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Income from operations was $1.7 million for the first quarter 2009 compared to $5.6 million for the first quarter 2008. The decrease was due to increased costs related to GeoEye-1 becoming operational, offset by our initial revenues from GeoEye-1. Beginning in the first quarter of 2009, operating expenses included operating costs related to the GeoEye-1 satellite including depreciation, satellite insurance and salary costs.
Our net loss for the first quarter of 2009 was $1.7 million compared to a net loss of $0.8 million for the corresponding period in 2008.
Selected year-end financial results for the Company are as follows (dollars in thousands, except earnings per share):
Three Months Ended March 31,
---------------------------
2009 2008 Change
---- ---- ------
(unaudited)
Revenues $45,211 $35,912 $9,299
Operating expenses:
Direct costs of revenue
(exclusive of depreciation and
amortization) 24,842 18,697 6,145
Depreciation and amortization 8,460 3,273 5,187
Selling, general and
administrative 10,204 7,168 3,036
Satellite impairment
settlement - 1,150 (1,150)
------ ----- ------
Total operating expenses 43,506 30,288 13,218
------ ------ ------
Income from operations 1,705 5,624 (3,919)
Interest expense, net 5,562 3,728 1,834
----- ----- -----
(Loss) income before provision
for income taxes (3,857) 1,896 (5,753)
(Benefit) provision for income
taxes (2,120) 2,713 (4,833)
------ ----- ------
Net loss $(1,737) $(817) $(920)
======= ===== =====
Net loss per share (basic and
diluted) $(0.09) $(0.05) $(0.04)
====== ====== ======
March 31, December 31,
2009 2008 Change
---- ---- ------
(unaudited)
Cash and cash equivalents $93,131 $106,733 $(13,602)
Other current assets 96,717 85,131 11,586
Satellites and PPE 520,902 510,893 10,009
Other non-current assets 60,373 61,577 (1,204)
Deferred tax asset 30,270 30,271 (1)
------ ------ ------
Total assets $801,393 $794,605 $6,788
======== ======== ======
Total current liabilities 131,979 115,986 15,993
Long-term deferred revenue, net
of current portion 190,273 199,317 (9,044)
Long-term debt and other 248,368 248,898 (530)
Stockholders' equity: 230,773 230,404 369
------- ------- ---
Total liabilities and
stockholders' equity $801,393 $794,605 $6,788
======== ======== ======
Three Months Ended March 31,
---------------------------
2009 2008 Change
---- ---- ------
(unaudited)
Net cash provided by
operating activities $725 $9,918 $(9,193)
Net cash used in investing
activities (16,069) (29,321) 13,252
Net cash provided by financing
activities 1,742 1,002 740
Net decrease in cash and cash
equivalents (13,602) (18,401) 4,799
Cash and cash equivalents,
beginning of period 106,733 226,761 (120,028)
Cash and cash equivalents, end
of period $93,131 $208,360 $(115,229)
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