ManTech revenue up for year, down in fourth quarter
- February 23, 2012
Information technology contractor ManTech International Corp. said revenues rose 10 percent in 2011, but revenues for its fourth quarter were down 2 percent.
The company’s diluted earnings per share were 83 cents for the fourth quarter, down from 93 cents the year before.Full-year diluted EPS were $3.64 per share, up from $3.45.
The Fairfax-based company said sales for the fourth quarter were $681.8 million, compared with $697.9 million the same period the previous year. Profit fell 10.3 percent to $30.5 million, compared with $34 million during the previous year.
Full-year revenues rose 10 percent to $2.9 billion, compared with $2.6 billion the previous year. Profit was up 6.6 percent to $133.3 million from $125.1 million in 2010.
The company continues to grow through acquisitions. “As a result of our disciplined focus on cash, we generated record operating cash flow of $221 million for the year, which enables us to continue our robust acquisition program,” Chairman and CEO George Pedersen said in a statement.
Despite expected cutbacks in federal defense spending, ManTech expects growth in 2012 because of its expertise in cyber security and information technology industries.
Last year the company bought for $90 million Worldwide Information Network Systems Inc., whose customers include the Defense Intelligence Agency and the Department of State. Earlier this year the company acquired Evolvent Technologies, a leading federal health-care systems integrator.