GeoEye Reports Fourth Quarter and Fiscal Year 2010 Earnings Results

GeoEye, Inc. (Nasdaq: GEOY), a premier provider of superior satellite and aerial geospatial information and services, announced today results for its fiscal fourth quarter and fiscal year ended Dec. 31, 2010. “We had a very successful year, met our corporate goals and delivered 22 percent revenue growth and strong margins,” said Matt O’Connell, GeoEye’s chief executive officer and president. “We won a ten-year, multi-billion-dollar award from the National Geospatial-Intelligence Agency (NGA); launched our Web dissemination services platform, EyeQ™; and acquired SPADAC, now renamed GeoEye Analytics, the leader in the field of predictive geospatial analytics. In 2011, we’ll build on these significant achievements by focusing on the construction of our next-generation, high-resolution satellite, GeoEye-2, and increasing our value-added information services and product offerings to our expanding customer base.” FOURTH QUARTER RESULTS Total revenues were $82.5 million for the fourth quarter of 2010, a 12.7% increase from $73.2 million for the fourth quarter of 2009. The net income available to common stockholders for the fourth quarter of 2010 was $15.2 million, or $0.68 per fully diluted share, compared to net income of $11.7 million, or $0.55 per fully diluted share, for the fourth quarter of 2009. Adjusted net income available to common stockholders (a non-GAAP measurement that excludes the impact of non-operating charges, gains and one-time charges and tax benefits) for the fourth quarter of 2010 was $9.5 million, or $0.42 per diluted share, as compared to $6.8 million, or $0.32 per diluted share in the fourth quarter of 2009. Domestic revenues were $60.4 million for the fourth quarter of 2010, which were 73.2% of total revenues for the period. International revenues were $22.1 million for the fourth quarter of 2010, which were 26.8% of total revenues for the period. Domestic revenues increased 5.2% for the fourth quarter of 2010, compared to the same period in 2009. International revenues increased 40.0% for the fourth quarter of 2010, compared to the same period in 2009. Operating profit was $23.7 million for the fourth quarter of 2010, a $4.3 million increase from $19.4 million for the fourth quarter of 2009. Operating margin was 28.7% for the fourth quarter of 2010, compared to 26.4% in the same period in 2009. 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) increased approximately $7.0 million, to approximately $43.7 million for the fourth quarter of 2010, from $36.7 million the same period in 2009. The Company ended the fourth quarter of 2010 with unrestricted cash, cash equivalents and short-term investments of $333.4 million; total assets of approximately $1.3 billion; stockholders’ equity of $443.2 million and long-term debt of $508.2 million.