DigitalGlobe Reports Fourth Quarter and Full Year 2013 Results

DigitalGlobe (DGI) , Inc. (NYSE: DGI), a leading global provider of high-resolution earth imagery solutions, today reported financial results for the fourth quarter and full year ended December 31, 2013.

Fourth quarter 2013 revenue was $169.7 million, a 35% increase compared with the same period last year. Net income for the fourth quarter was $15.1 million, with net income available to common shareholders of $13.6 million, or $0.18 per diluted share. Fourth quarter 2013 EBITDA was $73.5 million, driving an EBITDA margin of 43%. Excluding $9.2 million of restructuring and integration costs related to the combination with GeoEye (GEOY) yields Adjusted EBITDA of $82.7 million, a margin of 49%.

Full year 2013 revenue was $612.7 million, a 45% increase compared with 2012. The company reported a net loss of $(68.3) million, and a net loss available to common shareholders of $(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 $122.4 million, yielding an EBITDA margin of 20%. Excluding $89.9 million of restructuring and integration costs related to the combination with GeoEye and a $17.8 million loss from early extinguishment of debt yields Adjusted EBITDA of $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. See related press release titled, "DigitalGlobe Acquires Spatial Energy" for more detail.

"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 Data" and analytic capabilities and take important steps to create value for our customers around the world."

- Read the full financials at Seeking Alpha.


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