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Business Editors
First Quarter 2008 Results Compared to First Quarter 2007
Revenue
for the first quarter of fiscal 2008 was $548.7 million, a 2.0%
increase over revenue of $537.7 million for the first quarter of fiscal
2007. Revenue for the Government Services (GS) segment, which
represented 65% of Company revenue in the first quarter, decreased to
$358.0 million for the first quarter of fiscal 2008, down $0.9 million
or 0.3% from the comparable period in fiscal 2007. GS revenue was
impacted by task order losses under the Worldwide Personal Protective
Services program and completion of construction projects under the
CIVPOL program. Offsetting these reductions were revenue increases on
the International Narcotics and Law Enforcement program, construction
work in Africa and additional services in Afghanistan on the CIVPOL
program. Revenue for the Maintenance and Technical Support Services
(MTSS) segment for the first quarter of fiscal 2008 increased to $190.7
million, up $11.9 million or 6.7% as compared to the first quarter of
fiscal 2007. MTSS revenue, which represented 35% of Company revenue in
the first quarter of fiscal 2008, benefited from a new contract under
which the Company provides logistics support services to the U.S. Air
Force C-21 fleet.
Operating income was $31.7 million in the
first quarter of fiscal 2008 compared to $28.8 million in the first
quarter of fiscal 2007, a 10.0% increase. Operating margin was 5.8%, as
compared to operating margin of 5.4% in the first quarter of fiscal
2007. Operating margin increased by 0.4% of revenue primarily due to
improved contract performance. Earnings per share increased from a loss
of $0.01 for the first quarter of fiscal 2007 to earnings of $0.22 for
the first quarter of fiscal 2008. Earnings Per Share for the first
quarter of fiscal 2007 was negatively impacted by $12.2 million from
interest on preferred stock and the early extinguishment of debt and
preferred stock
Earnings before interest, taxes, depreciation
and amortization (EBITDA) in the first quarter of 2008 increased 8.7%
to $44.4 million as compared to $40.8 million in first quarter of
fiscal 2007.
Total debt was $595.5 million at June 29, 2007, a
reduction of $35.5 million from March 30, 2007. Of this total, $34.6
million was due to an Excess Cash Flow payment requirement under the
terms of our credit agreement. Accounts receivable as of June 29, 2007
was $496.1 million, up from $462.0 million as of March 30, 2007 which
resulted in a corresponding increase in Days Sales Outstanding (DSO) to
74 days from 67 days. This increase was primarily due to payment timing
issues related to a system change with the Department of State.
Backlog
as of June 29, 2007 was $6.0 billion. Included in this total is $3.3
billion from the linguist and translation services contract awarded by
the U.S. Army Intelligence and Security Command (INSCOM) to Global
Linguist Solutions LLC (GLS), a joint venture of DynCorp International
and McNeil Technologies. The incumbent contractor's protest of the
award to GLS was sustained by the Government Accountability Office
(GAO). The company's backlog and estimated remaining contract value
metrics may require future adjustment depending on the outcome of
future procurement actions taken by the U.S. Army in implementing the
GAO's recommendation.
FALLS CHURCH, Va. — July 30, 2007
(BUSINESS WIRE) -- DynCorp International Inc. (NYSE: DCP), a provider
of specialized mission-critical technical services to civilian and
military government agencies, today announced its results for the first
quarter ended June 29, 2007.
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