CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

March 31, 

December 31, 

2012

2011

Change

(unaudited)

ASSETS

Current assets:

Cash and cash equivalents

$    171,968

$        188,738

$ (16,770)

Short-term investments

9,220

9,220

-

Accounts receivable - trade and unbilled receivables, net

37,133

39,917

(2,784)

Income tax receivable

19,634

19,645

(11)

Restricted cash

3,952

4,207

(255)

Current deferred tax assets

2,148

2,148

-

Prepaid expenses and other current assets

13,333

14,805

(1,472)

Total current assets

257,388

278,680

(21,292)

Property, plant and equipment, net

50,469

48,065

2,404

Satellites and related ground systems, net

961,201

913,454

47,747

Goodwill

68,130

68,130

-

Intangible assets, net

9,728

10,526

(798)

Non-current restricted cash

5,889

6,875

(986)

Other non-current assets

8,385

8,855

(470)

Total assets

$ 1,361,190

$     1,334,585

$  26,605

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:

Accounts payable and accrued expenses

$      58,849

$          58,510

$       339

Current portion of deferred revenue

58,620

53,433

5,187

Total current liabilities

117,469

111,943

5,526

Long-term debt

511,785

511,019

766

Long-term deferred revenue, net of current portion

124,561

131,968

(7,407)

Deferred tax liabilities

74,690

64,694

9,996

Other non-current liabilities

8,470

7,674

796

Total liabilities

836,975

827,298

9,677

Commitments and contingencies 

-

-

-

Stockholders' equity:

Series A convertible preferred stock

1

1

-

Series B junior participating preferred stock

-

-

-

Common stock

223

222

1

Additional paid-in capital

381,322

379,154

2,168

Retained earnings

142,669

127,910

14,759

Total stockholders' equity

524,215

507,287

16,928

Total liabilities and stockholders' equity

$ 1,361,190

$     1,334,585

$  26,605