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DynCorp Highlights First Quarter Results; Steve Gaffney Comments

Steve Gaffney, DynCorp

DynCorp International’s. parent company, Delta Tucker Holdings Inc., released its first-quarter financial results. DI received multiple contracts worth millions of dollars, paid down debt and received a healthy amount in tax refunds.

January started off well for DI, with a $46 million tax refund from the IRS. A December 2010 refund of $34 million dollars brings its refunds to a total of $80 million in the first quarter.

In February, DI was notified the Iraqi-based portion of the Civilian Police contract was extended until March of 2012. DI received a second contract from Logistics Civil Augmentation Program, with an award fee related to Afghan operations. The award fee was higher than a previous one by the program, with a $14 million total award fee recognized by LOGCAP IV in the first quarter.

DI also paid a $50 million term loan payment in March of 2011.

“I am pleased with our operating results in the first quarter, which were primarily driven by higher award fee scores from our LOGCAP program, ” said Steven F. Gaffney, DynCorp chairman and chief executive officer. “The operational efficiencies and organizational realignment that we began last fall are allowing us to compete more effectively and leverage the unique spectrum of capabilities that DI offers.”

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