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DRC Reports Fourth Quarter And Year-End 2010 Results

Stocks in this article: DRCO

Fourth Quarter Earnings From Continuing Operations Up 21 Percent

Federal Business Revenue Grew 11 Percent  

ANDOVER, Mass., Feb. 16, 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 announced operating results for the fourth quarter and year ended December 31, 2010.

Financial Results

The Company reported net income from continuing operations for the fourth quarter of 2010 of $4.0 million, up 21 percent from $3.3 million for the same period in 2009. Earnings from continuing operations per diluted share for the fourth quarter of 2010 were $0.39, up 18 percent from $0.33 for the same period in 2009.

For the full year 2010 net income from continuing operations was $12.3 million, up 19 percent from $10.3 million for 2009. Earnings from continuing operations per diluted share were $1.22, up 15 percent from $1.06 for 2009. Net Income for 2010, including discontinued operations, was $12.7 million, or $1.26 per diluted share.

For the fourth quarter of 2010 revenue was $69.8 million, up 6 percent from $65.8 million in the fourth quarter of 2009. Federal revenue was $66.4 million for the fourth quarter of 2010, up 11 percent from $60 million for the same period a year ago.

For the year 2010 revenue was $272.1 million, as compared with $268.7 million for 2009. Federal revenue for 2010 of $254.1 million was up 4 percent over 2009 revenue of $244.3 million.

Business Highlights

"We're very pleased with our performance in the quarter, ending the year with strong momentum heading into 2011," said Jim Regan, DRC's chairman and chief executive officer. "We saw double-digit growth in federal sector revenue during the period and continued to bid on a significant number of new business opportunities. Our raw pipeline of $1.7 billion has risen 30% in the past 12 months, and we currently have $373 million in bids submitted and awaiting award. In addition, we ended the year with $30 million in cash, driven by federal DSO's of 55 days, and generated cash flow from operating activities of over $40 million.  We look forward to another year of improved performance in 2011."

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