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KEYW Reports Q4 And 2012 Financial Results

Stocks in this article: KEYW

HANOVER, Md., Feb. 6, 2013 (GLOBE NEWSWIRE) -- The KEYW Holding Corporation (Nasdaq:KEYW) announces revenue for full year 2012 of $243.5 million, as compared to $190.6 million in 2011, an increase of 28%. Net income for 2012 was $1.0 million and included Research and Development expenses of $5.4 million. KEYW increased Research and Development spending by 130% in 2012 versus 2011. Fully-diluted GAAP earnings per share (EPS) was $0.03. Acquisition-related amortization and other one-time expenses reduced 2012 fully-diluted GAAP EPS by $0.42. Adjusted EBITDA (as described below) for 2012 was $33.0 million, or 13.5% of 2012 revenue.

For the fourth quarter of 2012, revenue was $74.2 million and net income was $0.2 million. Fourth quarter 2012 adjusted EBITDA was $10.4 million, or 14% of revenue. During the fourth quarter, KEYW received $125 million in funded contract actions and ended the year with 1,104 employees.

"I am very pleased with KEYW's performance in 2012. Not only did we continue to significantly grow the work we do for our Intelligence Community customers, but we made substantial progress in moving down one of our 'horizontal path' efforts, Project G," commented Leonard Moodispaw, CEO and President of KEYW Corporation. "In addition to engaging our three early adopters, we have also begun the transition to the commercial phase of Project G.  And the pipeline of potential customers is still building. I continue to expect 2013 to be a transformational year for KEYW and I am enthusiastic about the opportunities we see in all three of our core focus areas: counter-terrorism, cyber, and geospatial."

As noted, revenue for the fourth quarter of 2012 was $74.2 million, an increase of 48% versus revenue of $50.1 million in the fourth quarter of 2011. The increase was driven by organic growth and the acquisitions of Poole & Associates and Sensage. Net income was $0.2 million in the fourth quarter of 2012 versus $0.3 million in the fourth quarter of 2011. Fourth quarter 2012 fully-diluted GAAP EPS was less than one cent per share. Amortization of acquisition-related intangibles and other one-time expenses reduced fourth quarter fully-diluted GAAP EPS by approximately $0.11.

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