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.
Related Links:
| <<previous article | next article>> |
|
news in brief
|
|
|
|
news links
|
|
Thursday, October 30
First UK phones to get satellite connectivity in signal blackspots announced
BBC — 7:12 am ET (1112 GMT) First UK mobile network to use Musk’s Starlink for rural coverage
The Independent — 7:11 am ET (1111 GMT) Colorado files suit against Trump administration to stop Space Command move to Alabama
AL.com — 7:10 am ET (1110 GMT) Colorado sues Trump Administration over Space Command move
Colorado Public Radio — 7:08 am ET (1108 GMT) Colorado Attorney General Phil Weiser sues Trump administration over plans to move U.S. Space Command
CBS — 7:08 am ET (1108 GMT) |
