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.
“I am pleased with our financial performance for the second quarter, which marks our first quarter as a public company,” said Jill Smith, Chairman, Chief Executive Officer, and President of DigitalGlobe. “We also achieved key milestones in the quarter including: extending our Service Level Agreement (SLA) with the National Geospatial-Intelligence Agency (NGA); setting a launch date for WorldView-2, our third high-resolution satellite; and finalizing two additional international Direct Access Program (DAP) contracts.”
Ms. Smith continued, “We believe the significant investments we are making in our business today, along with the expanded imagery capacity available from WorldView-2, position us for growth in 2010 and beyond.”
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 (RDOG) contract by NGA to provide near real-time delivery of unclassified daily image collections.
- Finalized two international direct access program (DAP) contracts bringing the current total to four DAP customers under contract.
- Announced strategic sales alliance with European Space Imaging and Space Imaging Middle East (EUSI/SIME).
- 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.
Conference Call Information
DigitalGlobe’s management will host a conference call today at 5:00p.m. ET/ 3:00p.m. MT to discuss its second quarter 2009 financial results.
The conference call dial-in numbers are as follows:
US/Canada
dial-in: (866) 921-3936
International dial-in: (706) 679-9623
Passcode:
1948-0662
A replay of the call can be accessed by phone at the following number for 30 days following the call:
US/Canada dial-in: (800) 642-1687
International dial-in: (706)
645-9291
Passcode: 1948-0662
DigitalGlobe will also sponsor a live and archived webcast of the conference call on its website, www.digitalglobe.com.
About DigitalGlobe
Longmont, Colorado-based DigitalGlobe ( http://www.digitalglobe.com) is a leading global provider of commercial high- resolution earth imagery products and services. Sourced from our own advanced satellite constellation, our imagery solutions support a wide variety of uses within defense and intelligence, civil agencies, mapping and analysis, environmental monitoring, oil and gas exploration, infrastructure management, internet portals and navigation technology.
