GeoEye Reports Strong Fourth Quarter and Fiscal 2009 Results

Replay:  A replay of the teleconference will be available starting at 10:30 a.m. ET, March 11, 2010, and will run until midnight EDT on Friday, March 19. To access the replay, please dial (800) 642-1687. The conference ID number for the replay is 56140897.  

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

    
    
                      CONSOLIDATED STATEMENTS OF OPERATIONS                  
                     (in thousands, except per share amounts)                
                                                                             
                                                   Three Months Ended        
                                                   -------------------       
                                               12/31/09   12/31/08    Change 
                                               --------   --------    ------ 
                                                    (unaudited)              
    Revenues                                     $73,249   $40,688   $32,561 
                                                                             
    Operating expenses:                                                      
      Direct costs of revenue (exclusive of                                  
       depreciation and amortization)             24,458    20,451     4,007 
      Depreciation and amortization               16,423     2,667    13,756 
      Selling, general and administrative         13,014    11,765     1,249 
      Inventory impairment and satellite                                     
       impairment settlement                           -     2,155    (2,155)
                                                     ---     -----    ------ 
      Total operating expenses                    53,895    37,038    16,857 
                                                  ------    ------    ------ 
    Income from operations                        19,354     3,650    15,704 
    Interest expense, net                          8,181     2,911     5,270 
    Other non-operating expense                        -     1,000    (1,000)
    Loss from early extinguishment of debt        27,127         -    27,127 
                                                  ------       ---    ------ 
    Loss before income taxes                     (15,954)     (261)  (15,693)
    (Benefit) provision for income taxes         (27,673)    3,378   (31,051)
                                                 -------     -----   ------- 
    Net income (loss)                            $11,719   $(3,639)  $15,358 
                                                                                               =======      =======      =======  
        Earnings  (loss)  per  share  basic                                $0.60        $(0.20)        $0.80  
                                                                                                      =====        ======          =====  
        Earnings  (loss)  per  share  diluted                            $0.55        $(0.20)        $0.75  
                                                                                                      =====        ======          =====  
        Weighted  average  shares  diluted                              21,139        18,228          2,911  
                                                                                                    ======        ======          =====  
                                                                                                                                                          
                                                                                                                                                          
                                                                                                                Year  Ended                      
                                                                                                                ----------                      
                                                                                              12/31/09      12/31/08      Change    
                                                                                              --------      --------      ------    
                                                                                          (unaudited)                                        
        Revenues                                                                        $271,102    $146,659    $124,443  
                                                                                                                                                          
        Operating  expenses:                                                                                                            
            Direct  costs  of  revenue  (exclusive  of                                                                    
              depreciation  and  amortization)                          94,693        72,216        22,477  
            Depreciation  and  amortization                              57,166        11,357        45,809  
            Selling,  general  and  administrative                  46,608        36,990          9,618  
            Inventory  impairment  and  satellite                                                                          
              impairment  settlement                                                      -          3,296        (3,296)
                                                                                                          ---          -----        ------  
            Total  operating  expenses                                      198,467      123,859        74,608  
                                                                                                  -------      -------        ------  
        Income  from  operations                                                72,635        22,800        49,835  
        Interest  expense,  net                                                  31,020        11,452        19,568  
        Other  non-operating  expense                                                -          1,000        (1,000)
        Loss  from  early  extinguishment  of  debt                27,127                  -        27,127  
                                                                                                    ------              ---        ------  
        Income  before  income  taxes                                        14,488        10,348          4,140  
        Benefit  for  income  taxes                                          (17,573)    (16,267)      (1,306)
                                                                                                  -------      -------        ------  
        Net  income                                                                      $32,061      $26,615        $5,446  
                                                                                                  =======      =======        ======  
        Earnings  per  share  basic                                              $1.71          $1.48          $0.23  
                                                                                                      =====          =====          =====  
        Earnings  per  share  diluted                                          $1.55          $1.36          $0.19  
                                                                                                      =====          =====          =====  
        Weighted  average  shares  diluted                              20,685        19,558          1,127  
                                                                                                    ======        ======          =====  
        
        
        
                                                                    ADJUSTED  EBITDA                                                          
                                                                    (in  thousands)                                                            
                                                                                                                                                            
                                                                              Three  Months  Ended            Year  Ended          
                                                                              ------------------            ----------          
                                                                              12/31/09    12/31/08    12/31/09    12/31/08  
                                                                              --------    --------    --------    --------  
        Net  income  (loss)                                      $11,719      $(3,639)    $32,061      $26,615  
        Adjustments:                                                                                                                            
                Interest  expense,  net                          8,181          2,911        31,020        11,452  
                (Benefit)  provision  for                                                                                              
                  income  taxes                                      (27,673)        3,378      (17,573)    (16,267)
                Depreciation  and  amortization        16,423          2,667        57,166        11,357  
                Non-cash  stock-based                                                                                                    
                  compensation  expense                              876              795          2,371          3,396  
                Loss  from  early                                                                                                              
                  extinguishment  of  debt                    27,127                  -        27,127                  -  
                Non-cash  loss  on  inventory  and                                                                                
                  investment  impairments                              -          3,154                  -          3,154  
                                                                                        ---          -----              ---          -----  
        Adjusted  EBITDA                                          $36,653        $9,266    $132,172      $39,707  
                                                                                =======        ======    ========      =======  
                                                                                                                                                            
        
        Adjusted  EBITDA  is  a  non-GAAP  financial  measure  that  represents  net  income
        (loss)  before  net  interest  income  or  expense,  income  tax  expense
        (benefit),  depreciation  and  amortization  expenses,  loss  from  early
        extinguishment  of  debt,  non-cash  loss  on  inventory  and  investment
        impairments  and  non-cash  stock-based  compensation  expense.    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  under  financial
        performance  under  GAAP,  and  our  calculation  of  Adjusted  EBITDA  may  not  be
        comparable  to  the  calculation  of  similarly  titled  measures  of  other
        companies.  
        
