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DRC Reports Third Quarter 2013 Results

Stocks in this article: DRCO

Adjusted EBITDA of 9.2 Percent on Revenue of $68 Million

Major Homeland Security Contract Wins Highlight Quarter Results

18 Percent Growth in Healthcare

Operating Cash Generation at 10.5 Percent of Revenue

ANDOVER, Mass., Oct. 30, 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 third quarter ended September 30, 2013.

Financial Results

Net income for the quarter ended September 30, 2013 was $1.4 million, or $0.13 per diluted share, as compared with $1.4 million, or $0.13 per diluted share, for the third quarter of 2012, excluding a goodwill impairment charge of $36.6 million (pre-tax), or $2.25 per diluted share, and a legal settlement gain of $2.4 million, or $0.14 per diluted share, both in the prior-year period. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) for the third quarter of 2013 was $6.2 million, or 9.2 percent of revenue, as compared with $8.9 million, or 11.6 percent of revenue, as reported for the same period a year ago. Revenue for the third quarter of 2013 was $67.5 million compared with $76.8 million for the third quarter of 2012.

For the nine month period ended September 30, 2013 net income was $3.8 million, or $0.36 per diluted share, compared with $4.6 million, or $0.44 per diluted share, for the same period in 2012, excluding the third quarter 2012 goodwill impairment charge of $36.6 million and legal settlement gain of $2.4 million. Adjusted EBITDA for the first nine months of 2013 was $18.0 million, or 8.5 percent of revenue, as compared to $23.9 million, or 9.8 percent of revenue, for the same period a year ago. For the nine months ended September 30, 2013 revenue was $213.2 million compared with $243.5 million for the first nine months of 2012.

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