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DRC Reports Fourth Quarter And Year-End 2012 Results

Stocks in this article: DRCO

--- 2012 Adjusted EBITDA of 9.9 Percent on Revenue of $317 Million ---

--- 2012 Free Cash Flow of $23 Million, 7.3 Percent of Revenue ---

--- 2012 Debt Repayments of $28 Million Drop Leverage to 3.0 Times EBITDA ---

--- Qualified New Business Pipeline of $1.1 Billion, Up 15 Percent In Past 3 Months ---

ANDOVER, Mass., Feb. 20, 2013 (GLOBE NEWSWIRE) -- Dynamics Research Corporation (Nasdaq:DRCO), a leading technology and management consulting company focused on driving performance, process and results for government clients, today announced operating results for the fourth quarter and year ended December 31, 2012.

Financial Results

Results for the fourth quarter of 2012 included $2.0 million in charges related to accelerated debt repayment. Excluding these charges net income for the fourth quarter was $1.9 million, or $0.18 per diluted share. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) for the fourth quarter of 2012 was $7.7 million, or 10.4 percent of revenue. Including the accelerated debt repayment charge of $2.0 million, reported net income for the fourth quarter of 2012 was $0.6 million, or $0.06 per diluted share. Revenue for the fourth quarter of 2012 was $73.5 million, compared with $88.2 million for the same period in 2011.

Excluding accelerated debt repayment and goodwill impairment charges in 2012, as well as transaction expenses in 2011, adjusted net income was $7.9 million, or $0.76 per diluted share, for the year ended December 31, 2012 compared with $12.8 million, or $1.25 per diluted share, for the full year 2011. Adjusted EBITDA for the year ended December 31, 2012 was $31.5 million, or 9.9 percent of revenue, compared with $35.8 million, or 11.1 percent of revenue, for 2011. Including pre-tax accelerated debt repayment and goodwill impairment charges of $50.6 million, the net loss was $24.2 million for the year ended December 31, 2012. For the year ended December 31, 2012 revenue was $317.0 million compared to $322.6 million for 2011, including the results of High Performance Technologies, Inc. subsequent to the merger date June 30, 2011.

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