International Sales Help GeoEye More Than Double Full-Year 2011 Net Income
By Jeffrey Hill | March 21, 2012
[Satellite TODAY Insider 03-21-12] Geospatial information solution provider GeoEye generated a 17 percent increase in its 2011 fiscal fourth quarter revenues and an 8 percent increase in its 2011 full-year revenues to $96.8 million and $330.3 million, respectively, due to strong contract activity in the commercial sector and efficient management of its GeoEye-2 satellite program, according to the company’s latest financial results issued March 20.
Despite a drop in fourth quarter net income from $15.2 million in the same period in 2010 to $14.1 million in 2011, the company more than doubled its full-year net income from $22.7 million to $46.9 million by the end of 2011.
GeoEye President and CEO Matt O’Connell hailed the company’s results, and pointed to a 45 percent growth in international revenues from the fourth quarter of 2010 to the final quarter of 2011. GeoEye’s total international revenues were $32.1 million during that period — representing 33 percent of the company’s total revenues for the period.
“In 2011, we greatly strengthened our capabilities to deliver geospatial solutions to our many customers around the world,” O’Connell said in a statement. “We had a record fourth quarter, we won several significant commercial contracts and our GeoEye-2 satellite program remains on schedule and on budget."
GeoEye increased its operating profit $2.9 million in the fourth quarter of 2011 year-over-year to $26.6 million, while cutting its operating margins from 28.7 percent at the end of 2010 to 27.5 percent in the same period last year.
The company’s adjusted EBITDA also increased $7.9 million to $51.6 million for the fourth quarter of 2011, with a 53.3 percent margin compared with 53 percent for the same period in 2010. The company ended the fourth quarter of 2011 with cash, cash equivalents and short-term investments of $198 million, total assets of approximately $1.3 billion, stockholders’ equity of $507.3 million and long-term debt of $511 million.