ICF International Inc. (ICFI, Financial) filed Quarterly Report for the period ended 2010-09-30.
Icf International Inc. has a market cap of $530.1 million; its shares were traded at around $27.14 with a P/E ratio of 20.1 and P/S ratio of 0.8. 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 September 30, 2010, were $124.1 million, or 62.7% of revenue, compared to $101.6 million, or 60.8% of revenue, for the three months ended September 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 September 30, 2010, compared to the three months ended September 30, 2009. The increase in direct costs of 22.1% was primarily due to costs associated with a growth in contracts, and the operations of JASI, acquired in December 2009, whose direct costs are included in the three months ended September 30, 2010, but are not included in the three months ended September 30, 2009.
Indirect and selling expenses. Indirect and selling expenses for the three months ended September 30, 2010, were $55.3 million, or 28.0% of revenue, compared to $50.4 million, or 30.2% of revenue, for the three months ended September 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 9.8%, for the three months ended September 30, 2010, as compared to the three months ended September 30, 2009. The increase in indirect and selling expenses of $4.9 million is primarily attributable to costs associated with a growth in contracts and the operations of JASI, acquired in December 2009, whose expenses are included in the three months ended September 30, 2010, but are not included in the three months ended September 30, 2009.
Operating Income. For the three months ended September 30, 2010, operating income was $12.5 million compared to $9.3 million for the three months ended September 30, 2009, an increase of $3.2 million or 34.2%. Operating income and operating income as a percent of revenue, increased primarily due to higher contract revenue, partially offset by an increase in operating costs and expenses of 8.9% for the three months ended September 30, 2010, as compared to the three months ended September 30, 2009.
Provision for Income Taxes. Our effective income tax rate for the three months ended September 30, 2010, was 37.5% compared to 35.4% for the three months ended September 30, 2009. Both the effective rate in 2010 and 2009 were impacted by one-time favorable prior year adjustments, offset by unfavorable current year adjustments, resulting in a net favorable adjustment for both years.
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Icf International Inc. has a market cap of $530.1 million; its shares were traded at around $27.14 with a P/E ratio of 20.1 and P/S ratio of 0.8. 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 nine months ended September 30, 2010, and approximately 57% of our revenue for the nine months ended September 30, 2009. State and local government clients generated approximately 10% of our revenue for the nine months ended September 30, 2010, and approximately 23% of our revenue for the nine months ended September 30, 2009. The Road Home contract with the State of Louisiana, 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 19% of our revenue for the nine months ended September 30, 2010, and approximately 20% of our revenue for the nine months ended September 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 September 30, 2010, were $124.1 million, or 62.7% of revenue, compared to $101.6 million, or 60.8% of revenue, for the three months ended September 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 September 30, 2010, compared to the three months ended September 30, 2009. The increase in direct costs of 22.1% was primarily due to costs associated with a growth in contracts, and the operations of JASI, acquired in December 2009, whose direct costs are included in the three months ended September 30, 2010, but are not included in the three months ended September 30, 2009.
Indirect and selling expenses. Indirect and selling expenses for the three months ended September 30, 2010, were $55.3 million, or 28.0% of revenue, compared to $50.4 million, or 30.2% of revenue, for the three months ended September 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 9.8%, for the three months ended September 30, 2010, as compared to the three months ended September 30, 2009. The increase in indirect and selling expenses of $4.9 million is primarily attributable to costs associated with a growth in contracts and the operations of JASI, acquired in December 2009, whose expenses are included in the three months ended September 30, 2010, but are not included in the three months ended September 30, 2009.
Operating Income. For the three months ended September 30, 2010, operating income was $12.5 million compared to $9.3 million for the three months ended September 30, 2009, an increase of $3.2 million or 34.2%. Operating income and operating income as a percent of revenue, increased primarily due to higher contract revenue, partially offset by an increase in operating costs and expenses of 8.9% for the three months ended September 30, 2010, as compared to the three months ended September 30, 2009.
Provision for Income Taxes. Our effective income tax rate for the three months ended September 30, 2010, was 37.5% compared to 35.4% for the three months ended September 30, 2009. Both the effective rate in 2010 and 2009 were impacted by one-time favorable prior year adjustments, offset by unfavorable current year adjustments, resulting in a net favorable adjustment for both years.
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