GeoEye Reports Strong 4th Quarter and 2009 results

10 March 2010, 9:12am

DULLES, Va., March 10 - GeoEye, Inc. (Nasdaq: GEOY), a premier provider of satellite, aerial and geospatial information, announced today results for its fourth quarter and fiscal year ended Dec. 31, 2009.

"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," said Matt O'Connell, chief executive officer and president. "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."

FOURTH QUARTER RESULTS

Total revenues were $73.2 million for the fourth quarter of 2009, an 80.0 percent increase from $40.7 million for the fourth quarter of 2008. Net income for the fourth quarter of 2009 was $11.7 million, or $0.55 per fully diluted share, compared to a net loss of $3.6 million, or a loss of $0.20 per fully diluted share, for the fourth quarter of 2008. The 2009 fourth quarter earnings included a $27.1 million non-recurring pre-tax loss from the early extinguishment of debt and a tax benefit of $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 $52.2 million for the fourth quarter of 2009, representing 71.3 percent of total revenues for the period. Domestic revenues were $57.4 million for the fourth quarter of 2009, which were 78.4 percent of total revenues for the period. These revenues included $37.8 million in revenues from our Service Level Agreement (SLA) with the National Geospatial-Intelligence Agency (NGA). International revenues were $15.8 million for the fourth quarter of 2009, which were 21.6 percent of total revenues for the period.

Operating income for the fourth quarter of 2009 was $19.4 million. Operating margin was 26.4 percent for the fourth quarter of 2009 compared to 9.0 percent in the same period in 2008. Â Adjusted EBITDA, a non-GAAP measurement defined as net income (loss) before interest, taxes, depreciation, amortization, non-cash stock-based compensation expense and other non-cash, one-time items, increased approximately $27.4 million to approximately $36.7 million for the fourth quarter of 2009 from $9.3 million the same period in 2008. Adjusted EBITDA margin was 50.0 percent for the fourth quarter of 2009 compared to 22.8 percent for the same period in 2008.

The Company ended the fourth quarter of 2009 with cash and cash equivalents of $208.9 million, restricted cash of $65.9 million, a current income tax receivable of $40.2 million, total assets of $947.2 million, debt of $381.1 million and stockholders' equity of $280.0 million.

FULL YEAR RESULTS

Total revenues for the calendar year ended Dec. 31, 2009 were $271.1 million, an 84.9 percent increase from $146.7 million in the calendar year ended Dec. 31, 2008. The Company's adjusted EBITDA for the calendar year ended Dec. 31, 2009 was $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 $32.1 million, or $1.55 per fully diluted share, as compared to net income of $26.6 million, or $1.36 per fully diluted share, in the same period of 2008. The 2009 net income included $27.1 million non-recurring loss from the early extinguishment of debt in the fourth quarter and approximately $29.5 million of tax benefits primarily associated with restoring net operating losses and the loss from the early extinguishment of debt.

GeoEye

Geo: International