(Source: PRNewswire-FirstCall)
DULLES, Va., May 11 /PRNewswire-FirstCall/ -- GeoEye, Inc. today reported its financial results for the first quarter of 2009. First quarter 2009 revenues were $45.2 million, a 26 percent increase compared to $35.9 million in the first quarter of 2008. The increase was primarily due to our GeoEye-1 satellite beginning commercial operations in February 2009 resulting in increased imagery orders from the National Geospatial-Intelligence Agency (NGA). In addition, we began recognizing deferred revenue related to the cost share from NGA for GeoEye-1.
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Income from operations was $1.7 million for the first quarter 2009 compared to $5.6 million for the first quarter 2008. The decrease was due to increased costs related to GeoEye-1 becoming operational, offset by our initial revenues from GeoEye-1. Beginning in the first quarter of 2009, operating expenses included operating costs related to the GeoEye-1 satellite including depreciation, satellite insurance and salary costs.
Our net loss for the first quarter of 2009 was $1.7 million compared to a net loss of $0.8 million for the corresponding period in 2008.
Selected year-end financial results for the Company are as follows (dollars in thousands, except earnings per share):
Three Months Ended March 31, --------------------------- 2009 2008 Change ---- ---- ------ (unaudited) Revenues $45,211 $35,912 $9,299 Operating expenses: Direct costs of revenue (exclusive of depreciation and amortization) 24,842 18,697 6,145 Depreciation and amortization 8,460 3,273 5,187 Selling, general and administrative 10,204 7,168 3,036 Satellite impairment settlement - 1,150 (1,150) ------ ----- ------ Total operating expenses 43,506 30,288 13,218 ------ ------ ------ Income from operations 1,705 5,624 (3,919) Interest expense, net 5,562 3,728 1,834 ----- ----- ----- (Loss) income before provision for income taxes (3,857) 1,896 (5,753) (Benefit) provision for income taxes (2,120) 2,713 (4,833) ------ ----- ------ Net loss $(1,737) $(817) $(920) ======= ===== ===== Net loss per share (basic and diluted) $(0.09) $(0.05) $(0.04) ====== ====== ====== March 31, December 31, 2009 2008 Change ---- ---- ------ (unaudited) Cash and cash equivalents $93,131 $106,733 $(13,602) Other current assets 96,717 85,131 11,586 Satellites and PPE 520,902 510,893 10,009 Other non-current assets 60,373 61,577 (1,204) Deferred tax asset 30,270 30,271 (1) ------ ------ ------ Total assets $801,393 $794,605 $6,788 ======== ======== ====== Total current liabilities 131,979 115,986 15,993 Long-term deferred revenue, net of current portion 190,273 199,317 (9,044) Long-term debt and other 248,368 248,898 (530) Stockholders' equity: 230,773 230,404 369 ------- ------- --- Total liabilities and stockholders' equity $801,393 $794,605 $6,788 ======== ======== ====== Three Months Ended March 31, --------------------------- 2009 2008 Change ---- ---- ------ (unaudited) Net cash provided by operating activities $725 $9,918 $(9,193) Net cash used in investing activities (16,069) (29,321) 13,252 Net cash provided by financing activities 1,742 1,002 740 Net decrease in cash and cash equivalents (13,602) (18,401) 4,799 Cash and cash equivalents, beginning of period 106,733 226,761 (120,028) Cash and cash equivalents, end of period $93,131 $208,360 $(115,229) About GeoEye
GeoEye's products and services enable timely, accurate, and accessible location intelligence. The company is recognized as one of the geospatial industry's most trusted imagery experts, delivering reliable service and exceptional quality imagery products and solutions to customers around the world. GeoEye has developed an advanced information technology infrastructure for collecting, receiving, processing and distributing imagery information products and processing services to the U.S. Government including the national security community as well as international governments and commercial customers. These products serve applications including defense and intelligence, precision mapping, on-line mapping, infrastructure development, planning and monitoring, and environmental assessment. The company collects tens of millions of square kilometers of imagery per year with its existing satellites and aerial assets, which includes GeoEye-1, the world's highest resolution commercial imaging satellite. The company also provides support to academic institutions and non-governmental organizations through the GeoEye Foundation (http://www.geoeyefoundation.org/). Headquartered in Dulles, Virginia, GeoEye is a public company listed on the NASDAQ stock exchange under the symbol GEOY. It maintains a comprehensive Quality Management System (QMS) and has achieved company-wide ISO accreditation. For more information, visit http://www.geoeye.com/.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Securities Exchange Act of 1934, as amended. Statements including words such as "anticipate", "believe", or "expect" and statements in the future tense are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties. GeoEye's actual financial and operational results could differ materially from those anticipated. Additional information regarding these risk factors and uncertainties is described more fully in the Company's SEC filings. A copy of all SEC filings may be obtained from the SEC's EDGAR web site, http://www.sec.gov/, or by contacting: William L. Warren, Senior Vice President, General Counsel and Secretary, at 703-480-5672.
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GeoEye, Inc.
CONTACT: Mark Brender of GeoEye, +1-703-480-9562,brender.mark@geoeye.com; or Heather Lindemann of LeGrand Hart,+1-303-298-8470, ext. 212, hlindemann@legrandhart.com, for GeoEye
Web Site: http://www.geoeye.com/
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