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March 2, 2009

ManTech posts strong Q4 and year

Revenue up 29% on year-ago

By CBR Staff Writer

Federal services contractor ManTech International has reported a 15% increase in net income to $24.59m for the fourth quarter 2008, compared to $21.38m in the year-ago quarter, on revenue up 17% at $494.7m.

Operating income grew 14% to $41.37m, while diluted EPS grew 13% to $0.69. The company had contract awards of $180m, with contract backlog growth of 23% to $3.97 billion, and funded backlog growth of 55% to $1.18 billion. During the quarter it also completed the acquisition of EWA Services.

For fiscal 2008, the company reported a 34% increase in net income to $90.29m, compared to net income of $67.2m a year ago, on revenue up 29% at $1.87 billion. Operating income grew 35% to $153.4m, while diluted EPS grew 31% to $2.55.

George J Pedersen, chairman and chief executive at ManTech, said: 2008 was another outstanding year for ManTech where we delivered strong and consistent operating results. ManTech is well positioned to continue strong revenue and earnings growth by executing on the opportunities in the defense, intelligence, and homeland security communities we serve.

For the first quarter 2009, the company expects revenue between $485m and $505m, net income between $24.6m and $25.6m, and diluted EPS between $0.68 and $0.71. For fiscal 2009, it expects revenue between $2.1 billion and $2.2 billion, net income between $105.5m and $110.6m, and diluted EPS between $2.91 and $3.05.

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