GeoEye Reports Fourth Quarter and Fiscal Year 2011 Earnings Results

The conference call will also be webcast on the "Investor Relations" section of the company's corporate Web site, www.geoeye.com. To directly access the live webcast go to: http://www.geoeye.com/CorpSite/corporate/investor-relations/Default.aspx and click on the "March 13, 2012 Investor Update Webcast" link. Please allow 15 minutes before the scheduled start time to register, download and install any necessary audio software.

Replay:

An audio replay of the fourth quarter conference call will be available through midnight March 22, 2012, by dialing (800) 642-1687 and typing in the conference ID number: 40408544.

An archived webcast of the conference call will be available at the same URL address approximately two hours after the conclusion of the call.

Selected financial results for the company are as follows (dollars in thousands, except earnings per share):

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)










Three Months Ended December 31,





2011


2010


Change



(unaudited)



Revenues

$      96,806


$   82,543


$ 14,263

Operating expenses:







Direct costs of revenue (exclusive of depreciation and amortization)

31,726


26,105


5,621


Depreciation and amortization

19,636


16,677


2,959


Selling, general and administrative

16,315


16,067


248


Goodwill impairment

2,500


-


2,500


Total operating expenses

70,177


58,849


11,328

Income from operations

26,629


23,694


2,935

Interest expense, net

-


(6,204)


6,204

Gain from investments

-


2,500


(2,500)

Income before provision for income taxes

26,629


19,990


6,639

Provision for income taxes

(9,761)


(1,900)


(7,861)

Net income

16,868


18,090


(1,222)

Preferred stock dividends

(1,008)


(1,008)


-

Net income less preferred stock dividends

15,860


17,082


(1,222)

Income allocated to participating securities

(1,716)


(1,871)


155

Net income available to common stockholders

$      14,144


$   15,211


$ (1,067)








Earnings per share







Basic

$          0.64


$       0.70


$   (0.06)


Diluted

$          0.62


$       0.68


$   (0.06)

Shares used to compute basic earnings per share

22,157


21,855



Shares used to compute diluted earnings per share

22,797


22,523












Year Ended December 31,





2011


2010


Change



(unaudited)





Revenues

$    356,407


$ 330,345


$ 26,062

Operating expenses:







Direct costs of revenue (exclusive of depreciation and amortization)

122,972


104,010


18,962


Depreciation and amortization

71,840


65,262


6,578


Selling, general and administrative

60,921


57,451


3,470


Goodwill impairment

2,500


-


2,500


Total operating expenses

258,233


226,723


31,510

Income from operations

98,174


103,622


(5,448)

Interest expense, net

(8,249)


(27,918)


19,669

Other non-operating expense

-


(24,466)


24,466

Gain from investments

-


3,200


(3,200)

Loss from early extinguishment of debt

-


(37)


37

Write-off of prepaid financing costs

-


(6,412)


6,412

Income before provision for income taxes

89,925


47,989


41,936

Provision for income taxes

(33,313)


(23,352)


(9,961)

Net income

56,612


24,637


31,975

Preferred stock dividends

(4,000)


(1,107)


(2,893)

Net income less preferred stock dividends

52,612


23,530


29,082

Income allocated to participating securities

(5,701)


(783)


(4,918)

Net income available to common stockholders

$      46,911


$   22,747


$ 24,164








Earnings per share







Basic

$          2.12


$       1.05


$     1.07


Diluted

$          2.06


$       1.02


$     1.04

Shares used to compute basic earnings per share

22,119


21,622



Shares used to compute diluted earnings per share

22,788


22,250





CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)








December 31,


December 31,




2011


2010


Change


(unaudited)





ASSETS

Current assets:






Cash and cash equivalents

$        188,738


$        283,233


$ (94,495)

Short-term investments

9,220


50,124


(40,904)

Accounts receivable - trade and unbilled receivables, net

39,917


42,868


(2,951)

Income tax receivable

19,645


34,385


(14,740)

Restricted cash

4,207


3,952


255

Current deferred tax assets

2,148


-


2,148

Prepaid expenses and other current assets

14,805


16,183


(1,378)

Total current assets

278,680


430,745


(152,065)

Property, plant and equipment, net

48,065


35,924


12,141

Satellites and related ground systems, net

913,454


697,126


216,328

Goodwill

68,130


71,568


(3,438)

Intangible assets, net

10,526


14,943


(4,417)

Non-current restricted cash

6,875


10,822


(3,947)

Other non-current assets

8,855


7,957


898

Total assets

$     1,334,585


$     1,269,085


$  65,500







LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:






Accounts payable and accrued expenses

$          58,510


$          70,936


$ (12,426)

Current portion of deferred revenue

53,433


50,533


2,900

Current deferred tax liabilities

-


6,656


(6,656)

