[SatNews] DigitalGlobe, Inc. (NYSE: DGI) has reported financial results for the third quarter ended Sept. 30, 2011.
Third quarter 2011 revenue was $81.3 million, up 1 percent compared with the same period last year. Included in third quarter revenue is $6.4 million of amortized revenue related to NextView, the predecessor to the EnhancedView contract with the National Geospatial-Intelligence Agency (NGA). Not included in third quarter revenue is $23.2 million of deferrals related to the service level agreement (SLA) portion of EnhancedView. The company reported a third quarter 2011 net income of $1.1 million, or $0.02 per diluted share, compared with net income of $800 thousand, or $0.02 earnings per diluted share, for the same period last year.
Third quarter 2011 Adjusted EBITDA, a non-GAAP financial measure, was $52.0 million, an increase of 16.0 percent compared with third quarter 2010 Adjusted EBITDA of $44.9 million. Adjusted EBITDA includes current-quarter deferrals related to EnhancedView and, for both periods, excludes approximately $6.4 million of amortized revenue related to NextView. Cash Flow from Operations was $156.7 million for the nine months ended September 30, 2011, up 40.2 percent compared with Cash Flow from Operations of $111.8 million for the nine months ended September 30, 2010.
On Oct. 12, the company completed a refinancing of its debt, entering into a senior secured credit agreement that provides for a $500 million term loan facility and a $100 million revolving credit facility. The company used these funds to repay the principal and premium related to its 10.5 percent Senior Secured Notes, 100 percent of which were redeemed and which have been retired. The company will use the remaining cash proceeds for general corporate purposes, which may include acquisitions and share repurchases. The impact of this refinancing will be included in fourth quarter 2011 financial results, and will include one-time charges related to the premium paid for early extinguishment of the debt as well as deferred financing fees. To read the complete financial report, access this direct link.
