Fairfax, Virginia-based PEC, one of the fastest growing IT services companies of 2002 due to the US Government’s increased investment in Homeland Security, said revenue for the three months ending March 31 would be between $43m and $44m compared to guidance issued last month of between $48m and $49m. As a result, revenue for the quarter will be down as much as 11% sequentially compared to flat sequential revenue growth previously predicted.
At the same time, the company also changed its revenue guidance for its full year ending December 2003 to between $200m and $220m, down from previous estimates of between $240m and $255m. This will result in revenue increasing between 8.9% and 17% on 2002, compared to previous growth estimates of between 30% and 40%.
In a statement the company said: The revision in guidance is due to anticipated delays in new government awards stemming from the unusually late passing of the 2003 Federal civilian agency budgets. The first quarter will also be impacted by a discontinuity in certain engagements related to application of biometric identification technologies. This discontinuity has extended longer than previously expected.
Source: Computerwire
