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Kratos Reports Full Year And Fourth Quarter Fiscal 2012 Financial Results

Stocks in this article: KTOS

Kratos Affirms Previously Issued Fiscal 2013 Guidance for Adjusted Free Cash Flow and Provides Fiscal Year 2013 Revenue and Adjusted EBITDA Guidance

Reports Non-Cash Goodwill Impairment Charge Primarily Related to Legacy Services Businesses

SAN DIEGO, March 12, 2013 (GLOBE NEWSWIRE) -- Kratos Defense & Security Solutions, Inc. (Nasdaq:KTOS), a leading National Security Solutions provider, today reported fiscal year 2012 revenues of $969.2 million, an increase of 36 percent over fiscal year 2011. Kratos also reported for fiscal 2012 Adjusted EBITDA of $115.4 million or 11.9 percent of revenue, Adjusted Cash Flow From Continuing Operations of $57.7 million and Adjusted Free Cash Flow of $41.1 million. For the fourth quarter ended December 30, 2012, Kratos reported revenues of $263.6 million and Adjusted EBITDA of $31.6 million or 12 percent of revenue and Adjusted Free Cash Flow of $14.9 million. 

For the fourth quarter, Kratos generated a book-to-bill ratio of 1.1 to 1.0, representing the third sequential fiscal quarter in a row that Kratos' book-to-bill performance has exceeded 1.0 to 1.0. At fiscal year-end December 30, 2012, Kratos reported total backlog of $1.3 billion and a qualified bid and proposal pipeline of $4.2 billion. Importantly, Kratos does not include in its backlog, book-to-bill ratio or bid and proposal pipeline any amounts expected from Multiple Award Contracts (MAC's), Indefinite Delivery Indefinite Quantity contracts (IDIQ's) or Government Wide Acquisition Contracts (GWAC's) unless associated funded Task Orders have been received. 

Key contracts recently awarded to Kratos include:

  • Kratos was successful in winning the recompete on one of the Company's largest contracts, in the satellite communications C2 area, for an additional six years, assuming all contract options are exercised.    
  • One of Kratos' five largest customers awarded Kratos a 2013 aerial drone production award, and the customer indicated it intends to award Kratos five years of additional production on a sole source basis.   
  • Two of Kratos' top ten customers awarded Kratos continued full rate production for 2013 of specialized electronic products in support of certain strategic Electronic Warfare and Missile System related programs.   
  • Earlier in 2012, another Kratos top ten customer exercised a $50 million option on a $100 million Ballistic Missile Defense and Hypersonic vehicle focused Kratos contract.

For the full year and fourth quarter ended December 30, 2012, Pro forma EPS from continuing operations was $0.53 and $0.15, respectively. 

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