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Booz Allen Hamilton's CEO Discusses F1Q13 Results - Earnings Call Transcript

What I can tell you is this. Booz Allen is not going to sit on the sidelines and watch and wait for things to sort out. We are determined to be out in front and to shape our destiny. That means in our operating business, every Booz Allen leader and employee is committed to impress our clients, win work over our competitors, and make sure our firm remains the best company to work for. Our board and finance team is committed to insure that we have a capital structure that is optimized for today's environment, one that creates value for our stockholders.

Despite the challenging macro-environment, we continue to grow earnings this quarter demonstrating our commitment and ability to manage our cost base and continue to improve our margins.

Here are the headlines. First quarter revenue was $1.43 billion, down slightly from $1.45 billion in the prior year period. That income for the quarter increased to $61.9 million from $51.1 million in the prior year. Adjusted EBITDA increased 10.4% to $135.6 million. And adjusted diluted earnings per share increased by 12.2% to $.46 per share.

Total backlog ended the quarter at $10.23 billion as of June 30th, 2012, which was a decrease in total backlog from the prior year's $11.21 billion. We are very pleased with the growth in funded backlog, which grew to $2.58 billion compared to $2.45 billion as of June 30th of 2011.

Today we are announcing that our board of directors has declared our third regular quarterly cash dividend in the amount of $.09 per share. And the board approved terms to refinance the company's debt and declared a special cash dividend of $6.50 per share. We believe the special dividend declared by our board returns values to our stockholders. And is a prudent use of capital at this time when the debt market is very favorable, historically cheap in fact, and we believe the stock market has quite frankly been undervaluing our stock.

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