GeoEye Reports Record 2009 Third Quarter Results

DULLES, Va., Nov. 9 /PRNewswire-FirstCall/ -- GeoEye, Inc. (NASDAQ: GEOY), a premier provider of satellite and aerial-based geospatial information and services, announced today results for its fiscal third quarter ended September 30, 2009.

(Logo: http://www.newscom.com/cgi-bin/prnh/20080625/LAW528LOGO)

THIRD QUARTER RESULTS

Total revenues were $79.9 million for the third quarter of 2009, a 123% increase from $35.8 million for the third quarter of 2008. Net income for the third quarter of 2009 was $12.5 million, or $0.61 per fully diluted share, compared to net income of $31.6 million, or $1.57 per fully diluted share, for the third quarter of 2008. The 2008 third quarter earnings included a $27.8 million non-recurring net tax benefit which amounted to $1.38 per share of net income.

Revenues related to contracts with the U.S. Government, the Company's largest customer, were $53.6 million for the third quarter of 2009, representing 67% of total revenues for the period. Domestic revenues were $57.9 million for the third quarter of 2009, which were 72.5% of total revenues for the period. International revenues were $22.0 million for the third quarter of 2009, which were 27.5% of total revenues for the period. Domestic revenues increased 186% for the third quarter of 2009 compared to the same period in 2008, and international revenues increased 41.3% for the third quarter of 2009 compared to the same period in 2008.

Operating profit for the third quarter of 2009 increased $19.3 million from the third quarter of 2008 to $27.7 million. Operating margin was 34.7% for the third quarter of 2009 compared to 23.5% in the same period in 2008. Adjusted EBITDA, a non-GAAP measurement defined as net income before interest, taxes, depreciation, amortization, and non-cash recognition of stock compensation expense, increased approximately $32.3 million to approximately $44.5 million for the third quarter of 2009 from $12.2 million the same period in 2008. Adjusted EBITDA margin was 55.7% for the third quarter of 2009 compared to 34.0% for the same period in 2008.

The Company ended the third quarter of 2009 with unrestricted cash and cash equivalents of $123.6 million, total assets of $812.1 million, and stockholders' equity of $257.6 million and long-term debt of $248.0 million.

NINE MONTH RESULTS

Total revenues for the nine months ended September 30, 2009 were $197.9 million, an 86.7% increase from $106.0 million in the nine months ended September 30, 2008. The Company's Adjusted EBITDA for the nine month period ended September 30, 2009 was $95.5 million, an increase of 213.8% from the same period in 2008. Net income for the nine months ended September 30, 2009 was $20.3 million, or $0.99 per fully diluted share, as compared to net income of $30.3 million, or $1.49 per fully diluted share, in the same period of 2008. The 2008 number includes $23.7 million of non-recurring net tax benefits which amounts to $1.17 per share of net income.

FISCAL YEAR 2009 FINANCIAL OUTLOOK

Matt O'Connell, Chief Executive Officer and President, commented, "We're very pleased with our third quarter results. We experienced very strong year-over-year revenue growth, cash flow growth, solid operating performance in our business and superior EPS results.

"We continued to ramp our revenues from the National Geospatial-Intelligence Agency (the NGA) contract in the third quarter, which was attributable to GeoEye-1's best-in-class operating capabilities. We successfully negotiated terms of an extension to our existing Service Level Agreement with the NGA that will take us through March 31, 2010, with an option by the NGA to extend the agreement through December 2010. We successfully completed a $400.0 million notes offering that closed in October. This notes offering process was a very positive event in that it laid the foundation for the Company's growth over the next three to five years.

"With the healthy mix of U.S. Government agency and commercial contracts, and the growth of our international business, we believe we have strong visibility into the fourth quarter of 2009. GeoEye currently expects fiscal 2009 revenue to be between $275.0 million to $280.0 million, with adjusted EBITDA (excluding a non-recurring charge related to the extinguishment of debt) in the range of $133.0 million to $137.0 million, and proforma EPS in a range of $1.30 per share to $1.45 per share (excluding a non-recurring charge related to the extinguishment of debt). These estimates represent management's current expectations about the Company's future financial performance, based on information available at this time."

