Federal services contractor ManTech International has reported a 23% increase in net income to $29.23m for the third quarter 2009, compared to a net income of $23.86m in the year-ago quarter. Revenue increased 6% to $514.63m. Skip related content
Operating income grew 15% to $46.43m, while diluted EPS rose 21% to $0.81. The company had contract awards of $456m, with over 50% coming from new business or add-ons to existing contracts. It had backlog of $3.78bn and funded backlog of $1.28bn.
During the quarter, the company appointed Bill Varner as president of Mission, Cyber & Technology Solutions Group, Terry Ryan as president of Systems Engineering & Advanced Technology Group, and Carlos Echalar as executive vice president of Human Resources.
For the nine-month period, ManTech has reported a 25% increase in net income to $82.24m compared to a net income of $65.69m a year ago. Revenue increased 7% to $1.47bn.
Lawrence B. Prior, president and chief operating officer at ManTech International, said: “Our third quarter bookings were influenced by a large number of opportunities that were not decided during the quarter. We exited the third quarter with record funded backlog and currently have over $2bn of bids awaiting decision, up from $1.2bn for the same quarter in 2008. We have already seen significant fourth quarter awards that will provide organic growth momentum as we head into 2010.”
Looking ahead, for the fourth quarter, ManTech expects revenue between $522m and $547m, net income between $29m and $29.8m, and diluted EPS between $0.80 and $0.82. For fiscal 2009, it expects revenue between $2bn and $2.02bn, net income between $111.2m and $112m, and diluted EPS between $3.09 and $3.11.
