GeoEye, Inc. (NASDAQ: GEOY), a leading source of geospatial information and insight, announced today results for its fiscal fourth quarter and fiscal year ended December 31, 2011.
“In 2011, we greatly strengthened our capabilities to deliver geospatial solutions to our many customers around the world,” said Matt O’Connell, chief executive officer and president. “We had a record fourth quarter, we won several significant commercial contracts and our GeoEye-2 satellite program remains on schedule and on budget.”
Total revenues were $96.8 million for the fourth quarter of 2011, a 17 percent increase from $82.5 million reported for the fourth quarter of 2010. Net income available to common stockholders for the fourth quarter of 2011 was $14.1 million, or $0.62 per fully diluted share, compared to net income available to common stockholders of $15.2 million, or $0.68 per fully diluted share, for the fourth quarter of 2010.
To provide better comparability, we are also providing adjusted diluted earnings per share (EPS) that excludes non-cash asset write-downs which totaled $4.1 million in the fourth quarter of 2011. Adjusted net income available to common stockholders was $17.2 million, or $0.76 per fully diluted share in the fourth quarter of 2011, versus adjusted net income available to common stockholders of $9.5 million, or $0.42 per fully diluted share in the fourth quarter of 2010.
Domestic revenues were $64.7 million for the fourth quarter of 2011, which were 67 percent of total revenues for the period. International revenues were $32.1 million for the fourth quarter of 2011, which were 33 percent of total revenues for the period. Domestic revenues increased 7 percent for the fourth quarter of 2011, compared to the same period in 2010. International revenues increased 45 percent for the fourth quarter of 2011, compared to the same period in 2010.
Operating profit for the fourth quarter of 2011 increased $2.9 million, to $26.6 million, from the $23.7 million reported in the previous year. Operating margin was 27.5 percent for the fourth quarter of 2011, compared to 28.7 percent for the same period in 2010.
Adjusted EBITDA (a non-GAAP measurement defined as net income before interest, net, provision for income taxes, depreciation and amortization expenses, non-cash recognition of stock compensation expense and other items) increased $7.9 million, to $51.6 million for the fourth quarter of 2011, from $43.7 million for the same period in 2010. Adjusted EBITDA margin was 53.3 percent for the fourth quarter of 2011, compared to 53.0 percent for the same period in 2010.
The company ended the fourth quarter of 2011 with cash, cash equivalents and short-term investments of $198.0 million; total assets of approximately $1.3 billion; stockholders’ equity of $507.3 million and long-term debt of $511.0 million.
