DigitalGlobe's revenue up, loss narrows in 1Q
Last Updated: 15:27 May 2, 2014
Spruill will step down Oct. 1, but will continue in his role in the meantime and assist with the search for his replacement.
Longmont-based DigitalGlobe reported revenue of $156.5 million for the quarter ending March 31, up from $127.6 million a year ago. Last year's figure did not include January revenue for GeoEye, a competitor acquired by DigitalGlobe.
Despite the revenue gains, DigitalGlobe reported a net loss of $600,000, or 1 cent per diluted share. But that was a major improvement compared with a loss of $61.2 million for the first quarter a year ago.
Revenue from the United States government grew 26 percent to $97.6 million, while diversified commercial revenue grew 18 percent to $58.9 million. Chief executive Jeffrey Tarr said international government business also helped drive the revenue growth.
"We also made progress on a number of important growth initiatives that will extend our industry leadership in resolution, accuracy and revisit, and add unique capabilities that we believe will drive sustained growth toward the end of this year, in 2015 and beyond," Tarr said.
Spruill has spent 10 years with DigitalGlobe, helping oversee growth of the company from a $60 million privately held organization to a publicly traded entity with $613 million in 2013 revenue.
"Yancey's contributions to DigitalGlobe over the last decade have been instrumental to our success," Tarr said.
DigitalGlobe shares were trading at $32.52 in the early afternoon Friday, up 2.4 percent from the previous day's close.
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