DRC Awarded $80 Million In New Business Contracts In Q3 2010
ANDOVER, Mass., Oct. 14, 2010 (GLOBE NEWSWIRE) -- Dynamics Research Corporation (Nasdaq:DRCO), a leading provider of innovative management consulting, engineering, and technology solutions to federal and state governments, today reported that it received during the quarter ended September 30, 2010 new business contract awards having an estimated total value of $80 million. For 2010, year-to-date new business contract awards now stand at $142 million. The Company also reported that its current backlog of bids for new business, which have been submitted and are awaiting award, currently totals approximately $343 million, more than double at the same time a year ago.
The contract and task order awards reflect a mix of new orders in DRC's target growth markets – homeland security, health care, training/human capital, business transformation, information security, selected civilian agencies, and high-priority defense programs. Eighty-four percent of the third quarter wins were prime contract awards, reflecting the Company's direct access to customers with a broad portfolio of government and agency wide contracts. The contract wins for the quarter include a 4 year $12.5 million award for enterprise architecture services with the Department of Homeland Security Office of the Chief Information Officer, which has been protested.
With a strong backlog of bids awaiting award the Company expects new business awards for the calendar year 2010 to be in the vicinity of the $162 million posted for 2009."DRC is experiencing strong demand for our mission-critical technology management services and solutions, validated by another record level of prime contract new business wins in the third quarter," said Jim Regan, DRC's chairman and chief executive officer. "We're pleased to see strong growth in the areas we have targeted for business expansion such as military medical health, the Department of Homeland Security where we continue to win new information architecture and security work under the EAGLE contract, and the Air Force unmanned air vehicle program where we have won another key task order under the DoD Logistics Maintenance and Supply Support contract. Having several significant new business bids submitted and awaiting award, we are well positioned for additional project awards in the quarters to come."
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