ManTech International Corporation (NASDAQ:MANT) (
), a leading provider of innovative technologies and solutions for mission-critical national security programs, today announced financial results for the third quarter of 2012, which ended Sept. 30, 2012.
“The third quarter of fiscal year 2012 marked a continuation of strong bookings growth for ManTech,” said ManTech Chairman and Chief Executive Officer George J. Pedersen. “After experiencing industry-wide delays in contract awards and funding for much of the year, we have seen customers move forward with procurements in the priority areas we serve. With bookings of $1.2 billion in the third quarter and $5.5 billion over the last 12 months, we now have record backlog of $7.0 billion. The third quarter was also strong for cash collections. After generating $97 million in operating cash flow, we had a record cash balance of $209 million. These superb results provide us a strong foundation for growth in priority government programs and position us well for the long-term.”
Summary Operating Results
Revenues for the quarter were $645.0 million, up from $638.9 million in the second quarter of fiscal year 2012. Revenues in strategic investment areas, including intelligence, cyber security and healthcare, increased year-over-year. Revenues for the third quarter of 2011 were $734.6 million.
Operating income for the quarter was $42.8 million, compared to $58.5 million in the third quarter of 2011. Operating margin of 6.6 percent reflected greater investment in new market growth areas. Net income for the quarter was $24.4 million, compared to $34.5 million in the third quarter of 2011. Diluted earnings per share for the quarter were $0.66, compared to $0.94 in the third quarter of 2011.
Cash Management and Capital Deployment
Cash flow from operations for the quarter was $97 million or 3.9 times net income. Days sales outstanding (DSO) were 66 days, a seven-day improvement compared to the second quarter of 2012. As of Sept. 30, 2012, ManTech had $209 million in cash and cash equivalents—the highest quarter-ending balance in its history. With $200 million in high-yield debt with no outstanding borrowings on its $500 million revolving-credit facility, the company has the financial capacity to pursue acquisitions, issue dividends, and maintain a strong balance sheet.