DigitalGlobe's Q3 revenue up 31 percent
DigitalGlobe (NYSE: DGI) reported $107 million in revenue in the third quarter, up from $81.9 million in the third quarter of 2011. Its net income was $8.5 million, or 18 cents per share, up from net income of $1.1 million, or 2 cents per share, last year.
Revenue growth was driven by a 24 percent revenue increase in the defense and intelligence imaging unit, which made $81.1 million. The commercial imaging segment revenue grew 57 percent to $26.1 million in the quarter in a year-to-year comparison.
It was the fourth straight quarter of double-digit revenue growth for DigitalGlobe, president and chief executive Jeffrey R. Tarr said. Performance was strong enough that DigitalGlobe increased its revenue projection for 2012. DigitalGlobe expects to report revenue growth of 18 percent to 21 percent compared with 2011 based on generally accepted accounting principles, or GAAP, an increase from its previous expectation of approximately 16 percent growth.
DigitalGlobe also said it plans to close on its self-described "combination" with rival satellite image provider GeoEye Inc. in the first quarter of 2013. GeoEye (Nasdaq: GEOY) is based in Herndon, Virginia. DigitalGlobe essentially is taking over the company, and will keep its name and executive team. DigitalGlobe shareholders will control 64 percent of the combined company. The deal is worth about $900 million.
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