Do More With Reuters
Partner Services

UPDATE 1-GeoEye says satellite hitch not to hurt revenue

Thu Jun 4, 2009 3:26am IST
 
Email | Print | | Single Page
[-] Text [+]

* Says no indication of issue spreading or worsening

* Shares up 9 percent

June 3 (Reuters) - GeoEye Inc (GEOY.O: Quote, Profile, Research) said the previously announced problem with one of its satellites does not materially impact revenue and that even under the worst case, the impact will be less than 5 percent of projected revenue.

In May, the company said an issue with GeoEye-1 satellite caused a small area of an image to lack color when collected in a particular operating mode.

In a filing with the U.S. Securities and Exchange Commission, GeoEye said the issue does not affect the ground resolution or mapping accuracy of imagery.

The company also said the issue does not affect the ability of the satellite to continue to fulfil requirements for the National Geospatial-Intelligence Agency and other customers.

"The technical analysis is ongoing and currently points to a small segment of the focal plane electronics within the camera," the company said in the filing.

It said it has no indication that this issue will spread or worsen in any way.

Shares of GeoEye were trading up 9 percent at $23.97 after the bell. They closed at $22.09 Wednesday on Nasdaq. (Reporting by A.Ananthalakshmi in Bangalore; Editing by Deepak Kannan)

Britain's Prime Minister Gordon Brown speaks, as finance minister Alistair Darling listens at the G20 Finance Ministers meeting in St. Andrews, Scotland. REUTERS/POOL New
UK joins G20 push for world levy on banks

Britain threw its weight behind proposals to impose a global levy on banks to fund future bailouts and called on the G20 to work toward a $100 billion deal to meet the cost of climate change.  Full Article | Full Coverage 

Market Update

  • IndiaIndia
  • USUS
  • UKUK
  • Asia
  • Most Actives

column

Nipun Mehta
Nipun Mehta, SG Private Banking
India - planning the road to recovery

There needs to be an acceptable balance created between education & healthcare and infrastructure spend.  Full Article 

SHOWCASE

Robot Asimo

Snapshots of Honda Motor's humanoid robot Asimo  Slideshow 

 
Marketing Strategy
Marketing Strategy

Companies are now using direct marketing methods to sell their products.  Full Article 

 
Out of Woods?
Out of the Woods?

Analysis - CIT's bankruptcy exit fraught with uncertainty  Full Article 

 
Exit Plans
Exit Plans

Factbox - Stimulus exit plans for Asia-Pacific's big 5 economies  Full Article