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TheStreet Open House

ManTech Announces Financial Results For Second Quarter Of 2013

Stocks in this article: MANT

  • Revenue: $605.1 million
  • Operating Income: $38.7 million
  • Diluted EPS: $0.58
  • Cash Flow from Operations: $32 million
  • Dividends: $0.21 per share authorized for September

FAIRFAX, Va., July 31, 2013 (GLOBE NEWSWIRE) -- ManTech International Corporation (Nasdaq:MANT) ( www.mantech.com ), a leading provider of innovative technologies and solutions for mission-critical national security programs, today announced financial results for the second quarter of fiscal year 2013, which ended June 30, 2013.

"Our cyber, intelligence and other critical technology businesses are thriving, and our control of indirect costs is driving competitiveness and profitability," said ManTech Chairman and Chief Executive Officer George J. Pedersen. "ManTech is managing the business well through this difficult current environment. Even as we address a reduction in requirements for warfighter support in Afghanistan, our reputation and contract portfolio in critical areas, such as cyber, intelligence, information technology and health care, and our strong balance sheet position us for future growth. We currently have operations in 18 countries around the world that enable ManTech to respond to customer requirements quickly and efficiently."

Summary Operating Results

Revenues for the quarter were $605.1 million, compared to $638.9 million in the second quarter of fiscal year 2012. Total revenues supporting missions other than Overseas Contingency Operations (OCO) in Afghanistan increased year-over-year, especially in strategic investment areas indicated. Revenues supporting OCO declined $41 million compared to the second quarter of 2012, as the result of the completion of a mobile communications contract and fewer other direct costs (ODCs) on the S-3 contract with the U.S. Army Communications and Electronics Command (CECOM).

Operating income was $38.7 million for the quarter. Operating margin of 6.4 percent, up 80 basis points from last quarter, reflected a higher mix of direct labor, excellent award fees stemming from strong program execution, and indirect cost management. Net income was $21.6 million for the quarter, which resulted in diluted earnings per share of $0.58.

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