DRC Updates 2010 Projections And Issues Initial 2011 Guidance
ANDOVER, Mass., Feb. 8, 2011 (GLOBE NEWSWIRE) -- Dynamics Research Corporation (Nasdaq:DRCO), a leading provider of innovative management consulting, engineering, and information technology services and solutions to federal and state governments, today issued financial guidance for the first quarter and calendar year ending December 31, 2011, and updated its projections for fourth quarter and full year 2010 results.
2011 Financial Guidance
Earnings for the full year 2011 are estimated to be in the range of $1.25 to $1.32 per diluted share, reflecting an increase of 5 to 10 percent over 2010 excluding a one-time tax benefit of 3 cents received in the first quarter of 2010. Earnings per diluted share are forecast to be between $0.25 and $0.27 for the first quarter of 2011, up 4 to 13 percent over the first quarter of 2010 excluding the one-time tax benefit received in the prior-year period. The Company's estimate of revenue for 2011 is in the range of $281 to $289 million, reflecting anticipated top-line growth for DRC's core federal business of 5 to 8 percent. For the first quarter of 2011, revenue is projected at $68 to $70 million reflecting growth in the Company's core federal business of 3 to 6 percent. These projections exclude the effects of future acquisitions and assume a tax rate of approximately 40 percent.Updated 2010 Projections The Company also updated its 2010 projections. Earnings per diluted share for the year 2010 are anticipated to be between $1.21 and $1.23 or between $0.38 and $0.40 for the fourth quarter of 2010. Revenue for the year 2010 is anticipated to be in the vicinity of $272 million or $69 to $70 million for the fourth quarter. Operating margin for the year 2010 is projected to be approximately 7.7 percent. Cash flow in the last quarter of the year also was strong. The Company ended the year with $30.2 million in cash and a $22.0 million balance remaining on its term loan debt.
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