Tuesday, January 15. 2008

GeoEye-1 Delayed Again

GeoEye (GEOY) filed an 8K with the Securities and Exchange Commission (SEC) stipulating that the launch of GeoEye-1 has been postponed once again to a 30-day launch window commencing August 22, 2008.

According to the 8K, " GeoEye, Inc. has received a letter dated January 12, 2008 from the Contract Administrator of Boeing Launch Services, Inc., indicating that Boeing and its affiliate, United Launch Alliance, LLC do not expect to launch the GeoEye-1 satellite on the date specified in the Launch Services Agreement between GeoEye and Boeing, set for a 30 day launch window commencing April 16, 2008, with the “nominal launch date” under the contract set at April 16. Boeing has offered in its letter to launch GeoEye-1 during a 30-day launch availability period commencing on August 22, 2008 from Vandenberg Air Force Base."

In the past, delays of GeoEye-1 have been incurred due to Vandenburg's tight schedule window especially with defense satellites. GeoEye stock is down 7% in early trading this morning.

Comments

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We may be looking at a suit against boeing for not upholding their commitment to that date. The delay could translate into millions of lost revenue, not to mention the stock is down 25% in the last week. Still a great buy and is basically "on sale". Target price is $45, we're at $28....

#1 mike on 2008-01-16 07:26 (Reply)

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