GeoEye Reports Increased Profits, Revenue
[Satellite Today – 3-13-08] GeoEye Inc. increased revenues by nearly 7 percent for the fourth quarter of 2007 and by 22 percent for the year, the company announced March 12.
GeoEye posted $45 million in revenue for the quarter ending Dec. 31, compared to $42.2 million in the fourth quarter of 2006. The company also reported gross profit of $23.4 million compared to $20.2 in the fourth quarter of 2006.
For the year, GeoEye reported revenues of $183.8 million, compared to $151.2 million in 2006. The was attributed to a $29.9 million increase in imagery and production revenues generated from the U.S. National Geospatial-Intelligence Agency and from the operations of MJ Harden Associates, which was purchased in March 2007.
GeoEye also reported a 57 percent increase in gross profit for the year, from $68.3 million in 2006 to $107.1 million in 2007. The growth was fueled by the increase in revenues as well as from the absence of about $16 million in depreciation expense on the OrbView-3 satellite, which was declared a total loss following a March 2007 problem blinded the satellite’s imaging capacity. GeoEye recorded an impairment charge of $36 million for the spacecraft.