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digitalglobe inc (DGI) Key Developments

DigitalGlobe Announces Executive Changes

DigitalGlobe announced that Fred Graffam will become Interim Chief Financial Officer for the company, effective Sept. 3, 2014. He assumes responsibility for financial operations as the company continues its search for a successor to departing CFO, Yancey L. Spruill. Graffam has served as the company's Vice President of Financial Planning & Analysis since July 2013. Prior to joining DigitalGlobe, Graffam served as Senior VP of Finance - North America and Asia Pacific for Level 3 Communications from 2012 to July 2013. In this role, Graffam led all financial operations for Level 3's North America region with a particular focus on supporting growth and value creation for the business. Before serving at Level 3, Graffam spent 17 years with Comcast Corporation, serving as Senior VP of Comcast's Beltway Region from 2008 to 2011 and as Senior VP-Finance, West Division from 2002 to 2008. The transition of CFO responsibilities from Spruill to Graffam will be effective immediately, as Spruill departs to begin a new job outside DigitalGlobe.

First Images Taken with Exelis System on DigitalGlobes WorldView3 Satellite Released

DigitalGlobe has released the taken with the Exelis-built integrated, super-spectral imaging system on the, which launched last week from Vandenberg Air Force Base in California. The images, taken at 617 kilometers above earth, are of Madrid, Spain. Exelis built the integrated, super-spectral imaging system consisting of a telescope, sensor and shortwave infrared (SWIR) system, making WorldView-3 the first high-resolution commercial imaging satellite to feature such capabilities and allowing DigitalGlobe to expand its imagery product offerings. WorldView-3 collects imagery 31 centimeter resolution -- delivering 5 times the clarity of other commercial providers. With the most spectral diversity, the satellite’s SWIR bands will allow for accurate imaging through haze, fog, dust, smoke, and other airborne particulates. The new capabilities will help solve tough customer problems across a variety of applications, including accurate crop mapping; efficient site selection, exploration and environmental monitoring for the energy industry; and mineral identification and chemical measurements to support mining. Other imaging systems provided by Exelis include those on DigitalGlobe’s IKONOS, QuickBird, WorldView-1, GeoEye-1 and WorldView-2 satellites. DigitalGlobe’s WorldView-4 satellite, planned for launch in mid-2016, will also carry an Exelis-built imager.

DigitalGlobe Announces the Launch of WorldView-3

DigitalGlobe announced the launch of WorldView-3, the company's sixth and advanced super-spectral, high-resolution commercial satellite. The satellite launched on a Lockheed Martin Atlas V rocket from Vandenberg Air Force Base in California. The launch of WorldView-3 extends DigitalGlobe's commanding technological lead and will enable to help customers see through smoke, peer beneath the ocean's surface and determine the mineral and moisture content of the earth below - all with unprecedented clarity. WorldView-3 will collect super-spectral imagery at 0.31 meter resolution - delivering 5 times the clarity of the company's nearest competitor. In addition WorldView-3 will offer the most spectral diversity available commercially and will be the first to offer multiple shortwave infrared bands that allow for accurate imaging through haze, fog, dust, smoke and other air-born particulates. The satellite is also the only satellite to offer CAVIS, a cloud, aerosol, water vapor, ice and snow atmospheric correction instrument, which monitors the atmosphere and corrects data for an unprecedented level of consistency.

DigitalGlobe, Inc. Reports Unaudited Consolidated Earnings Results for Second Quarter and Six Months Ended June 30, 2014; Provides Earnings Outlook for the Year 2014; Provides Depreciation and Interest Expense Outlook for Third Quarter and Fourth Quarter of 2014

DigitalGlobe, Inc. reported unaudited consolidated earnings results for second quarter and six months ended June 30, 2014. For the quarter, the company’s revenue was $157.8 million against $150.6 million a year ago. Income from operations was $0.7 million against loss of $33.8 million a year ago. Income before income tax was $0.7 million against loss of $35.1 million a year ago. Net income available to common stockholders was $3.9 million or $0.05 per basic and diluted share against loss of $22.0 million or $0.30 per basic and diluted share a year ago. EBITDA was $58.3 million against $25.3 million a year ago. Adjusted EBITDA was $63.9 million against $45.9 million a year ago. CapEx was $53 million. For the six months, the company’s net cash flows provided by operating activities were $101.2 million against $1.6 million a year ago. Other property and equipment additions were $5.2 million against $9.0 million a year ago. For 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 50%. The company also expects 2014 capital expenditures of approximately $170 million. Depreciation and amortization was $57.6 million in the quarter, down slightly year-over-year. Depreciation should stay at this level through the third quarter and will increase by approximately $10 million in fourth quarter, reflecting 0.5 quarter of incremental depreciation once WorldView-3 becomes operational. The company had no net interest expense in the quarter, reflecting capitalization of nearly all of the $13 million in quarterly interest on its debt. The company expects similar levels of interest expense in third quarter, and then expects it to increase to approximately $9 million in fourth quarter, reflecting the impact of WorldView-3 reaching full operational capability in November and WorldView-4 going into storage early in fourth quarter.

DigitalGlobe, Inc. to Report Q2, 2014 Results on Jul 31, 2014

DigitalGlobe, Inc. announced that they will report Q2, 2014 results at 5:00 PM, Eastern Standard Time on Jul 31, 2014

 

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