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Booz Allen Hamilton Announces First Quarter Fiscal 2013 Results

All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the foregoing cautionary statements. All such statements speak only as of the date made and, except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Exhibits:Exhibit 1: Condensed Consolidated Statements of OperationsExhibit 2: Condensed Consolidated Balance SheetsExhibit 3: Condensed Consolidated Statements of Cash FlowsExhibit 4: Non-GAAP Financial InformationExhibit 5: Operating Data

   
Exhibit 1
Booz Allen Hamilton Holding Corporation
Condensed Consolidated Statements of Operations
 
Three Months Ended
June 30,
(Amounts in thousands, except per share data) 2012 2011
(Unaudited)
 
Revenue $ 1,432,424 $ 1,446,836
 
Operating costs and expenses:
Cost of revenue 727,370 726,831
Billable expenses 378,460 392,190
General and administrative expenses 193,355 211,835
Depreciation and amortization 18,503 17,858
  -     -  
Total operating costs and expenses   1,317,688     1,348,714  
 
Operating income 114,736 98,122
 
Interest expense (11,246 ) (12,294 )
Other, net (483 ) (442 )
   
Income before income taxes 103,007 85,386
Income tax expense 41,062 34,250
   
Net income $ 61,945   $ 51,136  
 
Earnings per common share:
Basic $ 0.46   $ 0.40  
Diluted $ 0.43   $ 0.37  
 
 
Dividends declared per share $ 1.59   $ -  
 
   
Exhibit 2
Booz Allen Hamilton Holding Corporation
Condensed Consolidated Balance Sheets
 
June 30, March 31,
(Amounts in thousands, except share and per share data) 2012 2012
(Unaudited)
 
ASSETS
Current assets:
Cash and cash equivalents $ 336,051 $ 484,368
Accounts receivable, net of allowance 1,070,776 1,077,315
Prepaid expenses and other current assets   66,318     95,980  
Total current assets 1,473,145 1,657,663
 
Property and equipment, net of accumulated depreciation 178,870 191,079
Intangible assets, net of accumulated amortization 220,701 223,834
Goodwill 1,188,004 1,188,004
Other long-term assets   48,302     54,211  
Total assets $ 3,109,022   $ 3,314,791  
 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt $ 45,625 $ 42,500
Accounts payable and other accrued expenses 440,823 443,951
Accrued compensation and benefits 316,567 357,872
Other current liabilities   75,237     70,123  
Total current liabilities 878,252 914,446
 
Long-term debt, net of current portion 909,453 922,925
Other long-term liabilities   301,469     292,235  
Total liabilities 2,089,174 2,129,606
 
Stockholders' equity:

Common stock, Class A — $0.01 par value — authorized, 600,000,000 shares; issued, 129,700,507 shares at June 30, 2012 and 128,726,324 shares at March 31, 2012; outstanding, 129,366,732 shares at June 30, 2012 and 128,392,549 shares at March 31, 2012

1,297 1,287

Non-voting common stock, Class B — $0.01 par value — authorized, 16,000,000 shares; issued and outstanding, 2,470,825 shares at June 30, 2012 and 2,487,125 shares at March 31, 2012

25 25

Restricted common stock, Class C — $0.01 par value — authorized, 5,000,000 shares; issued and outstanding, 1,533,020 shares at June 30, 2012 and 1,533,020 shares at March 31, 2012

15 15

Special voting common stock, Class E — $0.003 par value — authorized, 25,000,000 shares; issued and outstanding, 10,140,067 shares at June 30, 2012 and 10,140,067 shares at March 31, 2012

30 30

Treasury stock, at cost — 333,775 shares at June 30, 2012 and 333,775 shares at March 31, 2012

(5,377 ) (5,377 )
Additional paid-in capital 881,822 898,541
Retained earnings 150,652 299,379
Accumulated other comprehensive loss   (8,616 )   (8,715 )
Total stockholders' equity 1,019,848 1,185,185
   
Total liabilities and stockholders' equity $ 3,109,022   $ 3,314,791  
 
   
Exhibit 3
Booz Allen Hamilton Holding Corporation
Condensed Consolidated Statements of Cash Flows
 
