KEYW Reports Q4 And 2010 Financial Results
HANOVER, Md., Feb. 7, 2011 (GLOBE NEWSWIRE) -- The KEYW Holding Corporation (Nasdaq:KEYW) announces revenue for 2010 of $108.0 million as compared to $39.0 million in 2009, an increase of approximately 175%. Net and Total Comprehensive Income for 2010 was $10.9 million compared to a Loss for 2009 of ($2.1) million. Earnings Per Share (EPS) were $0.51 (diluted) for 2010 versus EPS for 2009 of ($0.18) (diluted). Income Before Income Taxes for 2010 was $18.7 million compared to Loss Before Income Taxes of ($3.1) million for 2009.
For Q4 of 2010, KEYW generated $29.3 million in revenue versus $12.1 million in the same period of 2009. Net income was $1.2 million and $0.4 million for the fourth quarters of 2010 and 2009, respectively. EPS for these same periods were $0.04 (diluted) in 2010 and $0.02 (diluted) in 2009. Revenue in Q4 2010 was below expectations due to delays in expected product orders during the quarter. Since the beginning of 2011, we have seen product orders return to prior quarter levels. Gross Margin (including both products and services) in Q4 was 29.1% which continues in-line with Gross Margin 29.2% across the full year 2010.
"2010 was a year of significant growth and accomplishment for KEYW," commented Leonard Moodispaw, CEO and President of KEYW Corporation. "During 2010 we completed 4 acquisitions, increased our revenue by over 175%, and completed our initial public offering. We now have a workforce of over 700 people, approximately 80% of whom hold TS/SCI clearances, and have contracts with almost 50% of the Intelligence Community (IC) agencies. We begin 2011 with zero debt, a robust pipeline of strategic acquisition candidates, strong momentum in both our services and products businesses, and a clear focus and differentiation in delivering agile solutions to the IC's toughest cyber challenges. With this momentum and our energized team, we believe 2011 will be another year of significant growth and accomplishment."
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