Revenue up 6% to $449.57m
Federal services contractor ManTech International has reported a 23% increase in net income to $24.5m for the first quarter 2009, compared to $19.9m in the year-ago quarter, on revenue up 6% at $449.57m.
Operating income grew 17% to $40.35m, while diluted EPS grew 19% to $0.68. The company had contract awards of $502m, with 67% of them coming from new or add-on business. It had contract backlog growth of 18% to $4.07 billion, with funded backlog growth of 16% to $1.1 billion.
During the quarter, it completed the acquisition of Maryland-based cyber security firm DDK Technology Group.
Kevin Phillips, executive vice president and CFO at ManTech, said: The first quarter’s cash collections were negatively impacted by several large receivable collections that did not occur until early April. We anticipate our cash flow from operations conversion versus net income will be at least 75% for the year based on a mid-70 day DSO level.
Looking ahead to the second quarter, the company expects revenue between $480m and $510m, net income between $25.7m and $26.7m, and diluted EPS between $0.71 and $0.74. For fiscal 2009, it expects revenue between $2 billion and $2.1 billion, net income between $106m and $109m, and diluted EPS between $2.91 and $3.01.