Booz Allen Hamilton Holding Corporation (NYSE:BAH), the parent company of management and technology consulting firm Booz Allen Hamilton Inc., today announced preliminary results for the first quarter of fiscal 2013 with solid earnings growth over the prior year period. Booz Allen also reported total backlog of $10.2 billion as of June 30, 2012. Booz Allen’s fiscal year runs from April 1 to March 31, with the first quarter of fiscal 2013 ending June 30, 2012.
Revenue in the first quarter of fiscal 2013 was $1.43 billion, compared with $1.45 billion in the prior year period, a decrease of 1 percent. The modest decline in revenue was primarily due to a decrease in billable expenses and a lower rate of indirect expenses which reduces revenue under cost reimbursable contracts. The negative impact on revenue of these two factors was partially offset by continued modest growth in consulting staff labor. The lower rate of indirect expenses is primarily attributable to the cost reduction actions the company implemented in early 2012.
In the first quarter of fiscal 2013, net income increased to $61.9 million from $51.1 million in the prior year period, and Adjusted Net Income increased to $66.0 million from $58.0 million in the prior year period. Diluted earnings per share (EPS) and Adjusted Diluted EPS in the first quarter of fiscal 2013 were $0.43 and $0.46, respectively, compared with $0.37 and $0.41 in the prior year period.
On July 30, 2012, Booz Allen’s Board of Directors authorized and declared a cash dividend in the amount of $0.09 per share, the third regular quarterly cash dividend declared by the Company. Additionally, the Board approved the refinancing of the Company’s senior secured credit facilities and declared a special cash dividend of $6.50 per share. Both the quarterly and special dividends are payable on August 31, 2012 to stockholders of record on August 13, 2012 for the special dividend and August 14, 2012 for the quarterly dividend.
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