GeoEye, Inc. (Nasdaq: GEOY), a provider of space-based and aerial imagery and geospatial information, today provided an update on the upcoming launch of their latest satellite, GeoEye-1.

Once launched, GeoEye-1 will be the world’s highest resolution commercial earth-imaging satellite and propel GeoEye to higher revenues, earnings and exposure as GeoEye-1’s imagery will be used in all sorts of applications, the least of which is by Google (Nasdaq: GOOG) on Google Earth and Maps, Yahoo (Nasdaq: YHOO) and other online portals.

New to the GeoEye story?

• Read my initial buy recommendation here.
• or read about the company’s latest management conference call and earnings release here.

GeoEye-1 Arrives at Vandenberg Air Force Base

Final Launch Preparations Being Made

With the launch a little more than a month away (August 22, 2008), GeoEye-1 has arrived safe and sound at Vandenberg Air Force Base, California, from where it was manufactured in Gilbert, Arizona.

GeoEye-1 will be launched from a Delta II rocket, which has a success rate of over 98%, out of 137 launches overall.

I have written extensively about how this launch is critical to GeoEye’s success going forward and how once launched, will allow GeoEye to service their customers in ways that their only soon-to-be publicly traded company DigitalGlobe (NYSE: DGI), will not.

Bill Schuster, GeoEye’s chief operating officer said in a statement:

“Our launch next month marks the culmination of a great deal of dedication by an extraordinarily talented team. We will soon be able to make available to the U.S. Government and others worldwide the best quality commercial imagery on the market. GeoEye-1, once launched and operational, will further demonstrate the viability of the commercial imagery industry and our ability to provide our key customers the imagery needed to meet critical mission requirements.”

As I had mentioned previously, GeoEye’s imagery is already showing up on Google and other online portals, but the entry of their newest satellite will cement their leadership position as these and other sources, including the US government and foreign governments, constantly need better and better imagery updated on a regular basis.

In case you missed it from a recent post, here’s a screenshot from a search I was running the other day on Google:

Notice the little copyright at the bottom of the image with DigitalGlobe, GeoEye’s only US competitor, and GeoEye.

Bottom Line

Everything looks good and on track.

I will reiterate what a successful launch for GeoEye means both in their ability to service customers and to increase revenues and their business strategy going forward.

I’m glad to see that things are on track and ready to rock.

Stay tuned for more updates as they occur.

Oh, and if you are interested in learning more about the launch and tracking the launch of GeoEye-1, GeoEye provided a web page dedicated to constant updates and real-time streaming video of the launch.

You can visit that here:

http://launch.geoeye.com

New to the GeoEye story?

• Read my initial buy recommendation here.
• or read about the company’s latest management conference call and earnings release here.

*Variables You Should Know About GeoEye, Inc. (Nasdaq: GEOY)

Current Recommendation:

STRONG BUY

The Company: GeoEye, Inc. provides space-based, and aerial imagery and geospatial information through high-resolution and low-resolution imagery, imagery-derived products, and image processing services to customers worldwide. Its imagery information products enable customers to map, measure, and monitor the earth for intelligence gathering, precision mapping, construction planning, and environmental monitoring applications, among others. Why Buy Now:

• Established Large Player/Customer Base

• Consistent Revenue Streams

• High Margin Business
  

• Fantastic Growth Potential in an Expanding and Rapidly Developing Market

• Downside Protection In Recessionary Climate

• Several Upcoming Positive Catalysts Should Bring Attention to the Sector and Company
  

• Fantastic Stock Price Valuation/Entry Point
  

• Largely Underfollowed Stock

• Well Capitalized for the Next 12 Months or More

Market Cap:
$310.56 Revenue (2007):
$183.76 Cash/Debt:
$212/ $247
Current Price: $17.00 Risk Rating (?): 8 (High) Position Size (?): 1/2 (5-5-08), 1/4 (6-12-08) Buy Around Price (?): $22.00 (5-5-08), $16.50 (6-12-08)

*As of 6-10-08. Except share price, all values in millions.

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