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MANT - ManTech International Corp

post #1 of 14
5/4/09 at 4:36pm
Thread Starter 
ManTech International Corporation is a provider of technologies and solutions for mission-critical national security programs for the Intelligence Community; the Departments of Defense, state, homeland security and justice; the Space Community and other United States federal government customers. The Company's capabilities include systems engineering and integration; software services; enterprise architecture; information operations and computer forensics; information assurance and security architecture; intelligence operations and analysis support; cyber security; network and critical infrastructure protection; information technology; communications integration and engineering support; global logistics, and supply chain management. On August 29, 2008, the Company completed the acquisition of all outstanding equity interests in Emerging Technologies Group, USA, Inc. On November 28, 2008, it acquired EWA Services, Inc. In March 2009, the Company acquired DDK Technology Group, Inc.

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post #2 of 14
5/4/09 at 4:39pm
Thread Starter 
ManTech Reports First Quarter 2009 Financial Results
4:05p ET April 29, 2009 (Business Wire)
--Net Income of $24.5 million, up 23% over first quarter 2008

--Diluted earnings per share of $0.68, up 19% over first quarter 2008

--Contract awards of $502 million in the first quarter

--Updates 2009 Full Year Revenue and EPS Guidance

ManTech International Corporation (NASDAQ: MANT) today announced results for the first quarter of 2009. ManTech reported revenue of $449.6 million for the first quarter of 2009, up $24.5 million, or 6%, compared to $425.1 million for the same period in 2008.

Operating income in the first quarter was $40.4 million (9.0% of revenue) up 17% compared to $34.6 million (8.1% of revenue) for the same period in 2008. Net Income in the first quarter was $24.5 million up 23% compared to $19.9 million for the same period in 2008. Diluted earnings per share were $0.68 for the first quarter, up 19% compared to $0.57 for the same period in 2008.

First quarter revenue was reduced due to deferred or delayed procurements on some of our Army programs, such as countermine/JERRV and pass-through requirements on other defense contracts including our regional support centers (RSC).

Contract Awards & Backlog

ManTech had contract awards of $502 million in the first quarter with 67% of the awards coming from new or add-on business.

As a result of the contract awards received in the first quarter of 2009, ManTech's reported backlog as of March 31, 2009 was $4.07 billion, an 18% increase from $3.44 billion as of March 31, 2008. Funded backlog was a $1.10 billion as of March 31, 2009, a 16% increase from $949 million as of March 31, 2008.

DDK Technology Group Acquisition Completed

ManTech closed the acquisition of DDK Technology Group, Inc. (DDK) on March 13, 2009. DDK is a rapidly growing provider of cyber security to the DoD, with particular focus on the Naval Criminal Investigative Service (NCIS). Headquartered in Lanham, MD, DDK is a highly-specialized company providing cyber intelligence analysis, computer and network forensics and counterterrorism/ counterintelligence support and analysis globally. All of DDK's over 50 employees have high-level clearances.

Cyber Security and Comprehensive National Cyber Initiative (CNCI) Update

The White House's 60-day federal government cyber security review has been completed, which will now allow the government to focus on execution of its cyber security strategy. This will drive increased procurement and spending in the second half of 2009 related to core ManTech cyber security customers. As a leading provider of cyber security solutions, ManTech contributed to the Intelligence and National Security Alliance's (INSA) submission for the cyber security 60-day review.

"Given ManTech's unique position with leading cyber security agencies and customers, across the Intelligence, DoD and DHS agencies, we see expanding opportunities that will lead to strong growth in our cyber security segment of the business," said George J. Pedersen, Chairman & Chief Executive Officer, ManTech International Corporation.

During the quarter, the Company renewed and significantly increased the scope of one of its cyber security contracts. Additionally, other existing cyber security contracts have seen expansion during the quarter.
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post #3 of 14
5/4/09 at 4:39pm
Thread Starter 

Con't . . .

Cash Flow and Balance Sheet Information

Days Sales Outstanding of accounts receivable, or DSOs, were 89 days as of March 31, 2009 and net debt was approximately $86 million.

"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," said Kevin M. Phillips, Executive Vice President and Chief Financial Officer, ManTech International Corporation.

Company Guidance

The Company's initial second quarter and updated full year 2009 guidance is summarized in the table below. ManTech's guidance does not include future acquisitions or divestitures.

