Executives Curt Riggle - Director of Investor Relations Ralph Shrader - President and Chief Executive Officer Samuel Strickland - Executive Vice President and Chief Financial Officer Horacio Rozanski - Chief Operating Officer, Executive Vice President Analysts Nathan Rozof - Morgan Stanley Carter Copeland - Barclays Capital Timothy McHugh - William Blair & Company William Loomis - Stifel Nicolaus & Company George Price - BB&T Capital Markets Robert Spingarn - Credit Suisse Presentation Operator
As shown in the disclaimer on slide three, please keep in mind that some of the items we will discuss this morning will include statements that may be considered forward looking and therefore are subject to known and unknown risks and uncertainties, which may cause our actual results in future period to differ materially from forecasted results.Those risks and uncertainties include among other things, general economic conditions, the availability of government funding for our company services and other factors discussed in today's earnings release and set forth under forward-looking statements disclaimer included in our fiscal 2012 fourth quarter and full year earnings release and in our SEC filings. We caution you not to place undue reliance on any forward-looking statements that we may make today and remind you that we are assuming no obligation to update or revise any information discussed on this call. During today's call, we will also discuss some non-GAAP financial measures and other metrics which we believe provide useful information for investors. We include an explanation of the adjustments from GAAP and reconciliation of our non-GAAP measures to the most comparable GAAP measure in our fiscal 2012 fourth quarter and full year earnings release and in these slides. It is now my pleasure to turn over to our CEO, Ralph Shrader, and he will start on slide four. Ralph Shrader Thank you, Curt. Good morning everyone and thank you for joining us today. On our last earnings call, I said it was an eventful quarter and today I can say the adventure continues. The macro trends in the global economy and in the market for services to our primary client, the U.S. Federal Government are dramatic and dynamic. Against this backdrop, we see continued demand for Booz Allen's expertise from government agency clients that we have served for decades and we are excited about the prospects from new commercials and international clients.
We grew revenue, net income, earnings per share and EBITDA for the fourth quarter and full year of fiscal 2012. This is our sixth straight quarter of top and bottom line growth since our IPO in November of 2010 demonstrating our ability to manage our business well despite a challenging market environment.Here are the headlines. Fourth quarter revenue increased to $1.54 billion, from $1.49 billion. Full year revenue increased to more than $5.8 billion, up from $5.6 billion in the prior year. Net income for the year increased to $240 million from $84.7 million in the prior year. Adjusted EBITDA increased 9.8% to $488 million and full year adjusted diluted earnings per share increased by $0.37 to $1.61 per share. Total backlog ended the year at $10.8 billion as of March 31, 2012, which was a slight decrease in total backlog from the prior year's $10.9 billion. We are very pleased with the growth in funded backlog, which grew by 21.2% year-over-year to $2.9 billion, compared to $2.39 billion as of March 31, 2011. Today, we are announcing that our board of directors has declared a second regular cash dividend in the amount of $0.09 per share, and the board declared a special cash dividend of $1.50 per share. The dividends are payable on June 29, 2012 to stockholders of record on June 11, 2012. We are dedicated to delivering value to our current and future stockholders as evidenced by our operating margin improvements and strong cash flow and by the dividend just declared by our board. We will continue to look at the full range of opportunities to strengthen Booz Allen's strategic position and to evaluate our use of cash. As discussed on our last earnings call, we took important and difficult steps in January and February of this year to reduce the size of our senior and middle management ranks, and take cost out of our infrastructure. The restructuring charge related to these actions is reflected in our fourth quarter financial results. While these actions are never easy for those involved the costs reductions have provided us with operational flexibility and funds to invest in growth areas for the future. Read the rest of this transcript for free on seekingalpha.com