Paradigm Holdings, Inc. (OTCBB: PDHO) issued financial results for the fourth quarter and full year ended December 31, 2009.
The company reports revenues of $7.8 and $32.2 million, respectively with a gross profit of $1.9 and $7.2 million, respectively, expanding by 145 basis points to 24.4% in Q4 2009 and an EBITDA of $0.6 and $1.5 million.
“The fourth quarter was marked by both challenges and successes, ” said Peter LaMontagne, president and CEO. “Revenue and bookings proved challenging at the end of the year. Fourth quarter 2009 revenue remained at a consistent level with previous quarters and contract awards were minimal. We are encouraged, however, by performance indicators in our specialized cyber security business where we experienced nearly 40% growth compared with 2008. This service area currently accounts for 20% of the Company’s total revenues which contributes significantly to increased gross margins and EBITDA. Although new bookings were not as strong as we had planned, we finished the year with higher total backlog than we had at the end of 2008.”