current term of the contract runs through September 1, 2012. Eight additional option periods are still outstanding. In the fourth quarter, GeoEye recognised revenues of USD 37.2 million from our Service Level Agreement with the NGA.

GeoEye-2 construction – During the year, the company invested USD 268.8 million, which included USD 44.6 million of capitalised interest for the continued development and construction of the GeoEye-2 satellite. To date, the company has invested USD 578.7 million in the GeoEye-2 satellite programme which includes USD 63.0 million of capitalised interest. The programme remains on time and on budget.

Source: GeoEye