Argon ST, Inc. (NASDAQ: STST), reported results for the second fiscal quarter ended April 4, 2010:
According to the firm:
- Revenue for the second quarter was $77.3 million; revenue for the first half of fiscal 2010 was $150.5 million.
- Operating income for the second quarter was $7.6 million, or 9.8 percent of revenue; operating income for the first half of fiscal 2010 was $15.0 million or 10.0 percent of revenue.
- Fully diluted earnings per share for the second quarter of fiscal 2010 was $0.21 on 22.3 million shares and share equivalents; fully diluted earnings per share for the first half of fiscal 2010 was $0.42 on 22.4 million shares and share equivalents.
- Adjusted EBITDA for the quarter was $12.1 million, or 15.6 percent of revenue; adjusted EBITDA for the first half of fiscal 2010 was $23.7 million, or 15.7 percent of revenue.
- The company was awarded contract bookings of $128.4 million in the quarter and ended the quarter with a backlog of $258.8 million.
“We are pleased with our bookings and the resultant $50 million net increase in our backlog for the quarter, and our pipeline remains strong, ” commented Dr. Terry Collins, chairman and CEO. “We are adjusting our FY10 revenue guidance range downward by $20 million, primarily as a result of the termination of our Cerberus contract. This approximately $23 million contract was expected to execute almost entirely in this fiscal year. At the current time we expect the government to compete this work, but we are not able to predict the timing of an award or associated revenue generation. Other FY10 financial measures reflect the reduction of this revenue.”
