GeoEye reports strong financial results

GeoEye reports strong financial results

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Virginia, US: GeoEye announced results for its fourth quarter and fiscal year ended Dec. 31, 2009. Total revenues for the calendar year ended Dec. 31, 2009 were USD 271.1 million, an 84.9 percent increase from USD 146.7 million in the calendar year ended Dec. 31, 2008. The company has recorded Earnings before Interest, Taxes, Depreciation, and Amortisation (EBITDA) for the calendar year ended Dec. 31, 2009 was USD 132.2 million, an increase of approximately 232.9 percent from the same period in 2008. Net income for the calendar year ended Dec. 31, 2009 was USD 32.1 million, as compared to net income of USD 26.6 million, in the same period of 2008.

The 2009 net income included USD 27.1 million non-recurring loss from the early extinguishment of debt in the fourth quarter and approximately USD 29.5 million of tax benefits primarily associated with restoring net operating losses and the loss from the early extinguishment of debt.

Total revenues were USD 73.2 million for the fourth quarter of 2009, an 80.0 percent increase from USD 40.7 million for the fourth quarter of 2008. Net income for the fourth quarter of 2009 was USD 11.7 million, compared to a net loss of $3.6 million, for the fourth quarter of 2008. The 2009 fourth quarter earnings included a USD 27.1 million non-recurring pre-tax loss from the early extinguishment of debt and a tax benefit of USD 27.7 million. This tax benefit primarily results from the restoration of prior period net operating losses and the loss from the early extinguishment of debt.

Revenues related to contracts with the U.S. Government, the Company’s largest customer, were USD 52.2 million for the fourth quarter of 2009, representing 71.3 percent of total revenues for the period. Domestic revenues were USD 57.4 million for the fourth quarter of 2009, which were 78.4 percent of total revenues for the period. These revenues included USD 37.8 million in revenues from our Service Level Agreement (SLA) with the National Geospatial-Intelligence Agency (NGA). International revenues were USD 15.8 million for the fourth quarter of 2009, which were 21.6 percent of total revenues for the period.

Matt O’Connell, chief executive officer and president, said, “We’re very pleased with our fiscal 2009 financial and operating results. We experienced strong year-over-year revenue growth, cash flow growth and solid operating performance in our business. Our team is very focused on continuing to deliver high-quality imagery and business solutions to our government and commercial customers, expanding our offerings and adding new customers.”

The company will host a conference call for investors and analysts to discuss financial results for the fourth quarter and year ended Dec. 31, 2009 on March 11, 2010 at 8:30 a.m. Eastern Time. Callers wishing to participate on the conference call may dial 1-631-291-4808 at least 10 minutes prior to the start time. Domestic callers who wish to listen may dial toll-free at 1-877-776-4039. The conference ID number is 56140897.

Source: GeoEye