ICF International Inc. (ICFI, Financial) filed Quarterly Report for the period ended 2010-06-30.
Icf International Inc. has a market cap of $469.8 million; its shares were traded at around $24.3 with a P/E ratio of 18.4 and P/S ratio of 0.7. ICFI is in the portfolios of RS Investment Management, Paul Tudor Jones of The Tudor Group, Chuck Royce of Royce& Associates, Jim Simons of Renaissance Technologies LLC.
Direct costs. Direct costs for the three months ended June 30, 2010, were $125.1 million, or 62.7% of revenue, compared to $103.9 million, or 59.2% of revenue, for the three months ended June 30, 2009. The increase in direct costs as a percent of revenue is primarily due to higher subcontractor costs attributable to changes in contract mix, for the three months ended June 30, 2010, compared to the three months ended June 30, 2009. The increase in direct costs of 20.4% was primarily due to costs associated with a growth in contracts, and the operations of JASI, acquired in 2009, whose results are included in the three months ended June 30, 2010, but are not included in the three months ended June 30, 2009, primarily offset by the effect of the conclusion of The Road Home contract in June 2009.
Indirect and selling expenses. Indirect and selling expenses for the three months ended June 30, 2010, were $56.1 million, or 28.1% of revenue, compared to $55.7 million, or 31.8% of revenue for the three months ended June 30, 2009. The decrease in indirect and selling expenses as a percent of revenue was due principally to an increase in contract revenue, partially offset by an increase in indirect and selling expenses of 0.8%, for the three months ended June 30, 2010, as compared to the three months ended June 30, 2009.
Operating Income. For the three months ended June 30, 2010, operating income was $12.7 million compared to $10.1 million for the three months ended June 30, 2009, an increase of $2.5 million or 24.9%. Operating income increased primarily due to higher contract revenue, partially offset by an increase in operating costs and expenses of 0.8%, for the three months ended June 30, 2010, as compared to the three months ended June 30, 2009.
Income tax expense. Our effective income tax rate for the three months ended June 30, 2010, was 39.1% compared to 41.5% for the three months ended June 30, 2009. The lower effective rate in 2010 was attributable to reduced foreign income tax rates and increased state tax credits in the three months ended June 30, 2010.
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Icf International Inc. has a market cap of $469.8 million; its shares were traded at around $24.3 with a P/E ratio of 18.4 and P/S ratio of 0.7. ICFI is in the portfolios of RS Investment Management, Paul Tudor Jones of The Tudor Group, Chuck Royce of Royce& Associates, Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
Our clients utilize our services because we combine diverse institutional knowledge and experience in their activities with the deep subject-matter expertise of our highly educated staff, which we deploy in multi-disciplinary teams. Our federal government clients have included every cabinet-level department, including HHS, DoD, DOS, EPA, DHS, USDA, HUD, DOT, DOI, DOJ, DOE, and ED. U.S. federal government clients generated approximately 71% of our revenue for the six months ended June 30, 2010, and approximately 52% of our revenue for the six months ended June 30, 2009. State and local government clients generated approximately 11% of our revenue for the six months ended June 30, 2010, and approximately 29% of our revenue for the six months ended June 30, 2009. The Road Home contract, which accounted for most of our state and local revenue for its three-year duration, ended as scheduled on June 11, 2009. We also serve domestic commercial and international clients, primarily in the air transportation and energy sectors, including airlines, airports, electric and gas utilities, oil companies, and law firms. Our domestic commercial and international clients, including government clients outside the United States, generated approximately 18% of our revenue for the six months ended June 30, 2010, and approximately 19% of our revenue for the six months ended June 30, 2009. We have successfully worked with many of our clients for decades, with the result that we have a unique and knowledgeable perspective on their needs.Direct costs. Direct costs for the three months ended June 30, 2010, were $125.1 million, or 62.7% of revenue, compared to $103.9 million, or 59.2% of revenue, for the three months ended June 30, 2009. The increase in direct costs as a percent of revenue is primarily due to higher subcontractor costs attributable to changes in contract mix, for the three months ended June 30, 2010, compared to the three months ended June 30, 2009. The increase in direct costs of 20.4% was primarily due to costs associated with a growth in contracts, and the operations of JASI, acquired in 2009, whose results are included in the three months ended June 30, 2010, but are not included in the three months ended June 30, 2009, primarily offset by the effect of the conclusion of The Road Home contract in June 2009.
Indirect and selling expenses. Indirect and selling expenses for the three months ended June 30, 2010, were $56.1 million, or 28.1% of revenue, compared to $55.7 million, or 31.8% of revenue for the three months ended June 30, 2009. The decrease in indirect and selling expenses as a percent of revenue was due principally to an increase in contract revenue, partially offset by an increase in indirect and selling expenses of 0.8%, for the three months ended June 30, 2010, as compared to the three months ended June 30, 2009.
Operating Income. For the three months ended June 30, 2010, operating income was $12.7 million compared to $10.1 million for the three months ended June 30, 2009, an increase of $2.5 million or 24.9%. Operating income increased primarily due to higher contract revenue, partially offset by an increase in operating costs and expenses of 0.8%, for the three months ended June 30, 2010, as compared to the three months ended June 30, 2009.
Income tax expense. Our effective income tax rate for the three months ended June 30, 2010, was 39.1% compared to 41.5% for the three months ended June 30, 2009. The lower effective rate in 2010 was attributable to reduced foreign income tax rates and increased state tax credits in the three months ended June 30, 2010.
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