Key Guidance Assumptions

-- Countermine/JERRV revenues of $105 million in the second quarter and at least $410 million for full year 2009

-- Net interest expense of $150,000 in the second quarter and $450,000 for the full year

-- Tax rate of 39.2% for the second quarter and for full year 2009

-- Increasing requirements and funding on existing cyber security contracts and programs as well as growth in the cyber security business development pipeline

The guidance reflects current visibility on the stated programs above. The passage of DoD supplemental appropriations of $83 billion (of which $45 billion is for the Army) anticipated in late May 2009 may support additional mission requirements for ManTech's business base.

Conference Call

ManTech executive management will hold a conference call today at 5 p.m. ET, to discuss first quarter 2009 results and answer questions. Interested parties may access the call by dialing (888) 797-2996 (domestic) or (913) 312-0829 (international). The conference call will be Webcast (listen only) simultaneously via the Internet at www.mantech.com. Interested parties should dial in or log on approximately ten minutes prior to the start of the call.

A replay of the call will be available beginning at 9 p.m. today and will remain available through midnight, May 13, 2009. To access the replay, call (888) 203-1112 (domestic) or (719) 457-0820 (international). The confirmation code for the replay is 8146922. A replay will also be available on ManTech's website approximately two hours after the conclusion of the call.

About ManTech International Corporation:

Headquartered in Fairfax, Virginia with approximately 8,000 professionals, ManTech International Corporation is a leading provider of innovative technologies and solutions for mission-critical national security programs for the Intelligence Community; the departments of Defense, State, Homeland Security and Justice; the Space Community and other U.S. federal government customers. ManTech's expertise includes systems engineering, systems integration, software development services, enterprise architecture, cyber security, information assurance, intelligence operations and analysis support, network and critical infrastructure protection, information operations and information warfare support, information technology, communications integration, global logistics and supply chain management, and service oriented architectures. The company supports the advanced telecommunications systems that are used in Operation Iraqi Freedom and in other parts of the world; has developed a secure, collaborative communications system for the U.S. Department of Homeland Security; and builds and maintains secure databases that track terrorists. The company operates in the United States and approximately 40 countries. In 2008, BusinessWeek magazine chose ManTech for its 'InfoTech 100' listing representing the best performing tech companies in the world; Forbes.com named ManTech as one of the 400 Best Big Companies in the nation; and A-Space, a Web 2.0 enhanced collaboration tool that ManTech developed for the Intelligence Community was named one of the Top 50 Inventions of the Year by Time magazine. Also in 2008, GI Jobs magazine named ManTech a Top Ten Military Friendly Employer for the third year in a row. Additional information on ManTech can be found at www.mantech.com.
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post #4 of 14
5/4/09 at 4:40pm
Thread Starter 

Con't . . .

Forward-Looking Information:

Statements and assumptions made in this press release, which do not address historical facts, constitute "forward-looking" statements that ManTech believes to be within the definition in the Private Securities Litigation Reform Act of 1995 and involve risks and uncertainties, many of which are outside of our control. Words such as "may," "will," "intends," "should," "expects," "plans," "projects," "anticipates," "believes," "estimates," "predicts," "potential," "continue," or "opportunity," or the negative of these terms or words of similar import are intended to identify forward-looking statements.

These forward-looking statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated, including, without limitation: adverse changes in U.S. government spending priorities; failure to retain existing U.S. government contracts, win new contracts, or win recompetes; adverse results of U.S. government audits of our government contracts; risks associated with complex U.S. government procurement laws and regulations; adverse effect of contract consolidations; risk of contract performance or termination; failure to obtain option awards, task orders or funding under contracts; adverse changes in our mix of contract types; failure to successfully integrate recently acquired companies or businesses into our operations or to realize any accretive or synergistic effects from such acquisitions; failure to identify, execute or effectively integrate future acquisitions; risks of financing, such as increases in interest rates and restrictions imposed by our credit agreement; and competition. These and other risk factors are more fully discussed in the section entitled "Risks Factors" in ManTech's Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 27, 2009, and, from time to time, in ManTech's other filings with the Securities and Exchange Commission, including among others, its reports on Form 10-Q.

The forward-looking statements included in this news release are only made as of the date of this news release and ManTech undertakes no obligation to publicly update any of the forward-looking statements made herein, whether as a result of new information, subsequent events or circumstances, changes in expectations or otherwise.

