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GeoEye, Inc. Message Board

  • shortofaname_99 shortofaname_99 Aug 10, 2009 9:53 PM Flag

    GEOY actually missed big - from the 10-Q

    From page 10 of the 10-Q:
    "During the second quarter of 2009, the Company reassessed the allocation of total premium costs between launch and on-orbit insurance and the expected consumption pattern of the total insurance premium costs. Based on its change in accounting estimate, the Company reclassified approximately $22.0 million from prepaid insurance expense to the capitalized costs of the GeoEye-1 satellite. As a result of this change in estimate, net income before tax and diluted earnings per share for the quarter ended June 30, 2009 increased $9.1 million and $0.28 respectively."

    So instead of the reported 46c of earnings, they actually did only 18c! This would have missed the consensus estimate of 39c by a wide margin. Also means that the actual earnings for the year are below $1.

    As they said after the Enron collapse: people would have known it was a scam had they read the footnotes....

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