        
        
                                                    CONSOLIDATED  BALANCE  SHEETS                                            
                                                                  (in  thousands)                                                        
                                                                                                                                                      
                                                                                  December  31,    December  31,          
                                                                                          2009                  2008            Change  
                                                                                          ----                  ----            ------  
                                                                                  (unaudited)                                              
                                                ASSETS                                                                                          
        Current  assets:                                                                                                                
            Cash  and  cash  equivalents                          $208,872          $106,733  $102,139  
            Short-term  investments                                              -                3,813      (3,813)
            Accounts  receivable  -  trade  and                                                                            
              unbilled  receivables  (net  of                                                                                
              allowances:  2009  -  $923;  2008  -                                                                          
              $738)                                                                    32,578              26,851        5,727  
            Income  tax  receivable                                      40,237              20,142      20,095  
            Restricted  cash                                                  52,268                        -      52,268  
            Other  current  assets                                        16,836              34,325    (17,489)
                                                                                            ------              ------    -------  
                Total  current  assets                                  350,791            191,864    158,927  
        Property,  plant  and                                                                                                        
          equipment,  net                                                      25,381              22,748        2,633  
        Satellites  and  related  ground                                                                                    
          systems,  net                                                        505,035            488,145      16,890  
        Goodwill                                                                    34,264              34,264                -  
        Intangible  assets,  net                                        11,685              14,335      (2,650)
        Non-current  restricted  cash                              13,653                        -      13,653  
        Other  non-current  assets                                      6,398              12,978      (6,580)
        Deferred  tax  assets                                                        -              30,271    (30,271)
                                                                                                  ---              ------    -------  
                Total  assets                                                $947,207          $794,605  $152,602  
                                                                                        ========          ========  ========  
                                                                                                                                                      
                                    LIABILITIES  AND  STOCKHOLDERS'  EQUITY                                          
        Current  liabilities:                                                                                                      
            Accounts  payable  and  accrued                                                                                  
              expenses                                                            $33,997            $69,763  $(35,766)
            Current  portion  of  deferred  revenue          52,221              40,629      11,592  
            Current  deferred  tax  liabilities                  4,744                5,594          (850)
            Current  portion  of  long-term  debt                    497                        -            497  
                                                                                                  ---                    ---            ---  
                Total  current  liabilities                          91,459            115,986    (24,527)
        Long-term  debt                                                      380,594            247,502    133,092  
        Long-term  deferred  revenue,  net                                                                                
          of  current  portion                                            192,313            199,317      (7,004)
        Non-current  income  tax                                                                                                  
          reserve  and  deferred  tax  liabilities            2,326                1,396            930  
        Other  non-current  liabilities                                560                        -            560  
                                                                                                  ---                    ---            ---  
                Total  liabilities                                        667,252            564,201    103,051  
                                                                                          -------            -------    -------  
        Commitments  and  contingencies                                                                                    
        Stockholders'  equity:                                                                                                    
            Common  stock                                                              199                    184              15  
            Additional  paid-in  capital                          227,988            210,513      17,475  
            Retained  earnings                                              51,768              19,707      32,061  
                                                                                            ------              ------      ------  
                Total  stockholders'  equity                      279,955            230,404      49,551  
                                                                                          -------            -------      ------  
                Total  liabilities  and                                                                                            
                  stockholders'  equity                              $947,207          $794,605  $152,602  
                                                                                        ========          ========  ========  
        
        
        
                                                STATEMENT  OF  CASH  FLOWS  INFORMATION                                      
                                                                    (in  thousands)                                                            
                                                                                                                                                            
                                                                                                        Year  Ended                                
                                                                                                        ----------                                
                                                                                                12/31/09      12/31/08      Change    
                                                                                                --------      --------      ------    
                                                                                              (unaudited)                                        
        Net  cash  provided  by  (used  in)  operating                                                                    
          activities                                                                    $100,207      $(1,872)  $102,079  
        Net  cash  used  in  investing  activities                (123,034)  (124,187)        1,153  
        Net  cash  provided  by  financing  activities          124,966          6,031      118,935  
                                                                                                    -------          -----      -------  
        Net  increase  (decrease)  in  cash  and  cash                                                                    
          equivalents                                                                    102,139    (120,028)    222,167  
        Cash  and  cash  equivalents,  beginning  of                                                                      
          year                                                                                  106,733      226,761    (120,028)
                                                                                                    -------      -------    --------  
        Cash  and  cash  equivalents,  end  of  year              $208,872    $106,733    $102,139  
                                                                                                  ========    ========    ========  
 

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