MANTECH INTERNATIONAL CORPORATION CONSOLIDATED BALANCE SHEETS (Dollars in Thousands Except Per Share Amounts) (unaudited) March 31, December 31, 2009 2008 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 9,598 $ 4,375 Receivables--net 445,398 407,248 Prepaid expenses and other 8,866 14,200 Total Current Assets 463,862 425,823 Property and equipment--net 16,442 16,563 Goodwill 488,778 479,516 Other intangibles--net 80,647 78,710 Employee supplemental savings plan assets 13,896 14,771 Other assets 5,930 6,329 TOTAL ASSETS $ 1,069,555 $ 1,021,712 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Current portion of debt $ 95,200 $ 44,100 Accounts payable and accrued expenses 148,805 157,407 Accrued salaries and related expenses 49,924 75,121 Billings in excess of revenue earned 9,369 8,451 Total Current Liabilities 303,298 285,079 Accrued retirement 15,229 15,930 Other long-term liabilities 8,151 7,769 Deferred income taxes--non-current 33,984 32,398 TOTAL LIABILITIES 360,662 341,176 COMMITMENTS AND CONTINGENCIES - - STOCKHOLDERS' EQUITY: Common stock, Class A--$0.01 par value; 150,000,000 shares 221 218 authorized; 22,107,822 and 21,765,004 shares issued at March 31, 2009 and December 31, 2008; 21,864,782 and 21,521,964 shares outstanding at March 31, 2009 and December 31, 2008 Common stock, Class B--$0.01 par value; 50,000,000 shares authorized; 137 140 13,678,345 and 13,958,345 shares issued and outstanding at March 31, 2009 and December 31, 2008 Additional paid-in capital 340,338 336,454 Treasury stock, 243,040 shares at cost at March 31, 2009 and (9,114 ) (9,114 ) December 31, 2008 Retained earnings 377,456 352,978 Accumulated other comprehensive loss (145 ) (140 ) TOTAL STOCKHOLDERS' EQUITY 708,893 680,536 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 1,069,555 $ 1,021,712
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post #5 of 14
5/4/09 at 4:41pm
Thread Starter 
MANTECH INTERNATIONAL CORPORATION CONSOLIDATED STATEMENTS OF INCOME (Dollars in Thousands Except Per Share Amounts) (unaudited) Three months ended March 31, 2009 2008 REVENUES $ 449,570 $ 425,072 Cost of services 370,304 355,718 General and administrative expenses 38,908 34,800 OPERATING INCOME 40,358 34,554 Interest expense (303 ) (1,642 ) Interest income 69 211 Other expense, net (3 ) (120 ) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 40,121 33,003 Provision for income taxes (15,643 ) (13,070 ) NET INCOME $ 24,478 $ 19,933 BASIC EARNINGS PER SHARE: Class A basic earnings per share $ 0.69 $ 0.58 Weighted average common shares outstanding 21,594 20,319 Class B basic earnings per share $ 0.69 $ 0.58 Weighted average common shares outstanding 13,912 14,238 DILUTED EARNINGS PER SHARE: Class A diluted earnings per share $ 0.68 $ 0.57 Weighted average common shares outstanding 21,955 20,782 Class B diluted earnings per share $ 0.68 $ 0.57 Weighted average common shares outstanding 13,912 14,238
MANTECH INTERNATIONAL CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (Dollars in Thousands) (unaudited) Three months ended March 31, 2009 2008 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 24,478 $ 19,933 Adjustments to reconcile net income to net cash provided by operating activities: Stock-based compensation 1,729 1,733 Excess tax benefits from exercise of stock options (173 ) (842 ) Deferred income taxes 862 404 Depreciation and amortization 4,402 4,167 Change in assets and liabilities--net of effects from acquired businesses: Receivables-net (36,863 ) (13,927 ) Prepaid expenses and other 6,066 5,363 Accounts payable and accrued expenses (8,491 ) 14,221 Accrued salaries and related expenses (25,555 ) (15,285 ) Billings in excess of revenue earned 918 (960 ) Accrued retirement 174 (1,015 ) Other 647 1,219 Net cash flow from operating activities (31,806 ) 15,011 CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property and equipment (443 ) (576 ) Investment in capitalized software for internal use (1,232 ) (459 ) Acquisition of businesses - net of cash acquired (14,336 ) (213 ) Net cash flow from investing activities (16,011 ) (1,248 ) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from exercise of stock options 1,767 4,231 Excess tax benefits from the exercise of stock options 173 842 Net borrowings (repayment) under the line of credit 51,100 (16,900 ) Net cash flow from financing activities 53,040 (11,827 ) NET INCREASE IN CASH AND CASH EQUIVALENTS 5,223 1,936 CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 4,375 8,048 CASH AND CASH EQUIVALENTS, END OF PERIOD $ 9,598 $ 9,984

SOURCE: ManTech International Corporation

ManTech International Corporation Joseph Cormier Senior Vice President, Corporate Development 703-218-8258 joe.cormier@mantech.com or Mark Root Executive Director, Corporate Communications 703-218-8397; cell: 571-259-1169 mark.root@mantech.com
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post #6 of 14
5/4/09 at 4:43pm
Thread Starter 
I think this is oversold.

