Friday, May 2nd 2014
DigitalGlobe
| Longmont, CO
Revenue of $156.5 Million Up 23% Net Income of $0.4 Million Up $61 Million Adjusted EBITDA Margin of 43% Up 1500 Basis Points
DigitalGlobe, Inc. (NYSE: DGI), a leading global provider of commercial
high-resolution earth observation and advanced geospatial solutions,
today reported financial results for the quarter ended March 31, 2014.First quarter 2014 revenue was $156.5 million, a 23% increase compared with the same period last year. Net income for the first quarter was $0.4 million, with net loss available to common shareholders of $(0.6) million, or a loss of $(0.01) per diluted share. In the first quarter 2013, the company reported a net loss of $(60.6) million, with a net loss available to common shareholders of $(61.2), or a loss of $(0.96) per diluted shares.
First quarter Adjusted EBITDA was $67.9 million with an Adjusted EBITDA margin of 43%. This compares with Adjusted EBITDA of $35.9 million in first quarter 2013, with an associated margin of 28%. Adjusted EBITDA excludes the impact of restructuring, integration and other costs.
First quarter 2013 results exclude GeoEye financial results for the month of January as a result of timing of the close of the acquisition.
"We delivered a good start to 2014," said Jeffrey R. Tarr, CEO. "We drove double-digit top-line growth and strong EBITDA margin expansion primarily from our U.S. and international government businesses and continued success with our integration efforts. 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. In the quarter, we also scaled our Tomnod crowdsourcing platform -- enabling more than 8 million volunteers to aid government customers in the search for Malaysia Airlines Flight MH370."
Recent Business Highlights
-- First quarter 2014 revenue from the U. S. Government grew 26% to $97.6
million compared with first quarter 2013, including a 141% increase in
value-added services to $34.4 million, driven by continued growth in the
Global Enhanced GEOINT Delivery (G-EGD) program.
-- Diversified Commercial revenue grew 18% to $58.9 million in the quarter
compared with first quarter 2013. Growth was driven primarily by Direct
Access Program (DAP) revenue of $26.5 million in the quarter, up 47% year
over year.
-- This quarter's revenue results include the activation of one new DAP
customer in the Middle East.
-- Within its location based services base of customers, the company signed
a multi-year agreement to provide archived imagery for applications
harnessing OpenStreetMap, a collaborative open source mapping project.
-- Within oil & gas, recently acquired Spatial Energy contributed to first
quarter growth and renewed 100% of its on-line subscriptions in the
quarter. It also signed new on-shore and off-shore monitoring programs
with both new and existing accounts. Among mining customers, the company
agreed to provide tasked images for mine monitoring in Peru for a major
multi-national mining company.
-- Among non-governmental organizations, the company signed a new multi-year
agreement with a global development foundation to provide geospatial
imagery and analytics to help prove the efficacy of remote sensing in
monitoring the nature and condition of smallholder farms, with an initial
focus in Sub-Saharan Africa and Southeast Asia.
-- Among international civil governments, the company received two awards in
India to provide tasked images for change detection and feature
extraction of forest resources and cadastral mapping.
-- The company remains on track with construction of its WorldView-3
satellite in preparation for an expected mid-August launch.
2014 OutlookFor 2014, the company continues to expect to report revenue in a range of $630 million to $660 million. The company expects to achieve a full-year Adjusted EBITDA margin of approximately 43% with a fourth quarter 2014 Adjusted EBITDA margin of at least 50%. The company also expects 2014 capital expenditures of approximately $170 million, including spending to complete and launch the WorldView-3 satellite, and to complete, but not launch, the GeoEye-2 satellite.
Conference Call Information
DigitalGlobe's management will host a conference call today, May 1, 2014 at 5 p.m. ET to discuss its 2014 first quarter financial and operating results.
The conference call dial-in numbers are as follows:
U.S./Canada dial-in: (855) 212-2368
International dial-in: (315) 625-6886
Passcode: 32166574
A replay of the call will be available through May 30, 2014 at the following numbers:
U.S./Canada dial-in: (855) 859-2056
International dial-in: (404) 537-3406
Passcode: 32166574
DigitalGlobe will also sponsor a live and archived webcast of the conference call on the Investor Relations portion of its website. Click here to directly access the live webcast.
Supplemental earnings materials, including conference call slides and management scripts, are available on the Investor Relations section of the company's website at www.digitalglobe.com.
About DigitalGlobe
DigitalGlobe is a leading provider of commercial high-resolution earth observation and advanced geospatial solutions that help decision makers better understand our changing planet in order to save lives, resources and time. Sourced from the world's leading constellation, our imagery solutions deliver unmatched coverage and capacity to meet our customers' most demanding mission requirements. Each day customers in defense and intelligence, public safety, civil agencies, map making and analysis, environmental monitoring, oil and gas exploration, infrastructure management, navigation technology, and providers of location-based services depend on DigitalGlobe data, information, technology and expertise to gain actionable insight.
DigitalGlobe is a registered trademark of DigitalGlobe.
source: directionsmag.com
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