DynCorp FY 2012 Revenue Grows 9%; Steve Gaffney Comments

Steve Gaffney
Steve Gaffney

DynCorp International‘s parent company has announced financial results for both its fourth quarter and full 2012 fiscal year, ended Dec. 31, 2012.

Delta Tucker Holdings reported $4 billion in revenue for the full year and $1.02 billion for the quarter, respective increases of 8.7 percent and 4.6 percent over the prior year periods.

Profit attributable to Delta Holdings rose 72 percent for the full year, going from $18.8 million to $32.5 million.

For the quarter, profit rose $4.4 million over fourth quarter 2011 figures to $7.6 million.

“Looking ahead, as expected, sequestration, the continuing resolution and troop drawdowns in Afghanistan present headwinds, ” said Steve Gaffney, DynCorp chairman and CEO.

DynCorp’s aviation, security services and Logistics Civil Augmentation Program segments all saw increases for both the full 2012 year and the quarter.

“Operations performed well in 2012, delivering strong cash flow, revenue growth of more than 8 percent and margins within expectations, helping us overcome many of the headwinds that began the year, ” said Bill Kansky, chief financial officer.

“Coupled with our continued focus on working capital improvement, this performance fueled our ability to complete the Heliworks acquisition in third quarter and to pay down $90 million of our term loan, completing the year as expected with a leverage ratio at 3.76, ” Kansky said.

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