When MANT reported 1st quarter 2009 earnings of $0.68 per share, it met the estimate of the one analyst covering the company.

The analyst's estimates ranged from a high of $0.70 to a low of $0.67, with a median estimate of $0.69.

MANT is expected to announce 2nd quarter earnings the week of July 27, 2009.
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post #7 of 14
4/4/10 at 1:20pm
ManTech Announces $200 Million Senior Notes Offering
Thursday 04/01/2010 4:01 PM ET - Businesswire

ManTech International Corporation (Nasdaq: MANT) announced today that, subject to market conditions, it plans to raise approximately $200 million in aggregate principal of senior unsecured notes due 2018 in a private placement to eligible purchasers. Certain of ManTech's existing and future wholly-owned domestic subsidiaries will guarantee the notes.

ManTech intends to use the net cash proceeds of this offering for general corporate purposes and to support future growth through acquisitions. As an interim measure the Company will pay down existing funded debt on its $350 million revolving credit facility, which will remain in effect following the offering and which matures in April 2012. The notes are being offered inside the United States to qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and outside the United States to non-U.S. persons in reliance on Regulation S under the Securities Act.

The notes have not been registered under the Securities Act or applicable state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state laws. This press release is being issued pursuant to Rule 135c under the Securities Act, and is neither an offer to sell nor a solicitation of an offer to buy the notes or any other securities, and shall not constitute an offer to sell or a solicitation of an offer to buy, or a sale of, the notes or any other securities in any jurisdiction in which such offer, solicitation or sale is unlawful.
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post #8 of 14
4/4/10 at 1:21pm
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post #9 of 14
4/4/10 at 2:39pm
kevin1612,

You've been busy this morning!...
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post #10 of 14
4/4/10 at 2:48pm
Quote:
Originally Posted by OldFart View Post
kevin1612,

You've been busy this morning!...
always on the lookout for possibilities...dont wanna get complacent...
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post #11 of 14
4/4/10 at 3:13pm
Quote:
Originally Posted by kevin1612 View Post
always on the lookout for possibilities...dont wanna get complacent...
good work!!
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post #12 of 14
5/6/12 at 4:58pm
ManTech Announces Financial Results for First Quarter of 2012
3 days 56 minutes ago - BusinessWire via Comtex
--Operating Income: $45.7 million

--Diluted EPS: $0.69

--Cash Flow from Operations: $52 million

--Dividends: $0.21 per share paid in March; $0.21 per share authorized for June

ManTech International Corporation (NASDAQ:MANT) (www.mantech.com), a leading provider of innovative technologies and solutions for mission-critical national security programs, today announced financial results for the first quarter of 2012, which ended March 31, 2012.

"During this quarter we focused on positioning ManTech in high-growth, high-margin markets with the acquisitions of HBGary and Evolvent," said ManTech Chairman and Chief Executive Officer George J. Pedersen. "Both the cyber security and health care informatics markets offer strong potential for organic growth and allow us to offer solutions to both government and commercial customers. Our disciplined focus on cash, as evidenced by excellent collections this quarter, enables us to return dividends to our shareholders and to maintain a robust acquisition program. We are confident that ManTech will thrive even as the nation winds down its involvement in overseas conflicts because of our expanding presence in growth markets, our excellent reputation for efficient execution and our broad reach across key intelligence and defense customers. I believe ManTech is in a solid position for the future."

Summary Operating Results

Revenues for the quarter were $676.5 million, compared to $700.9 million in the first quarter of 2011. Quarterly revenues increased across the company's intelligence and cyber security programs, which partially offset industry-wide decreases in support to wartime missions.

Operating income for the quarter was $45.7 million, compared to $55.9 million in the first quarter of 2011. Operating margin of 6.8 percent was affected by increased market pressures on in-theater work, continued movement to cost-plus contracts, as well as increased levels of bid-and-proposal and acquisition-related expense. Net income for the quarter was $25.6 million, compared to $31.9 million in the first quarter of 2011. Diluted earnings per share for the quarter were $0.69, compared to $0.87 in the first quarter of 2011.

Cash Management and Capital Deployment

Cash flow from operations for the quarter was $52 million or 2.0 times net income. Days sales outstanding (DSO) were 76 days, compared to 80 days in the first quarter of 2011. As of March 31, 2012, ManTech had $119 million in cash and cash equivalents and $200 million in high-yield debt with no outstanding borrowings on its $500 million revolving-credit facility.

