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As shown on the disclaimer on slide two, 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 periods 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's services, and other factors discussed in today's release and set forth under the forward-looking statements disclaimer included in the fiscal 2013 first quarter earnings' release in our SEC filings. We caution you not to place undue reliance on any forward-looking statement that we may make today. And remind you that we assume no obligation to update or revise the 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 adjustments and other reconciliations of our non-GAAP measures to the most comparable GAAP measures in our fiscal 2013 first quarter slides. It is now my pleasure to turn over to our CEO, Ralph Shrader, and he will start on slide three. Ralph Shrader Thank you, Curt. And good morning and thank you all for joining us today. Here today on the conference table in front of me is a crystal ball. I used it in a speech I gave some 12 years ago at the height of the dot.com, which was entitled, No Crystal Ball Decision Making in E-Time. With the so called fiscal cliff looming for our nation and the questions that Sam, Curt, and I keep getting about whether sequestration is going to happen, I thought it would be useful to have it on hand to consult for this morning's Q&A session. But all kidding aside, I'm not going to try to predict the course of political or economic events. And that’s the key reason our top line guidance does not extend beyond September 30th at this point.
What I can tell you is this. Booz Allen is not going to sit on the sidelines and watch and wait for things to sort out. We are determined to be out in front and to shape our destiny. That means in our operating business, every Booz Allen leader and employee is committed to impress our clients, win work over our competitors, and make sure our firm remains the best company to work for. Our board and finance team is committed to insure that we have a capital structure that is optimized for today's environment, one that creates value for our stockholders.Despite the challenging macro-environment, we continue to grow earnings this quarter demonstrating our commitment and ability to manage our cost base and continue to improve our margins. Here are the headlines. First quarter revenue was $1.43 billion, down slightly from $1.45 billion in the prior year period. That income for the quarter increased to $61.9 million from $51.1 million in the prior year. Adjusted EBITDA increased 10.4% to $135.6 million. And adjusted diluted earnings per share increased by 12.2% to $.46 per share. Total backlog ended the quarter at $10.23 billion as of June 30th, 2012, which was a decrease in total backlog from the prior year's $11.21 billion. We are very pleased with the growth in funded backlog, which grew to $2.58 billion compared to $2.45 billion as of June 30th of 2011. Today we are announcing that our board of directors has declared our third regular quarterly cash dividend in the amount of $.09 per share. And the board approved terms to refinance the company's debt and declared a special cash dividend of $6.50 per share. We believe the special dividend declared by our board returns values to our stockholders. And is a prudent use of capital at this time when the debt market is very favorable, historically cheap in fact, and we believe the stock market has quite frankly been undervaluing our stock. Read the rest of this transcript for free on seekingalpha.com