Global Defense Technology & Systems, Inc. (Nasdaq: GTEC) has issued its second quarter 2010 financial results.
According to the firm, “revenue for the second quarter 2010 was $49.2 million. The Company’s revenue from the Technology and Intelligence Services (TIS) and Force Mobility and Modernization Systems (FMMS) segments was $24.0 million and $25.2 million, respectively. Total segment operating income was $6.0 million, or 12.2% of segment revenues. Unallocated corporate expenses totaled $2.4 million. This resulted in operating income for the second quarter 2010 of $3.5 million, or 7.2% of revenue, and diluted earnings per share (EPS) of $0.23.”
“Our second quarter results reflect GTEC’s focus on delivering bottom line results despite a number of challenges to our top line, ” said John Hillen, president and CEO of GTEC. “Continued delays in contract awards for our FMMS business pushed a portion of our revenue into 2011 while delays in customer decisions in our fast growing TIS business have slowed the extraordinary growth we anticipated in 2010. Our business development pipeline continues to expand and the contract awards anticipated during the remainder of the year provide strong growth prospects for 2011 above our long term targets of 10 to 15 percent.”