GeoEye shares fall on NGA contract cuts
Posted: Tue, Jun 26, 2012, 7:28 AM ET (1128 GMT)
Commercial remote sensing company GeoEye said Monday it would continue development of its next satellite despite receiving word from its primary government customer that it would reduce funding on contracts with the company. In letters GeoEye filed with the SEC late Friday, the National Geospatial-Intelligence Agency (NGA) informed GeoEye it would not fully renew its contract for imagery with the company, and would not provide additional funding to help pay for the development of the company's latest satellite, GeoEye-2. Company officials said in a conference call Monday that they were optimistic that Congress would provide funding to the NGA to restore the imagery contracts, and that the company had enough funds on hand to keep GeoEye-2 on track for a 2013 launch. Shares in GeoEye closed Monday down 22% for the day, after being down by as much as 30% earlier in the day.
Commercial remote sensing company GeoEye said Monday it would continue development of its next satellite despite receiving word from its primary government customer that it would reduce funding on contracts with the company. In letters GeoEye filed with the SEC late Friday, the National Geospatial-Intelligence Agency (NGA) informed GeoEye it would not fully renew its contract for imagery with the company, and would not provide additional funding to help pay for the development of the company's latest satellite, GeoEye-2. Company officials said in a conference call Monday that they were optimistic that Congress would provide funding to the NGA to restore the imagery contracts, and that the company had enough funds on hand to keep GeoEye-2 on track for a 2013 launch. Shares in GeoEye closed Monday down 22% for the day, after being down by as much as 30% earlier in the day.
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