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
|
|
Monday, October 20
Innospace secures Korea's first private commercial launch license for Hanbit-Nano mission
Chosun Ilbo — 7:34 am ET (1134 GMT) Innospace Obtains Korea’s First Private Commercial Launch Permit
BusinessKorea — 7:34 am ET (1134 GMT) Korea’s 1st commercial space vehicle cleared for launch, likely in November
Korea Times — 7:34 am ET (1134 GMT) Innospace Gets South Korean Launch Authorization For Hanbit-Nano
Aviation Week — 7:33 am ET (1133 GMT) SpaceX launches Falcon 9 carrying Starlink satellites from Cape Canaveral on Sunday
WESH-TV Orlando — 7:33 am ET (1133 GMT) |
