MAXIMUS (NYSE: MMS), a leading provider of government services worldwide, today reported financial results for the three and nine months ended June 30, 2014.
Highlights for the third quarter of fiscal 2014 include:
- Revenue increased 26% to $419.9 million compared to last year.
- GAAP diluted earnings per share from continuing operations increased to $0.49, compared to $0.40 in the same quarter last year.
- Cash and cash equivalents totaled $182.9 million at June 30, 2014.
- Year-to-date signed contract awards totaled $1,060 million and the sales pipeline increased to $3.0 billion at June 30, 2014.
- The Board of Directors approved a $150 million increase to the Company’s share repurchase program.
Revenue for the third quarter of fiscal 2014 increased to $419.9 million compared to revenue of $334.3 million reported for the same period last year. The year-over-year increase in revenue was driven principally by growth in the Health Services Segment from new work and expansion on existing contracts. Revenue in the third quarter of fiscal 2014 grew 21% organically compared to the prior-year period.
For the third quarter of fiscal 2014, income from continuing operations, net of taxes, increased to $34.0 million, or $0.49 diluted earnings per share, compared to income from continuing operations of $28.0 million, or $0.40 diluted earnings per share, for the same period last year. As expected, adjusted diluted earnings per share increased 21% to $0.49 over $0.41 in the prior-year period, driven by growth in the Health Services Segment.
“We continue to see governments looking to partners, like MAXIMUS, to help them manage complex social benefit programs. These efforts are creating increased demand for our services over the long-term,” commented MAXIMUS Chief Executive Officer Richard A. Montoni. “MAXIMUS serves as a trusted supplier to governments, as they focus on achieving outcomes that matter, including validating and verifying the eligibility status of program beneficiaries, as well as helping citizens become more self-sufficient and economically independent.”