During the quarter, the company paid $7.7 million, or $0.21 per share, to its common stockholders of record as of March 9, 2012. The company also invested $39 million in the quarter to acquire the business of Evolvent Technologies, Inc., a leading federal healthcare systems integrator whose systems and processes enable better decision-making at the point of care and full integration of medical information across different platforms. ManTech expects Evolvent to contribute solid growth and operating margins and be accretive to earnings per share in 2012. Shortly after the acquisition, the Air Force Medical Service (AFMS) awarded Evolvent a prime position on the $958 million Consultant Advisory and Technical Services (CATS) contract.

After the close of the quarter, the company paid $24 million to acquire the business of HBGary, a cyber security developer whose comprehensive suite of software products detect, analyze, and diagnose advanced persistent threats and targeted malware. The company has an impressive list of customers in the financial services, energy, critical infrastructure and technology sectors. Since the acquisition announcement, HBGary has significantly increased its sales, including new contracts with a leading credit card company, a large payment processing services company, an international bank, energy companies, major retail chains, large federal agencies, and large federal contractors.

The Board of Directors has declared that the company will pay a cash dividend of $0.21 per share on June 22, 2012 to all common stockholders of record as of June 8, 2012 as part of its regular quarterly cash dividend program. Future declarations of dividends and their record and payment dates are subject to the final determination of ManTech's Board of Directors.

Contract Awards

Contract awards (bookings) totaled $308 million in the first quarter, representing a book-to-bill ratio of 0.5. Large, single-award contracts contributing to the quarterly bookings include:

-- Federal Bureau of Investigation (FBI) Information Services Support. Under a new contract award, ManTech will operate, maintain, refresh and enhance the FBI Criminal Justice Information Services (CJIS) Division's portfolio of information technology systems that process and share mission critical information for members of the law enforcement community in the United States and abroad. The CJIS Operations and Maintenance Professional Services (COMPS) contract award is valued at $69 million over four and one-half years.

-- Naval Air Systems Command (NAVAIR) Flight Test Support. Under a three-year, $46 million contract, ManTech will continue to provide flight test support solutions for the NAVAIR Manned and Unmanned Air Vehicle Evaluation Division (AIR 5.1.6), including program management, flight test engineering, software development and test, air vehicle stores compatibility, ballistics analysis and modeling, simulation and analysis solutions.

-- NASA Langley Administrative, Media, and Professional Services (LAMPS) Contract. NASA Langley Research Center awarded the joint venture team of ManTech and Genex Systems, LLC, a five-year prime contract to provide administrative, media and professional support services to organizations across the research center. ManTech's share of the $94 million award is approximately $24 million.

-- Naval Surface Warfare Center, Carderock Division (NSWCCD) Acoustic Engineering Services. NSWCCD awarded ManTech a three-year, $18 million contract to operate and maintain existing acoustic measurement systems and to design, fabricate, assemble, test and evaluate new systems. These efforts will be performed at designated U.S. and foreign shore-based facilities as well as at sea aboard various types and classes of test vehicles.

The Air Force CATS contract indicated above is a multiple-award contract under which ManTech will provide the Air Force Medical Service with a wide range of management and professional support, technical expertise and engineering services to maintain and reengineer its global operations. ManTech was also awarded a prime position on the United States Government Omnibus Network Enterprise (USG ONE) vehicle administered by the Department of Defense, Defense Information Systems Agency (DISA). Under this five-year, $476 million multiple-award contract, ManTech will provide information and communications support to various federal agencies.

The company's backlog of business at the end of quarter was $4.3 billion, of which $1.2 billion was funded. With high levels of proposal activity and submitted awards awaiting adjudication, the company expects to sustain strong contract award activity and increase backlog for the remainder of 2012.
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post #13 of 14
5/6/12 at 4:59pm
S&P MAINTAINS HOLD OPINION ON SHARES OF MANTECH INTERNATIONAL CORP.
2 days 5 hours 30 minutes ago - Standard & Poor's
Q1 EPS of $0.69, vs. $0.87, is $0.07 below our estimate. The shares are down after MANT lowers its 2012 revenue and earnings guidance. We cut our 2012 revenue growth forecast to 0.5% from 8.5%, as we have concerns that government contract signings are being delayed and the scopes of some contracts are being curtailed. We believe operating margins will narrow on contract mix shifts, investments in new areas, and heightened competition. We lower our 2012 EPS estimate $0.53 to $3.00 and 2013's by $0.57 to $2.94, as well as our P/E-based 12-month target price by $8 to $28.
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post #14 of 14
5/6/12 at 4:59pm
big dump on big vol after drifting lower for a few months prior

425
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