The Company reported funded backlog of $89.1 million at June 30, 2010. Backlog reflects new additions, less revenue earned and any adjustments for contract cancellations. Our funded backlog decreased in the quarter by approximately $10.0 million.
C. Thomas McMillen, HOMS Chairman and CEO, stated, “We are pleased to report a record year for HOMS. This was accomplished by strong revenue growth and expense restraint.” McMillen continued, “We were able to capitalize on Recovery Act funding for several projects within our geographic footprint. We believe 2011 will be another year during which we can benefit from the additional release of this type of funding.”
The Company consolidates the results of subsidiaries Safety & Ecology Holdings Corporation, Nexus Technologies Group, Inc., Polimatrix, Inc. and Homeland Security Capital Corporation, the holding company. The Company measures its operating performance against plan taking into consideration EBITDAS adjustments and one time charges.
Financial MeasuresIn addition to the results presented in accordance with generally accepted accounting principles, or GAAP, in this press release, the Company presents EBITDA and EBITDAS which are non-GAAP measures. EBITDA is determined by taking the net income before preferred dividends and adding back amortization of intangible assets, depreciation and amortization of property and equipment, taxes and interest expense (income), net. EBITDAS is determined by taking EBITDA and then adding back stock based compensation expense. The Company believes that these non-GAAP measurements, viewed in addition to and not in lieu of the Company's reported GAAP results, provides useful information to investors because these metrics provide a more focused measure of operating results. These metrics are an integral part of the Company's internal reporting to measure operations of the company and the performance of senior management. Conference Call The Company will host an earnings conference call at 9:00 a.m. EST on Thursday, September 30, 2010. During the call, C. Thomas McMillen, Chairman and Chief Executive Officer, Chris P. Leichtweis, President and Michael T. Brigante, Chief Financial Officer, will discuss the Company's performance and financial results. The telephone number for the conference call is 877-407-0778 (Toll Free US); and 201-689-8565 (International). A live webcast of the call will also be available on the Company's website, www.hscapcorp.com. The webcast will be archived on the site, and investors will be able to access an encore recording of the conference call for one week by calling 1-877-660-6853 (Replay Toll Free US) 1-201-612-7415 (Replay International), conference ID # 357465. The encore recording will be available after the conference call has concluded.