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ManTech’s Larry Prior, Kevin Phillips Discuss Financial Figures

ManTech (NASDAQ: MANT) reported fiscal figures for the first quarter of FY10. The firm reported revenue $587.6 million, up 31 percent (15 percent organic) from first quarter FY09.  ManTech reported a net income $27.5 million, up 13 percent from first quarter FY09 with a diluted EPS of $0.76, up 12 percent from first quarter FY09.  The firm reported more than 1,000 net hires year-to-date.

“Our recent wins and superior positioning allowed us to deliver organic growth across all of our operating groups in the first quarter,” said Lawrence B. Prior, president and COO. “I am especially pleased that our technical capability and past experience in systems engineering allowed us to aggressively pursue and capture new opportunities providing technical and engineering advisory support to government customers concerned with conflicts of interest. We are demonstrating our ability to win in the market, staff up quickly, and execute on mission.”

“Our performance in the first quarter and our backlog and pipeline support our guidance range,” Kevin Phillips, CFO. “We had some delays in material purchases in our in-theater vehicle maintenance business and some fee erosion, but we generally expect to recover over the year based on our positioning in areas of priority funding and our success in capturing new business. We also believe that future acquisitions will produce profits that will ultimately exceed the expenses associated with the debt offering.”

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