The increase in revenue can be traced back to contracts with the Department of Defense, the Department of State, and Centers for Medicare and Medicaid Services. As well as a $3.2 million increase in Human Capital Group revenue driven by a contract wit the US Air Force to modernize the Royal Saudi Air Force’s learning communications. In total the Government Group’s revenue rose $19.8 million. The International Group revenue experienced a 22% downturn at $4.6 million due to unfavorable exchange rates in the world currency market.
Vangent was awarded $40 million in new business during this time period. Most notably a $15 million contract from the U.S. Office of Personnel Management. The contract is specified to last 5 years. The company is also acting as a subcontractor to Sallie Mae under the American Recovery and Reinvestment Act of 2009.
Mac Curtis, President and Chief Executive Officer said, “Our business delivered a strong performance this quarter with significant year over year gains in Total Revenue, Operating Income and Adjusted EBITDA…These accomplishments reflect our continued focus on cost management and our ability to capitalize on our experience and expertise to further diversify our operations through key new business wins and extensions. In the midst of this challenging economy, Vangent has continued to prove its value proposition to its customers while continuing to generate strong operational momentum, positioning the Company for a strong second half of 2009.”
