CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

June 30,

December 31, 

2012

2011

Change

(unaudited)

ASSETS

Current assets:

Cash and cash equivalents

$           230,889

$           188,738

$             42,151

Short-term investments

8,600

9,220

(620)

Accounts receivable - trade and unbilled receivables, net

45,248

39,917

5,331

Income tax receivable

2,685

19,645

(16,960)

Restricted cash

3,952

4,207

(255)

Current deferred tax assets

2,148

2,148

-

Prepaid expenses and other current assets

15,241

14,805

436

Total current assets

308,763

278,680

30,083

Property, plant and equipment, net

52,359

48,065

4,294

Satellites and related ground systems, net

1,028,425

913,454

114,971

Goodwill

67,945

68,130

(185)

Intangible assets, net

8,929

10,526

(1,597)

Non-current restricted cash

4,902

6,875

(1,973)

Other non-current assets

8,377

8,855

(478)

Total assets

$        1,479,700

$        1,334,585

$           145,115

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:

Accounts payable and accrued expenses

$             49,624

$             58,510

$             (8,886)

Current portion of deferred revenue

58,902

53,433

5,469

Total current liabilities

108,526

111,943

(3,417)

Long-term debt

512,571

511,019

1,552

Long-term deferred revenue, net of current portion

228,306

131,968

96,338

Deferred tax liabilities

83,289

64,694

18,595

Other non-current liabilities

8,047

7,674

373

Total liabilities

940,739

827,298

113,441

Commitments and contingencies 

-

-

-

Stockholders' equity:

Series A convertible preferred stock

1

1

-

Series B junior participating preferred stock

-

-

-

Common stock

225

222

3

Additional paid-in capital

382,973

379,154

3,819

Retained earnings

155,762

127,910

27,852

Total stockholders' equity

538,961

507,287

31,674

Total liabilities and stockholders' equity

$        1,479,700

$        1,334,585

$           145,115