ICF International (NASDAQ: ICFI) says that “in the fourth quarter of 2009, core business revenue, including acquisitions, increased 57 percent to $174.1 million from the $110.8 million reported in the 2008 fourth quarter.” Organic revenue growth was 22 percent for the 2009 fourth quarter. In the fourth quarter of 2008, total revenue was $161.9 million, which included $51.1 million from The Road Home contract.”
ICF also reports that for the fourth quarter of 2009, net income was $6.2 million, compared to net income of $6.1 million in the 2008 fourth quarter. Net income benefited from favorable non-recurring tax benefits, which reduced the effective tax rate to 29.5 percent for the quarter. Earnings per diluted share were $0.37 calculated on a 7 percent year-over-year increase in the weighted average number of shares outstanding. For the 2008 fourth quarter, earnings per diluted share were $0.40. Fourth quarter 2009 EBITDA, adjusted to exclude acquisition-related costs of $0.4 million, was $15.8 million, representing an adjusted EBITDA margin of 9.1 percent.
“This was another quarter of strong growth for ICF, ” said Sudhakar Kesavan, chairman and chief executive officer. “Organic growth was 21.9 percent, an increase of almost six percentage points from year-ago levels. Our markets benefited from strong demand for both our advisory and implementation services from federal government clients. Growth in our commercial business was driven primarily by energy efficiency programs.”