Three Months Ended
June 30,
(Amounts in thousands) 2012 2011
(Unaudited)
 
Cash flows from operating activities
Net income $ 61,945 $ 51,136
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 18,503 17,858
Amortization of debt issuance costs 1,198 1,194
Amortization of original issuance discount on debt 278 273
Excess tax benefits from the exercise of stock options (315 ) (2,619 )
Stock-based compensation expense 6,762 10,677
Loss on disposition of property and equipment 808 10
-
Change in assets and liabilities:
Accounts receivable, net 6,539 31,060
Prepaid expenses and other current assets 29,662 334
Other long-term assets 4,711 12,717
Accrued compensation and benefits (58,245 ) (83,804 )
Accounts payable and other accrued expenses (3,173 ) 2,109
Accrued interest 2,045 2,372

Other current liabilities

2,748 14,094
Other long-term liabilities   577     (3,567 )
Net cash provided by operating activities   74,043     53,844  
 
Cash flows from investing activities
Purchases of property and equipment   (3,969 )   (17,601 )
Net cash used in investing activities   (3,969 )   (17,601 )
 
Cash flows from financing activities
Net proceeds from issuance of common stock 1,754 2,418
Cash dividends paid (210,672 ) -
Repayment of debt (10,625 ) (7,500 )

Excess tax benefits from the exercise of stock options

315 2,619
Stock option exercises   837     2,102  
Net cash used in financing activities   (218,391 )   (361 )
 
Net increase (decrease) in cash and cash equivalents (148,317 ) 35,882
Cash and cash equivalents -- beginning of period   484,368     192,631  
Cash and cash equivalents -- end of period $ 336,051   $ 228,513  
 
Supplemental disclosures of cash flow information
Cash paid during the period for:
Interest $ 7,721   $ 8,455  
Income taxes $ 869   $ 1,645  
 
   
Exhibit 4
Booz Allen Hamilton Holding Corporation
Non-GAAP Financial Information
 
Three Months Ended
June 30,
(Amounts in thousands, except share and per share data) 2012 2011
(Unaudited)
 
Adjusted Operating Income
Operating Income $ 114,736 $ 98,122
Certain stock-based compensation expense (a) 2,393 6,897
Amortization of intangible assets (b)   3,133     4,091  
Adjusted Operating Income $ 120,262   $ 109,110  
 
EBITDA & Adjusted EBITDA
Net income $ 61,945 $ 51,136
Income tax expense 41,062 34,250
Interest and other, net 11,729 12,736
Depreciation and amortization   18,503     17,858  
EBITDA 133,239 115,980
Certain stock-based compensation expense (a)   2,393     6,897  
Adjusted EBITDA $ 135,632   $ 122,877  
 
Adjusted Net Income
Net income $ 61,945 $ 51,136
Certain stock-based compensation expense (a) 2,393 6,897
Amortization of intangible assets (b) 3,133 4,091

Amortization or write-off of debt issuance costs and write-off of original issue discount

1,198 1,194
Release of income tax reserves (c) - (464 )
Adjustments for tax effect (d)   (2,690 )   (4,873 )
Adjusted Net Income $ 65,979   $ 57,981  
 
Adjusted Diluted Earnings Per Share
Weighted-average number of diluted shares outstanding   142,677,037     139,922,465  
Adjusted Net Income Per Diluted Share (e) $ 0.46   $ 0.41  
 
Free Cash Flow
Net cash provided by operating activities $ 74,043 $ 53,844
Less: Purchases of property and equipment   (3,969 )   (17,601 )
Free Cash Flow $ 70,074   $ 36,243  
 

(a) Reflects stock-based compensation expense for options for Class A Common Stock and restricted shares, in each case, issued in connection with the Acquisition of our Company by The Carlyle Group (the Acquisition) under the Officers' Rollover Stock Plan. Also reflects stock-based compensation expense for Equity Incentive Plan Class A Common Stock options issued in connection with the Acquisition under the Equity Incentive Plan.

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