DigitalGlobe today reported financial results for the second quarter ended June 30, 2009.
Second quarter 2009 revenue was $70.0 million, an increase of $2.6 million compared to the same period last year. Second quarter net income was $8.4 million or $0.19 per diluted share as compared to net income $11.6 million or $0.26 per diluted share for the second quarter 2008. Net income for the second quarter 2009 included a pre-tax charge of $7.7 million, or $0.17 per diluted share, related to the early extinguishment of debt.
Second quarter 2009 Adjusted EBITDA, a non-GAAP financial measure, was $42.4 million, compared to second quarter 2008 Adjusted EBITDA of $42.2 million. An explanation of Adjusted EBITDA and a reconciliation to net income are set forth at the end of this press release.
Business Highlights
– Raised net cash proceeds of approximately $68.0 million in connection with the Company’s initial public offering and senior secured notes offering.
– Extended the SLA with NGA, providing NGA with continuity of access to WorldView-1 for $12.5 million per month through March 31, 2010 with an option to extend through December 31, 2010.
– Set the launch date for WorldView-2 on October 6, 2009 from Vandenberg Air Force Base.
– Awarded Rapid Delivery of Geospatial Intelligence contract by NGA to provide near real-time delivery of unclassified daily image collections.
– Finalized two international direct access program contracts bringing the current total to four DAP customers under contract.
– Announced strategic sales alliance with European Space Imaging and Space Imaging Middle East.
– Increased the ImageLibrary to 730 million square kilometers as of June 30, 2009.
Full Year 2009 Outlook
– Full year 2009 total revenue is expected to be between $267 million and $277 million.
– Full year 2009 diluted earnings per share are expected to be between $0.80 and $0.90.
– Full year 2009 Adjusted EBITDA is expected to be between $155 million and $160 million.
– Capital expenditures for 2009 are expected to be between $170 million and $180 million, comprised of approximately $160.0 million for WorldView-2.
For more information please visit www.digitalglobe.com.