UPDATE 1-GeoEye Q2 profit beats Street view

lunes 10 de agosto de 2009 21:28 CEST
 

* Q2 EPS $0.46 vs est $0.39

* Q2 revenue $72.7 mln

* Shares up about 3 percent (Adds details from 10-Q, analyst comments)

By A.Ananthalakshmi

BANGALORE, Aug 10 (Reuters) - Satellite imagery company GeoEye Inc GEOY.O posted a better-than-expected quarterly profit, helped by full recognition of revenue from its newest satellite, GeoEye-1.

The company also said it does not expect to build or commission an accelerated GeoEye-2 satellite without assurances of an expanded National Geospatial-Intelligence Agency (NGA) agreement.

The NGA, a U.S. Department of Defense agency, is GeoEye's largest customer accounting for about 65 percent of its revenue. GeoEye-1 was funded by a $500 million contract that the company won under NGA's NextView program.

"Only when we have visibility on the expected contractual demand for a new satellite from the NGA do we expect to make a decision as to whether to invest the capital necessary to build and commission GeoEye-2 on an accelerated basis," the company said in a filing with the U.S. Securities and Exchange Commission.

Dougherty & Co analyst Jeff Evanson said the company will not seek a capital raise for GeoEye-2 that will be dilutive to shareholders.   Continuación...