DigitalGlobe, Inc. (NYSE: DGI), a leading global provider of commercial high-resolution earth observation and advanced geospatial solutions, today reported financial results for the quarter ended June 30, 2015.
Second Quarter Financial Summary:
– Grew revenue 12.8% to $178.0 million.
– Increased U.S. Government revenue 18.4% to $113.1 million.
– Grew Diversified Commercial revenue 4.2% to $64.9 million.
– Net income was $8.0 million and net income less preferred stock dividends was $7.0 million, or $0.09 per diluted share.
– Adjusted EBITDA was $87.7 million, yielding a margin of 49.3%.
– Net cash flows from operations were $95.0 million, up 55.0%.
– Free cash flow was $54.1 million, yielding a free cash flow margin of 30.4%.
Recent Highlights:
– Saab and DigitalGlobe announced the Vricon joint venture, which combines Saab’s unique 3D technology with DigitalGlobe’s high resolution imagery archive to produce highly accurate 3D products and digital elevation models with global coverage and rapid delivery timelines.
– The company repurchased 1,075,037 shares of its common stock for $32.7 million at an average price of $30.44 per share.
“We are pleased with our second quarter results, with revenue growth in line with expectations and better-than-expected adjusted EBITDA and free cash flow,” said Jeffrey R. Tarr, DigitalGlobe CEO. “While top-line growth may be somewhat moderated in the second half relative to our original expectations, we still expect revenue to grow at a double-digit rate driven by new capacity, new products and new customers. This growth, combined with our continued focus on operational excellence, should enable us to deliver continued margin expansion, strong free cash flow and improving returns that will contribute to the creation of shareowner value.”
