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Engility Reports Third Quarter 2012 Financial Results

Stocks in this article: EGL

Engility Holdings, Inc. (NYSE: EGL), a global provider of technical and professional services for the U.S. Government, today announced financial results for the third quarter of fiscal year 2012. The Company reported total revenue of $409 million and a GAAP loss from operations of $419 million. Adjusted operating income from operations was $31 million and adjusted operating margin was 7.5%, which exclude a total of $443 million before tax in spin-off related transaction costs, realignment expenses, legal settlement costs, and a non-cash goodwill impairment charge. GAAP net loss attributable to Engility was $25.80 per fully diluted share. Excluding the goodwill impairment charge and other non-core charges described above, which totaled $433 million after tax, adjusted earnings per diluted share (EPS) was $0.83. Information about Engility’s use of non-GAAP financial information is provided below under “Non-GAAP Measures.”

“The third quarter was marked by our strong operational performance, as well as the acceleration of our strategic initiatives to streamline our operations and redefine Engility as an independent industry-leading provider of government services,” said Tony Smeraglinolo, President and CEO of Engility. “We achieved a number of notable new business wins, including a contract for National Capital Region Security Engineering Services with the U.S. Navy’s Space and Naval Warfare Systems Center Atlantic, and a key prime role on the U.S. Army’s Software and Systems Engineering Support NexGen contract vehicle. We also realized strong orders and a growing funded backlog, coupled with revenue and adjusted earnings per share that were in-line with our expectations and progress towards our full year guidance.”

Mr. Smeraglinolo continued, “In addition to our solid operational performance during the quarter, we accelerated our strategic realignment plan to reposition the Company. This will allow us to compete more effectively in the market conditions we expect as an agile, customer-focused and disruptively competitive organization. One output of our strategic review was the determination that we needed to approach the market in a more integrated manner and consolidate our two existing business segments. As we implement our realignment, our actions will further strengthen our competitiveness and position Engility for our next phase of growth.”

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