DRC Reports Third Quarter 2010 Results
ANDOVER, Mass., Oct. 27, 2010 (GLOBE NEWSWIRE) -- Dynamics Research Corporation (Nasdaq:DRCO), a leading provider of innovative management consulting, engineering, technical and information technology services and solutions to federal and state governments, today announced operating results for the third quarter ended September 30, 2010.
The Company reported income from continuing operations for the third quarter of 2010 of $3.0 million, or $0.30 per diluted share, up 3.8 percent from $2.9 million, or $0.29 per diluted share, for the third quarter of 2009, which included $0.05 of non-recurring tax benefits. Revenue for the third quarter of 2010 was $68.4 million compared with $67.5 million for the same period in 2009. Excluding the expiration of restricted 8(a) contracts assumed with the Kadix acquisition in 2008, third quarter 2010 revenue for the Federal business was up 5.9 percent compared with the same period a year ago. Reflecting our improved business mix and reduced overhead, operating margins rose to 7.6 percent, up 40 basis points sequentially from the second quarter and representing a 160 basis point increase over the prior year period. The Company also posted free cash flow of $15.7 million for the quarter and 61 days sales of receivables outstanding for the federal business, down from 73 days at December 31, 2009.For the nine month period ended September 30, 2010 income from continuing operations was $8.3 million, or $0.83 per diluted share, compared with $7.0 million, or $0.71 per diluted share, for the same period in 2009. For the nine months ended September 30, 2010 revenue was $202.3 million compared with $202.8 million for the same period in 2009. Excluding the expiration of restricted 8(a) contracts assumed with the Kadix acquisition in 2008, revenue for the Federal business during the nine month period rose 3.9 percent compared with the same period a year ago.
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