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Booz Allen Hamilton Announces Second Quarter Fiscal 2013 Results

Stocks in this article: BAH

First Half Fiscal 2013 – Booz Allen’s cumulative performance for the first and second quarters of fiscal 2013, driven by the same factors discussed above, has resulted in:

  • Revenue of $2.82 billion for the six months ended September 30, 2012, compared with $2.88 billion for the prior year period, a decrease of 1.9 percent;
  • Net income for the first half of fiscal 2013 of $108.1 million, compared with $126.5 million for the first half of fiscal 2012;
  • Adjusted Net Income for the first half of fiscal 2013 of $121.7 million compared with $108.6 million in the prior year period;
  • Adjusted EBITDA for the first half of fiscal 2013 of $259.5 million compared with $237.4 million in the first half of fiscal 2012; and
  • Diluted EPS for the first half of fiscal 2013 of $0.69 and Adjusted Diluted EPS of $0.85, compared with $0.90 and $0.77 per share, respectively, for the first half of fiscal 2012.

Net cash provided by operating activities for the first half of fiscal 2013 was $389.7 million compared with $177.1 million in the prior year period. Free cash flow was $375.4 million, compared with $133.5 million in the prior year period. Booz Allen’s cash flow benefitted from exceptionally strong cash collections, as evidenced by Days Sales Outstanding of 57 days for the most recent quarter, compared with 68 days for the prior year quarter.

Acquisition of ARINC’s Defense Systems Engineering and Support Division (DSES)

On October 16, 2012, Booz Allen announced that it had entered into a definitive agreement to acquire the DSES division of ARINC Incorporated for $154 million from available cash on hand. Approximately 1,000 employees from various locations of ARINC Incorporated, many of which align with Booz Allen’s existing locations, are expected to join Booz Allen as a result of the acquisition. The transaction is expected to close later this year, subject to customary closing conditions, including the required waiting period under the Hart-Scott-Rodino Antitrust Improvements Act.

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