Total current liabilities

111,943


128,125


(16,182)

Long-term debt

511,019


508,160


2,859

Long-term deferred revenue, net of current portion

131,968


161,673


(29,705)

Deferred tax liabilities

64,694


21,336


43,358

Other non-current liabilities

7,674


6,548


1,126

Total liabilities

827,298


825,842


1,456

Commitments and contingencies

-


-


-

Stockholders’ equity:






Series A convertible preferred stock

1


1


-

Series B junior participating preferred stock

-


-


-

Common stock

222


221


1

Additional paid-in capital

379,154


367,723


11,431

Retained earnings

127,910


75,298


52,612

Total stockholders’ equity

507,287


443,243


64,044

Total liabilities and stockholders’ equity

$     1,334,585


$     1,269,085


$  65,500



CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS INFORMATION

(in thousands)








Year Ended December 31,




2011


2010


Change


(unaudited)





Net cash provided by operating activities

$    182,908


$ 126,693


$  56,215

Net cash used in investing activities

(274,425)


(265,921)


(8,504)

Net cash (used in) provided by financing activities

(2,978)


213,589


(216,567)

Net (decrease) increase in cash and cash equivalents

(94,495)


74,361


(168,856)

Cash and cash equivalents, beginning of period

283,233


208,872


74,361

Cash and cash equivalents, end of period

$    188,738


$ 283,233


$ (94,495)



ADJUSTED EBITDA

(in thousands)

(unaudited)










Three Months Ended December 31,


Year Ended December 31,


2011


2010


2011


2010

Net income

$ 16,868


$ 18,090


$   56,612


$   24,637

Adjustments:








Interest expense, net

-


6,204


8,249


27,918

Loss from early extinguishment of debt

-


-


-


37

Write-off of prepaid financing costs

-


-


-


6,412

Provision for income taxes

9,761


1,900


33,313


23,352

Depreciation and amortization

19,636


16,677


71,840


65,262

Non-cash stock-based compensation expense

2,855


2,192


10,520


6,877

Non-cash change in fair value of financial instrument

-


-


-


24,466

Gain from investments

-


(2,500)


-


(3,200)

Goodwill impairment

2,500


-


2,500


-

Acquisition costs

-


1,167


-


1,167

Adjusted EBITDA

$ 51,620


$ 43,730


$ 183,034


$ 176,928









Adjusted EBITDA is a non-GAAP financial measure that represents net income before interest, net, provision for income taxes, depreciation and amortization expenses, non-cash stock-based compensation expense and other items.  We believe that Adjusted EBITDA provides useful information to investors because it is an indicator of the strength and performance of our ongoing operations.  However, Adjusted EBITDA is not a recognized term of financial performance under GAAP, and our calculation of Adjusted EBITDA may not be comparable to the calculation of similarly titled measures of other companies.



ADJUSTED NET INCOME AVAILABLE TO COMMON STOCKHOLDERS AND ADJUSTED DILUTED EPS

(in thousands, except per share amounts)

(unaudited)








Three Months Ended December 31,


Year Ended December 31,


2011


2010


2011


2010









Net income available to common stockholders

$ 14,144


$ 15,211


$ 46,911


$ 22,747

Adjustments:








Non-cash change in fair value of financial instrument

-


-


-


24,466

Loss from early extinguishment of debt

-


-


-


37

Write-off of prepaid financing costs

-


-


-


6,412

Gain from investments

-


(2,500)


-


(3,200)

Goodwill impairment

2,500


-


2,500


-

Long-lived asset impairment

1,600


-


1,600


-

Acquisition costs

-


1,167


-


1,167

Impact of adjustments on income allocated to participating securities

(382)


703


(382)


(740)

Adjustment to normalize provision for income taxes

(624)


(5,085)


(624)


(6,628)

Adjusted net income available to common stockholders

$ 17,238


$   9,496


$ 50,005


$ 44,261









Adjusted fully diluted shares

22,797


22,523


22,788


22,250

Adjusted diluted EPS

$     0.76


$     0.42


$     2.19


$     1.99









Adjusted Net Income Available to Common Stockholders is a non-GAAP financial measure that represents net income available to common stockholders before other items, net of tax.  Adjusted Diluted EPS is a non-GAAP financial measure that represents fully diluted earnings per share before other items, net of tax.  We believe that Adjusted Net Income Available to Common Stockholders and Adjusted Diluted EPS provide useful information to investors because they allow investors to evaluate our performance for different periods on a more comparable basis by excluding items that are not related to the ongoing operations of our business.  However, Adjusted Net Income Available to Common Stockholders and Adjusted Diluted EPS are not recognized terms of financial performance under GAAP, and our calculation of Adjusted Net Income Available to Common Stockholders and Adjusted Diluted EPS may not be comparable to the calculation of similarly titled measures of other companies.




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