GeoEye, Finding a Baguette on a Google Map

Kevin Maney writes: It's pretty hard to find an uplifting business event these days, but I landed at something close last night -- a gathering at Washington's Newseum to toast the launch of GeoEye's $500 million imaging satellite. The public company, based near Washington Dulles International Airport, is now operating the highest-resolution imaging satellite -- so powerful, it could spot a baguette lying on a sidewalk.

Most of us will encounter GeoEye through Google. The two signed an exclusive deal to use GeoEye images in Google maps. (GeoEye was so grateful to Google, it put Google's logo on the rocket that carried the satellite into space.) At the event, I learned that the first GeoEye images will appear on Google maps in January.

The bulk of GeoEye's business, though, will come from selling its images to the U.S. government and military, and to commercial entities like fishing fleets. (The images could spot a school of fish.) Google won't be getting the highest-resolution images. Those are reserved for the feds.

GeoEye's financial performance hasn't been so hot lately, but earnings have not yet reflected income from the just-operating satellite. Popular Science thinks GeoEye can now grow 20% a year. Know of any other companies that have a shot at that kind of performance? Me either.

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