BOSTON (Thomson Financial) - Shares of GeoEye Inc. fell to a 52-week low
Friday on heavier than normal volume after the Dulles, Va.-based aerial imagery
provider reported weaker-than-expected first-quarter results.
The stock tumbled as low as $16.05 before paring some of its losses to
change hands at $18.25, down 17%, on volume of 2.3 million shares. As of
Thursday's $21.98 closing price, the shares had fallen nearly 35% year-to-date
with a 30-day average volume of 317,000 shares.
In a quarterly filing with the Securities and Exchange Commission, GeoEye
reported first-quarter net income of $326,000, or 2 cents a share, compared with
a loss of $30.2 million, or $1.73 a share, a year earlier.
One analyst polled by Thomson Reuters had estimated first-quarter earnings
of 63 cents a share at GeoEye.
Revenue for the three months ended March 31 fell to $34.4 million from $36.8
million a year ago.
The company also said that on April 23, its OrbView-3 satellite was declared
permanently out of service because of technical problems and that three
milestone payments it would have owed Orbital Sciences were written off.
Orbital Sciences then asserted a prorated portion of the 2007 payment was
payable, and on April 22, an arbitrator decided in favor of Orbital.
GeoEye said that on April 30, it paid Orbital Sciences about $1.1 million
plus accrued interest in accordance with the arbitrator's decision.
Greg Saulnier
gs/vj
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