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GeoEye says NGA does not intend to exercise EnhancedView option

GeoEye disclosed that on October 31 its wholly owned subsidiary, GeoEye Imagery Collection Systems, received notice from the National Geospatial-Intelligence Agency, or NGA, that, due to funding shortfalls, NGA does not intend to exercise the nine-month EnhancedView Service Level Agreement option with the company for the current contract year performance period of December 1, 2012 through August 31, 2013. The NGA did indicate it might seek to renew the SLA by December 15, should funding become available. The nine-month option for the remainder of the contract year through August 31, 2013 would have provided for service revenue to the company, based upon the availability of funding, of approximately $119.25M.