GeoEye Revenue Surges 123 Percent; Profits Drop Due to Loss of Tax Break

[Satellite TODAY 11-11-09] GeoEye produced a 123 percent revenue increase in its 2009 third quarter to $79.9 million, according to its latest financial results, posted Nov. 9.
    Third quarter revenues, up from $35.8 million in 2008, were boosted by $53.6 million in contracts with the U.S. government, GeoEye’s largest customer, representing 67 percent of the company’s total revenues for the period. International sales accounted for $22 million (27.5 percent) in revenue.
    Despite the surge, GeoEye’s third-quarter net profit declined to $12.5 million, down from $31.6 million in the same period last year due to higher operating expenses and a $27.8 million tax benefit it received in 2008. However, operating profit for the third quarter increased from $19.3 million to $27.7 million.

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