CONFERENCE CALL INFORMATION

GeoEye Inc. (NASDAQ: GEOY), will host a conference call for investors and analysts to discuss financial results for the third quarter ended September 30, 2009.

When: November 10, 2009 at 8:30 a.m. Eastern Time

To Participate: At least 10 minutes prior to the conference call, callers wishing to participate on the call may dial (719) 325-2336. Domestic callers who wish to listen may dial toll-free at (888)-417-2254. Participants are encouraged to listen via web cast, which will be broadcast live at www.geoeye.com, under Investor Relations.

Replay: A replay of the teleconference will be available starting at 10:30 a.m. ET, November 10, 2009 and will run until midnight ET on Wednesday, November 18. To access the replay, please dial (888)-203-1112, access code 5411232.

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

                                                  Three Months Ended
                                              9/30/09  9/30/08   Change
                                              -------  -------   ------
                                                 (unaudited)
    Revenues                                  $79,941  $35,840   $44,101

    Operating expenses:
      Direct costs of revenue (exclusive of
       depreciation and amortization)          23,836   16,546     7,290
      Depreciation and amortization            16,347    2,221    14,126
      Selling, general and administrative      12,042    8,655     3,387
                                               ------    -----     -----
      Total operating expenses                 52,225   27,422    24,803
                                               ------   ------        ------
        Income  from  operations                                          27,716        8,418        19,298
        Interest  expense,  net                                              8,659        2,783          5,876
                                                                                                -----        -----          -----
        Income  before  provision  for  income  taxes      19,057        5,635        13,422
        Provision  (benefit)  for  income  taxes                6,530    (25,994)      32,524
                                                                                                -----    -------        ------
        Net  income                                                                $12,527    $31,629    $(19,102)
                                                                                            =======    =======    ========
        Earnings  per  share  basic                                        $0.67        $1.76        $(1.09)
                                                                                                =====        =====        ======
        Earnings  per  share  diluted                                    $0.61        $1.57        $(0.96)
                                                                                                =====        =====        ======


                                                                                                    Nine  Months  Ended
                                                                                            9/30/09    9/30/08      Change
                                                                                            -------    -------      ------
                                                                                                  (unaudited)
        Revenues                                                                  $197,853  $105,971      $91,882

        Operating  expenses:
            Direct  costs  of  revenue  (exclusive  of
              depreciation  and  amortization)                    70,235      51,765        18,470
            Depreciation  and  amortization                        40,743        8,690        32,053
            Selling,  general  and  administrative            33,594      25,225          8,369
            Satellite  impairment                                                    -        1,141        (1,141)
                                                                                                    ---        -----        ------
            Total  operating  expenses                                144,572      86,821        57,751
                                                                                            -------      ------        ------
        Income  from  operations                                          53,281      19,150        34,131
        Interest  expense,  net                                            22,839        8,541        14,298
                                                                                              ------        -----        ------
        Income  before  provision  for  income  taxes      30,442      10,609        19,833
        Provision  (benefit)  for  income  taxes              10,100    (19,645)      29,745
                                                                                              ------    -------        ------
        Net  income                                                                $20,342    $30,254      $(9,912)
                                                                                            =======    =======      =======
        Earnings  per  share  basic                                        $1.10        $1.69        $(0.59)
                                                                                                =====        =====        ======
        Earnings  per  share  diluted                                    $0.99        $1.49        $(0.50)
                                                                                                =====        =====        ======



                                                                                              For  the  Three          For  the  Nine
                                                                                                Months  Ended          Months  Ended
                                                                                        9/30/09    9/30/08    9/30/09    9/30/08
                                                                                        -------    -------    -------    -------
        Net  income                                                            $12,527    $31,629    $20,342  $30,254
        Adjustments:
                Interest  expense,  net                                  8,659        2,783      22,839      8,541
                Provision  (benefit)  for  income  taxes    6,530    (25,994)    10,100  (19,645)
                Depreciation  and  amortization                16,347        2,221      40,743      8,690
                Non-cash  stock-based  compensation
                  expense                                                                466        1,558        1,495      2,601
                                                                                                ---        -----        -----      -----
        Adjusted  EBITDA                                                  $44,529    $12,197    $95,519  $30,441
                                                                                        =======    =======    =======  =======

        We  believe  that  Adjusted  EBITDA  provides  useful  information  to  investors
        because  it  is  an  indicator  of  the  strength  and  performance  of  our  ongoing
        business  operations.



