GeoEye Delays SEC Filing to Restate Earnings

Last week, GeoEye announced that they had to restate earnings for 2005, 2006, 2007 and the first quarter of 2008 due "a detailed study analyzing its tax accounting methods in which the Company discovered that it had not correctly included cost-share payments received from the U.S. Government under the NextView program in its taxable income," according to a press release issued by the company. Now comes word that the filing will be delayed further because "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," again according to information released by GeoEye. The news has tempered that company’s stock price which had been on the rise due to the upcoming launch of GeoEye-1 on September 4.