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GTEC Announces 4thQ 2009 Figures

GTEC (Nasdaq: GTEC) announced preliminary fourth quarter revenues of $55.7 million and fiscal year 2009 revenues of $212.8 million.

These results represent 20% and 12% growth over 2008 (all organic), respectively. The Company’s preliminary segment revenue from Technology and Intelligence Services (TIS) is $25.4 million for the fourth quarter and $90.4 million for fiscal year 2009. Preliminary segment revenue for the Force Mobility and Modernization Systems (FMMS) segment is $30.3 million for the fourth quarter and $122.4 million for the fiscal year 2009. Both segments produced solid operating income which will be detailed on the Company’s year-end conference call scheduled for February 23, 2010. Additionally, the Company will provide its initial 2010 guidance on the upcoming earnings call.

“Our preliminary fourth quarter and full year revenues are in line with the expectations communicated during our IPO investor presentations and represent strong organic growth over 2008, ” said John Hillen, president & CEO of GTEC.

“As we enter 2010 with the FY10 Department of Defense appropriations bill passed and the President’s decision on the Afghanistan force levels articulated, we have seen an increase in our pipeline of potential awards for our FMMS business, ” Hillen said.  “We anticipate several near-term awards totaling over $50 million from our growing FMMS pipeline and these awards, coupled with the strong backlog in our TIS segment, provide confidence that we will meet our objectives of 14% to 20% organic revenue growth for the year and in fact could provide upside to those figures.”

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