DULLES, Va., Aug. 19 /PRNewswire-FirstCall/ -- GeoEye, Inc. , a premier provider of satellite, aerial and geospatial information, announced today the filing of its Security and Exchange Commission 10-Q for the second quarter of 2008 and its restatements for 2005, 2006 and 2007 and the first quarter of 2008 will be delayed for up to two weeks. The additional time is required to re-calculate the proper interim period allocations of the penalties and interest related to the National Geospatial-Intelligence Agency's (NGA) milestone cost-sharing payments made to the company under the terms of the Government's NextView contract.
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The issue under review relates to the accrual of payments made by the NGA within individual quarters during the development of the GeoEye-1 satellite. The Company continues to believe that a filing made with the IRS on August 8, 2008 will eliminate the penalties and interest in the third quarter of 2008 as discussed in its earnings release dated August 12, 2008.
The NextView program is designed to ensure that the NGA has access to commercial imagery in support of its mission to provide timely, relevant and accurate geospatial intelligence in support of national security. The Company was awarded its NextView contract in September 2004 and plans to launch the GeoEye-1 satellite on September 4, 2008 from Vandenberg Air Force Base, California. The satellite was lifted onto and mated with the launch vehicle yesterday at Space Launch Complex 2W. As announced August 15, the Company obtained formal approval for the September 4 launch from the U.S. Air Force.
About GeoEye
GeoEye is the premier provider of geospatial information for the national security community, strategic partners, resellers and commercial customers to help them better map, measure and monitor the world. The Company is recognized as the industry's trusted imagery expert for delivering reliable service and the exceptional quality of its imagery products and solutions. It operates a constellation of Earth imaging satellites, mapping aircraft and has an international network of ground stations, a robust imagery archive, and advanced imagery processing capabilities for developing innovative geospatial products and solutions. The Company also provides support to academic institutions and non-governmental organizations through the GeoEye Foundation. Headquartered in Dulles, Virginia, GeoEye is a public company listed on the Nasdaq stock exchange under the symbol GEOY. It maintains a comprehensive Quality Management System (QMS) and has achieved company-wide ISO accreditation. For more information, visit http://www.geoeye.com/.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Securities Exchange Act of 1934, as amended. Statements including words such as "anticipate", "believe", or "expect" and statements in the future tense are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties. GeoEye's actual financial and operational results could differ materially from those anticipated. Additional information regarding these risk factors and uncertainties is described more fully in the Company's SEC filings. A copy of all SEC filings may be obtained from the SEC's EDGAR web site, http://www.sec.gov/, or by contacting: William L. Warren, Senior Vice President, General Counsel and Secretary, at 703-480-5672.
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