                                                                                      September  30,    December  31,
                                                                                                2009                    2008        Change
                                                                                                ----                    ----        ------
                                                                                        (unaudited)
                                        ASSETS
        Current  assets:
            Cash  and  cash  equivalents                            $123,588            $106,733    $16,855
            Short-term  investments                                                -                  3,813      (3,813)
            Accounts  receivable  -  trade  and
              unbilled  receivables  (net  of
              allowances:  2009  -$1,015;  2008  -
              $738)                                                                      43,234                26,851      16,383
            Income  tax  receivable                                                  -                20,142    (20,142)
            Restricted  cash                                                      4,308                          -        4,308
            Other  current  assets                                          15,374                34,325    (18,951)
                                                                                              ------                ------    -------
                Total  current  assets                                    186,504              191,864      (5,360)
        Property,  plant  and  equipment,  net                  24,977                22,748        2,229
        Satellites  and  related  ground  systems,
          net                                                                            511,333              488,145      23,188
        Goodwill                                                                      34,264                34,264                -
        Intangible  assets,  net                                          12,346                14,335      (1,989)
        Non-current  restricted  cash                                14,640                          -      14,640
        Other  non-current  assets                                      12,986                12,978                8
        Deferred  tax  assets                                                15,005                30,271    (15,266)
                                                                                              ------                ------    -------
                Total  assets                                                  $812,055            $794,605    $17,450
                                                                                          ========            ========    =======

                          LIABILITIES  AND  STOCKHOLDERS'  EQUITY
        Current  liabilities:
            Accounts  payable  and  accrued  expenses      $44,437              $69,763  $(25,326)
            Current  portion  of  deferred  revenue            55,782                40,629      15,153
            Current  deferred  tax  liability                        5,594                  5,594                -
                                                                                                -----                  -----            ---
                Total  current  liabilities                          105,813              115,986    (10,173)
        Long-term  debt                                                        248,037              247,502            535
        Long-term  deferred  revenue,  net  of
          current  portion                                                    200,350              199,317        1,033
        Non-current  income  tax  reserve                                288                  1,396      (1,108)
                                                                                                    ---                  -----      ------
                Total  liabilities                                          554,488              564,201      (9,713)
                                                                                            -------              -------      ------
        Commitments  and  contingencies                                      -                          -                -
        Stockholders'  equity:                                                                                                    -
            Preferred  stock                                                              -                          -                -
            Common  stock                                                                189                      184                5
            Additional  paid-in  capital                            217,330              210,513        6,817
            Retained  earnings                                                40,048                19,707      20,341
                                                                                              ------                ------      ------
                Total  stockholders'  equity                        257,567              230,404      27,163
                                                                                            -------              -------      ------
                Total  liabilities  and
                  stockholders'  equity                                $812,055            $794,605    $17,450
                                                                                          ========            ========    =======



                                                                                                  Nine  Months  Ended
                                                                                                  9/30/09    9/30/08        Change
                                                                                                  -------    -------        ------
                                                                                                        (unaudited)
        Net  cash  provided  by  operating  activities        $69,277      $45,418      $23,859
        Net  cash  used  in  investing  activities                (57,918)  (127,193)      69,275
        Net  cash  provided  by  financing  activities            5,496          1,080          4,416
        Net  increase  (decrease)  in  cash  and
          cash  equivalents                                                          16,855      (80,695)      97,550
        Cash  and  cash  equivalents,  beginning  of
          period                                                                            106,733      226,761    (120,028)
                                                                                                  -------      -------    --------
        Cash  and  cash  equivalents,  end  of  period        $123,588    $146,066    $(22,478)
                                                                                                ========    ========    ========

 


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