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DRC Reports Second Quarter 2013 Results

Stocks in this article: DRCO

--- Adjusted EBITDA of 7.9 Percent on Revenue of $72 Million ---

--- New Business Pipeline Up 25 Percent Sequentially; $200 Million Awaiting Award ---

--- 11 Percent Growth in Healthcare Revenue ---

ANDOVER, Mass., July 31, 2013 (GLOBE NEWSWIRE) -- Dynamics Research Corporation (Nasdaq:DRCO), a leading technology and management consulting company focused on driving performance and process improvement for government clients, today announced operating results for the second quarter ended June 30, 2013.

Financial Results

Net income for the quarter ended June 30, 2013 was $1.2 million, or $0.11 per diluted share, as compared with $1.4 million, or $0.14 per diluted share, for the second quarter of 2012, excluding a goodwill impairment charge of $12 million (pre-tax), or $0.73 per share, reported in the second quarter a year ago. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) for the second quarter of 2013 was $5.7 million, or 7.9 percent of revenue, as compared with $7.1 million, or 8.7 percent of revenue, for the same period a year ago. Revenue for the second quarter of 2013 was $72.1 million compared with $80.8 million for the same period in 2012.

For the six month period ended June 30, 2013 net income was $2.4 million, or $0.23 per diluted share, compared with $3.2 million, or $0.31 per diluted share, for the same period in 2012, excluding the second quarter 2012 goodwill impairment charge of $12 million. Adjusted EBITDA for the first six months of 2013 was $11.8 million, or 8.1 percent of revenue, as compared to $14.9 million, or 8.9 percent of revenue, for the same period a year ago. For the six months ended June 30, 2013 revenue was $145.7 million compared with $166.7 million for the same period in 2012.

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