[Satellite Today 04-06-09] GeoEye Inc.’s 2008 revenues fell by 20 percent, or $36.3 million, compared to 2007, according to its full year and fourth quarter financial results released April 3.
Revenues for the quarter were down $2.9 million, or 7 percent, compared to $43.6 million for the fourth quarter 2007. Full year 2008 earnings from operations were down $56.4 million, or 71 percent, compared to $79.2 million in 2007.
GeoEye said that the decreases for the quarter and year are primarily due to a shortfall in imagery orders from the U.S. National Geospatial-Intelligence Agency and other customers due to the delay of the launch and checkout of the company’s GeoEye-1 satellite. The company also cited an increase in direct costs and additional staff to support the ramp-up of GeoEye-1 as well as increased professional fees as a cause of operational earnings loss.
"Last year was obviously disappointing," CEO Matt O’Connell said in a statement. “We’re gratified that GeoEye-1 was certified by our biggest customer, the National Geospatial-Intelligence Agency, in February, so that we can finally begin operations under our Service Level Agreement with them and begin serving our international and commercial customers.”
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