GeoEye, Inc. (NASDAQ: GEOY) has reported the Company's revenues for the third quarter of 2008 were $35.9 million as compared to $53.8 million for the third quarter of 2007.

The primary reason for the revenue decrease is a reduction in orders from the Company's largest customer, the National Geospatial-Intelligence Agency (NGA).The Company believes in light of the delay of launching its GeoEye-1 satellite, NGA may have reallocated imagery orders to the Company's competitor as the competitor's NextView satellite was launched in Sept. 2007 and is now operational. The Company is currently finishing the calibration and checkout phase of GeoEye-1 and expects to start commercial operations with GeoEye-1 next month. The Company is currently in negotiations with NGA regarding the establishment of a Service Level Agreement (SLA) that the Company believes will streamline the order flow from NGA. The Company expects to sign this agreement shortly. To read the entire report, access this direct link.