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ManTech Announces Financial Results For Third Quarter Of 2013

  • Revenue: $567 million
  • Diluted EPS: $0.48
  • Cash Flow from Operations: $77 million
  • Bookings: $647 million in contract awards for a book-to-bill ratio of 1.1
  • Dividends: $0.21 per share paid in September; $0.21 per share authorized for December

FAIRFAX, Va., Oct. 30, 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 third quarter of fiscal year 2013, which ended September 30, 2013.

"Our cyber, intelligence, and health businesses continue to grow, and we continue to generate exceptional cash flow," said ManTech Chairman and Chief Executive Officer George J. Pedersen. "With a Continuing Resolution that funds the government at last year's levels through January 15, 2014, our employees who had been furloughed have returned to work performing their mission-critical activities. ManTech's strong balance sheet and positioning with priority missions offer stability during this period of uncertainty."

Summary Operating Results

Revenues for the quarter were $567.4 million, compared to $645.0 million in the third quarter of fiscal year 2012. Revenues in strategic investment areas, including intelligence, cyber security and healthcare, increased year-over-year. Revenues supporting Overseas Contingency Operations (OCO) declined $42 million compared to the third quarter of 2012, as mission requirements fell in conjunction with the U.S. military withdrawal from Afghanistan.

Operating income was $32.0 million for the quarter. Operating margin of 5.6 percent reflected greater investment in new market growth areas and the rapid drawdown in OCO support. Net income was $17.7 million for the quarter, which resulted in diluted earnings per share of $0.48.

Cash Management and Capital Deployment

Cash flow from operations for the quarter was $77 million or 4.3 times net income. Days sales outstanding (DSO) were 78 days, up two days from the second quarter of 2013. During the quarter, the company paid $7.8 million, or $0.21 per share, to its common stockholders of record as of September 6, 2013. The company finished the quarter with the highest quarter-ending cash and cash equivalents balance in its history—$259 million, up from $194 million at the end of the second quarter. With $200 million in high-yield debt and no outstanding borrowings on its $500 million revolving-credit facility, the company has the financial capacity to pursue acquisitions, issue dividends, and maintain a strong balance sheet.

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