DigitalGlobe reported financial results for the fourth quarter and year ended December 31, 2009.
Fourth quarter 2009 revenue was $72.9 million, an increase of 1.0% compared to the same period last year. Fourth quarter net income was $13.8 million or $0.30 per diluted share as compared to net income of $13.8 million or $0.31 per diluted share for the fourth quarter 2008. Fourth quarter 2009 Adjusted EBITDA, a non-GAAP financial measure, was $42.7 million, compared to fourth quarter 2008 Adjusted EBITDA of $43.7 million.
For 2009, the company reported record revenue of $281.9 million, an increase of 2.4% compared to 2008. Net income for 2009 was $47.4 million or $1.06 per diluted share as compared to net income of $53.8 million or $1.22 per diluted share for 2008. Adjusted EBITDA for 2009 was $169.4 million compared to 2008 Adjusted EBITDA of $174.8 million. The definition of Adjusted EBITDA and reconciliation to net income are set forth in this press release.
Business Highlights
– WorldView-2, the company’s latest high-resolution satellite, achieved full operational capability on January 4, 2010. WorldView-2 effectively doubles the collection capacity of DigitalGlobe’s constellation to over 500 million square kilometers a year, and offers exciting new capabilities, including unique 8-band multispectral imagery. The company estimates the useful life for WorldView-2 will be approximately 11 years.
– First Direct Access Program customer initiated service for direct tasking and downlink of high-resolution satellite imagery from DigitalGlobe’s constellation during the fourth quarter 2009 and a second customer initiated service in the first quarter 2010. All current DAP customers are expected to be operational by mid-2010.
– Exited 2009 with a higher second half revenue run-rate than the first half of 2009 for our commercial business, reflecting continued progress in developing and expanding major account relationships.
.Modified the option portion of the current Service Level Agreement with the National Geospatial-Intelligence Agency, or NGA, providing continued access to WV-1 until the EnhancedView procurement process is concluded. The modified option gives NGA the option to extend the current SLA for three months on the same terms, from April 1, 2010 to June 30, 2010 with six additional options, each for a one-month period, through December 31, 2010.
– Increased ImageLibrary size to over 900 million square kilometers as of December 31, 2009.
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www.digitalglobe.com