Digital Globe Announce 2013 Results and Key Acquistion

Longmont, Colorado, February 26, 2014 – Satellite imaging company DigitalGlobe, Inc. reported today fourth quarter 2013 revenues of  US $169.7 million, a 35% increase compared with the same period last  year. Net income for the fourth quarter was US$ 15.1 million, with net income available to common  shareholders of US$ 13.6 million, or $0.18 per diluted share.

Fourth quarter 2013 EBITDA was US$ 73.5 million, driving an EBITDA margin of 43%. Excluding US$ 9.2 million of restructuring and  integration costs related to the combination with GeoEye yields Adjusted EBITDA of US$ 82.7 million, a  margin of 49%. 

On February 14, 2014, DigitalGlobe acquired Spatial Energy, a leading source for digital imagery and  geospatial solutions to the global oil and gas industry, serving 12 of the top 20 oil and gas companies  around the world.
 
Full year 2013 revenue was US$ 612.7 million, a 45% increase compared with 2012. The company reported a  net loss of US$ 68.3 million, and a net loss available to common shareholders of US $71.9  million, or $1.00  per diluted share. Fourth quarter and full-year 2013 results reflect fully diluted share counts of 76.0  million and 71.8 million, respectively. Full-year EBITDA was US$ 122.4 million, yielding an EBITDA  margin of 20%. Excluding US$ 89.9 million of restructuring and integration costs related to the combination  with GeoEye and a US$ 17.8 million loss from early extinguishment of debt yields Adjusted EBITDA of  US$ 230.1 million, with an associated margin of 38%. 
 
On February 14, 2014, DigitalGlobe acquired Spatial Energy, a leading source for digital imagery and  geospatial solutions to the global oil and gas industry, serving 12 of the top 20 oil and gas companies  around the world.
 
“We made great strides in 2013, in what was a transformative year for our company. We brought together  two industry leaders, driving strong growth in our U.S. Government business, removing more than $100  million in annualized operating expense, and in the process, positioning DigitalGlobe for long-term  profitable growth and free cash flow generation,” said Jeffrey R. Tarr, CEO. “In 2014 we will complete  our integration efforts, launch WorldView-3, the world’s most advanced commercial earth observation  satellite, bring to market new Geospatial Big DataTM and analytic capabilities and take important steps to  create value for our customers around the world,”  he added.

For 2014, the company expects to report revenue in a range of US$ 630 million to $660 million. The  company expects to achieve a full-year Adjusted EBITDA margin of approximately 43%, which excludes  the impact of approximately $35 million of integrations-related expenses, with a fourth quarter 2014  Adjusted EBITDA margin of at least 50%. The company also now expects to achieve $120 million in  operating expense savings related to its combination with GeoEye, an increase of $20 million from its  previous projection. 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.