ManTech Presents Solid Financial Report: CEO George Pedersen Remarks

George Pedersen

ManTech (NASDAQ: MANT) has released fiscal figures for the third quarter.

“In the third quarter of fiscal year 2010, we continued our strong growth trajectory, ” CEO George J. Pedersen said. “Our outstanding bookings in the quarter position us well for sustaining growth in fiscal year 2011 and beyond. Bookings were especially strong in support of intelligence, surveillance and reconnaissance (ISR) missions, validating the Sensor Technologies Inc. (STI) acquisition. We look for similar success on our recent acquisition by providing integrated security solutions for defense and intelligence customers.”

Here are the specifics, according to the firm:

“Revenues for the quarter were $657.0 million, up 28 percent from $514.6 million in the third quarter of fiscal year 2009. Organic growth was 11 percent for the quarter, driven primarily by recent awards for ISR, systems engineering, and test and evaluation programs, as well as expanded requirements on existing cybersecurity and logistics contracts. Organic growth is calculated by comparing reported revenue for the current quarter to the revenue for the prior year quarter, adjusted as if STI had been acquired one year earlier.”

“Operating income for the quarter was $54.5 million (8.3 percent of revenue), up 17 percent from $46.4 million (9.0 percent of revenue) in the third quarter of fiscal year 2009. Operating margin was higher than expected based on a relatively greater direct labor mix and exceptionally strong program performance.”

“Net income for the quarter was $31.4 million, up seven percent from $29.2 million in the third quarter of fiscal year 2009. Net income was affected by an increase in net interest expense of $3.8 million as the result of a strategic decision to issue $200 million in unsecured senior notes in April. The notes add financial flexibility for future potential corporate investments and acquisitions. After the close of the quarter, the company completed the first acquisition to deploy the new source of capital effectively.”

“Diluted earnings per share for the quarter were $0.86, up six percent from $0.81 in the third quarter of fiscal year 2009, driven by the increase in net income offset by a slightly higher share count compared to the prior year quarter.”

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