GeoEye Reports Third Quarter 2012 Earnings Results

 

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)








September 30,


December 31, 




2012


2011


Change


(unaudited)





ASSETS


Current assets:






Cash and cash equivalents

$         220,860


$        188,738


$   32,122

Short-term investments

8,500


9,220


(720)

Accounts receivable - trade and unbilled receivables, net

44,973


39,917


5,056

Income tax receivable

2,748


19,645


(16,897)

Restricted cash

3,952


4,207


(255)

Current deferred tax assets

2,148


2,148


-

Prepaid expenses and other current assets

11,360


14,805


(3,445)

Total current assets

294,541


278,680


15,861

Property, plant and equipment, net

56,857


48,065


8,792

Satellites and related ground systems, net

1,070,795


913,454


157,341

Goodwill

67,945


68,130


(185)

Intangible assets, net

8,130


10,526


(2,396)

Non-current restricted cash

3,915


6,875


(2,960)

Other non-current assets

11,051


8,855


2,196

Total assets

$      1,513,234


$     1,334,585


$ 178,649







LIABILITIES AND STOCKHOLDERS' EQUITY


Current liabilities:






Accounts payable and accrued expenses

$           63,240


$          58,510


$     4,730

Current portion of deferred revenue

67,322


53,433


13,889

Total current liabilities

130,562


111,943


18,619

Long-term debt

513,379


511,019


2,360

Long-term deferred revenue, net of current portion

220,869


131,968


88,901

Deferred tax liabilities

89,748


64,694


25,054

Other non-current liabilities

7,879


7,674


205

Total liabilities

962,437


827,298


135,139

Commitments and contingencies 

-


-


-

Stockholders' equity:






Series A convertible preferred stock

1


1


-

Series B junior participating preferred stock

-


-


-

Common stock

226


222


4

Additional paid-in capital

386,259


379,154


7,105

Retained earnings

164,311


127,910


36,401

Total stockholders' equity

550,797


507,287


43,510

Total liabilities and stockholders' equity

$      1,513,234


$     1,334,585


$ 178,649


CONSOLIDATED STATEMENTS OF CASH FLOWS INFORMATION

(in thousands)








Nine Months Ended September 30,




2012


2011


Change


(unaudited)



Net cash provided by operating activities

$ 238,110


$ 133,702


$ 104,408

Net cash used in investing activities

(204,352)


(205,765)


1,413

Net cash used in financing activities

(1,636)


(1,842)


206

Net increase (decrease) in cash and cash equivalents

32,122


(73,905)


106,027

Cash and cash equivalents, beginning of period

188,738


283,233


(94,495)

Cash and cash equivalents, end of period

$ 220,860


$ 209,328


$   11,532


ADJUSTED EBITDA

(in thousands)










Three Months Ended September 30,


Nine Months Ended September 30,


2012


2011


2012


2011

Net income

$   9,556


$ 14,088


$   39,403


$   39,744

Adjustments:








Interest (income) expense, net

(22)


1,122


(1,382)


8,249

Provision for income taxes

5,666


8,549


25,004


23,552

Depreciation and amortization

17,860


17,986


53,355


52,204

Transaction costs

8,339


-


10,715


-

Non-cash stock-based compensation expense

2,043


1,928


7,219


7,665

Adjusted EBITDA

$ 43,442


$ 43,673


$ 134,314


$ 131,414









Adjusted EBITDA is a non-GAAP financial measure that represents net income before depreciation and amortization expenses, net interest income or expense, provision for income taxes, non-cash stock-based compensation expense and other items including transaction related costs.  We believe that Adjusted EBITDA provides useful information to investors because it is an indicator of the strength and performance of our ongoing operations.  However, Adjusted EBITDA is not a recognized term under financial performance under GAAP, and our calculation of Adjusted EBITDA may not be comparable to the calculation of similarly titled measures of other companies.


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