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KEYW Reports Q2 2013 Financial Results

Stocks in this article: KEYW

HANOVER, Md., July 31, 2013 (GLOBE NEWSWIRE) -- The KEYW Holding Corporation (Nasdaq:KEYW) announces Q2 2013 revenue of $78.3 million, an increase of 39% versus Q2 2012. GAAP loss per share was $0.06 in Q2 2013 on a fully diluted basis, versus GAAP earnings per share (EPS) of $0.01 in Q2 2012. Amortization associated with acquisition-related intangibles reduced Q2 2013 EPS by approximately $0.10 per share on an after tax basis. Adjusted EBITDA (as described below) for Q2 2013 was $6.5 million, compared to $7.6 million in Q2 2012. As a percentage of revenue, Adjusted EBITDA margin was 8.2% in Q2 2013, a decrease from 13.5% in Q2 2012. Net cash provided from operations in Q2 2013 was almost $9 million despite continued elevated R&D spending and further investment in the infrastructure for our commercial cyber products business. In Q2 2013, KEYW was awarded new funding actions of $77 million and ended the quarter with 1,124 employees.

"The second quarter was a quarter marked by exasperation and excitement," commented Leonard Moodispaw, CEO and President of KEYW. "Exasperation because government agencies are still dealing with the impact of sequestration and our government business continues to have uncertainty that will likely persist through the remainder of 2013. This uncertainty is offset by excitement and further advances in our commercial cyber business which, as of today, has been renamed Hexis Cyber Solutions, Inc. We continue to make progress with our four commercial beta customers and we still anticipate material commercial business revenue contributions in Q4 2013."

Revenue for Q2 2013 increased 39% versus Q2 2012 from $56.2 million to $78.3 million. The main drivers for the increase were organic growth in both segments of our business and revenue from Poole & Associates and Sensage, both acquired in October 2012. Consolidated gross margin decreased from 34% in Q2 2012 to 33% in Q2 2013 due to a greater contribution from subcontractors in our Engineering Services segment. Research and development expenses were $1.8 million in Q2 2013, an increase from $1.6 million in Q2 2012. Increased infrastructure spending in our commercial cyber business (including R&D) accounted for $1.9 million in growth in pro forma operating expenses versus Q2 2012.

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