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Kratos Reports First Quarter 2013 Financial Results

Stocks in this article: KTOS

Revenue of $252.8 Million

Organic Revenue Growth of 8.3% Compared to First Quarter 2012

Public Safety and Security Business Organic Revenue Growth of 24.6%

Pro Forma EPS of $0.06

Affirms Previously Provided Fiscal Year 2013 Financial Guidance

SAN DIEGO, May 9, 2013 (GLOBE NEWSWIRE) -- Kratos Defense & Security Solutions, Inc. (Nasdaq:KTOS), a leading National Security Solutions provider, today reported first quarter revenues of $252.8 million, an increase of 20.7 percent over the first quarter of 2012. Excluding the contributions from Composite Engineering, Inc. (CEI), which was acquired in June of 2012, Kratos generated year over year organic revenue growth of 8.3% for the first quarter of 2013 over first quarter 2012. Kratos' first quarter results also included year over year organic growth of 24.6% in its Public Safety & Security Solutions (PSS) business, with strong security and surveillance system integration demand in the municipality, mass transit, energy, healthcare and education vertical markets. Kratos' first quarter results also included important contributions from Kratos' contracts supporting Intelligence, Surveillance and Reconnaissance, Satellite Communications, Missile Defense, Missile System, Radar, Electronic Warfare, Cyber Security, Unmanned Aerial Drone, Aerial Target and Aerial System programs. In the first quarter of 2013, Kratos' legacy traditional government information technology and services business, which represents approximately 10 percent of Kratos' overall revenues, declined 12.4% on a year over year basis.

Kratos also reported for the first quarter 2013 Adjusted EBITDA of $27.0 million or 10.7 percent of revenue, Cash Flow from Continuing Operations of $5.1 million, Free Cash Flow of $1.8 million, and Pro Forma EPS from Continuing Operations of $0.06. Kratos believes that reporting Pro Forma EPS is a meaningful metric to present the Company's earnings. Pro Forma EPS excludes non-cash amortization expenses, as the Company has historically been acquisitive, and includes cash actually expected to be paid for income taxes in order to reflect the benefit of the Company's Net Operating Loss carryforwards of over $340 million. GAAP EPS was a loss of $0.18, which includes a loss from discontinued operations of $0.04.

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