GeoEye Reports Second Quarter 2012 Earnings Results

-- Conference Call Scheduled for Tuesday, August 7, 2012, 8:30 a.m. EDT --

(PRNewswire) — �GeoEye, Inc. (NASDAQ: GEOY), a leading source of geospatial information and insight, announced today results for its fiscal second quarter ended June 30, 2012.

"Second quarter revenue and operating results were in line with our expectations," said Matt O'Connell, GeoEye's chief executive officer and president. "Revenues in our international business grew 8.9% as compared to the same quarter last year, while our domestic business was down slightly. Growth in our Production and other services business unit was another highlight in the quarter. And on July 23, we were pleased to announce our agreement to combine with DigitalGlobe. The combination of the two companies will create a global leader in earth imagery and geospatial analysis."

SECOND QUARTER RESULTS

Total revenues were $88.4 million for the second quarter of 2012, a $1.2 million increase from the second quarter of 2011. Net income available to common stockholders for the second quarter of 2012 was $11.7 million, or $0.51 per fully diluted share, compared to $11.1 million, or $0.49 per fully diluted share, for the second quarter of 2011. When adjusted for $2.4 million of transaction and other costs associated with the process of combining with DigitalGlobe and the divestiture of MJ Harden, net income available to common stockholders for the second quarter of 2012 was $13.0 million, or $0.57 per fully diluted share.

Operating profit was $22.1 million for the second quarter of 2012, which included $2.4 million of transaction and other costs. Operating margin was 25.0 percent for the second quarter of 2012, compared to 27.1 percent in the second quarter of 2011. Adjusted EBITDA (a non-GAAP measurement defined as net income before interest, taxes, depreciation, amortization, non-cash recognition of stock compensation expense and other items including transaction related costs) was $44.7 million for the second quarter of 2012, compared to $44.0 million in the same period in 2011.

The company ended the second quarter of 2012 with unrestricted cash, cash equivalents and short-term investments of $239.5 million; total assets of approximately $1.5 billion; stockholders' equity of $539.0 million and long-term debt of $512.6 million.

SECOND QUARTER 2012 OPERATING HIGHLIGHTS

Revenue Mix

  • Imagery revenues in the second quarter of 2012 were $59.7 million, or 67.5 percent of total revenues. Production and other services revenues were $22.7 million, or 25.6 percent of total revenues. The NextView cost share accounted for revenues of $6.0 million, or 6.8 percent of total revenues.
  • The company recognized $37.8 million of imagery and other revenue under the EnhancedView Service Level Agreement during the second quarter. U.S. government revenues were $60.5 million, or 68.5 percent of total revenues in the quarter.

Geographic Information

  • Domestic revenues were $67.9 million for the second quarter of 2012, or 76.8 percent of total revenues for the period. International revenues were $20.5 million for the second quarter of 2012, or 23.2 percent of total revenues for the period.
  • Domestic revenues decreased 0.7 percent for the second quarter of 2012, compared to the same period in 2011. International revenues increased 8.9 percent for the second quarter of 2012, compared to the same period in 2011.

GeoEye-2 Capital Expenditures

  • During the quarter, the company invested $79.2 million for the continued development and construction of the GeoEye-2 satellite, including $13.4 million of capitalized interest. To date, the company has invested $718.3 million in the GeoEye-2 satellite program, including $89.7 million of capitalized interest.

SIX MONTH RESULTS

Total revenues for the six months ended June 30, 2012, were $177.7 million, a 2.2 percent increase from $173.8 million in the six months ended June 30, 2011. The company's Adjusted EBITDA for the six-month period ended June 30, 2012, was $90.9 million, an increase of 3.6 percent from the same period in 2011. Net income available to common stockholders for the six months ended June 30, 2012, was $24.9 million, or $1.09 per fully diluted share, as compared to net income available to common stockholders of $21.1 million, or $0.93 per fully diluted share, in the same period in 2011. When adjusted for transaction and other costs, net income available to common stockholders for the six months ended June 30, 2012 was $26.1 million, or $1.15 per fully diluted share.

FISCAL YEAR 2012 FINANCIAL OUTLOOK

Given the execution of a definitive agreement to combine with DigitalGlobe, the company is suspending its full year 2012 guidance.

For the third quarter 2012, Management expects revenues to be in the range of $86 million to $93 million.

This estimate represents 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 second quarter, which ended June 30, 2012.

When: Tuesday, August 7, 2012, at 8:30 a.m. Eastern Daylight Time

To Participate:

To participate in the call via phone, domestic callers may dial toll-free at (877) 776-4039. International callers may dial (631) 291-4808 approximately 10 minutes prior to the start time. Callers may identify themselves to the operator as GeoEye conference call participants or by using the conference ID: 107458. Questions will be accepted from phone participants during the live call after prepared remarks and as time permits.

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 "August 7, 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 second quarter conference call will be available through midnight August 14, 2012, by dialing (855) 859-2056 and typing in the conference ID number: 107458.

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 June 30,





2012


2011


Change



(unaudited)



Revenues 

$            88,394


$            87,206


$              1,188

Operating expenses:







Direct costs of revenue (exclusive of depreciation and amortization)

30,294


31,426


(1,132)


Depreciation and amortization

17,756


17,492


264


Selling, general and administrative 

18,219


14,696


3,523


Total operating expenses

66,269


63,614


2,655

Income from operations

22,125


23,592


(1,467)

Interest income (expense), net

1,307


(2,604)


3,911

Income before provision for income taxes

23,432


20,988


2,444

Provision for income taxes

(9,341)


(7,579)


(1,762)

Net income

14,091


13,409


682

Preferred stock dividends

(998)


(998)


-



13,093


12,411


682

Income allocated to participating securities

(1,402)


(1,344)


(58)

Net income available to common stockholders

$          11,691


$          11,067


$                624








Earnings per share







Basic

$                0.52


$                0.50


$                0.02


Diluted

$                0.51


$                0.49


$                0.02

Weighted average shares basic

22,420


22,130



Weighted average shares diluted

22,758


22,756












Six Months Ended June 30,





2012


2011


Change



(unaudited)



Revenues 

$          177,677


$          173,832


$              3,845

Operating expenses:







Direct costs of revenue (exclusive of depreciation and amortization)

60,710


62,738


(2,028)


Depreciation and amortization

35,495


34,218


1,277


Selling, general and administrative 

33,647


29,090


4,557


Total operating expenses

129,852


126,046


3,806

Income from operations

47,825


47,786


39

Interest income (expense), net

1,360


(7,127)


8,487

Income before provision for income taxes

49,185


40,659


8,526

Provision for income taxes

(19,338)


(15,003)


(4,335)

Net income

29,847


25,656


4,191

Preferred stock dividends

(1,995)


(1,984)


(11)



27,852


23,672


4,180

Income allocated to participating securities

(2,993)


(2,569)


(424)

Net income available to common stockholders

$          24,859


$          21,103


$             3,756








Earnings per share







Basic

$                1.11


$                0.96


$                0.15


Diluted

$                1.09


$                0.93


$                0.16

Weighted average shares basic

22,328


22,087



Weighted average shares diluted

22,774


22,760











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