ManTech International Corp. (MANT, Financial) filed Annual Report for the period ended 2011-12-31.
Mantech Intl -a has a market cap of $1.33 billion; its shares were traded at around $34.84 with a P/E ratio of 9.7 and P/S ratio of 0.5. The dividend yield of Mantech Intl -a stocks is 2.3%. Mantech Intl -a had an annual average earning growth of 18.9% over the past 10 years.
Cost of services increased 11.1% to $2.45 billion for the year ended December 31, 2011, compared to $2.21 billion for the same period in 2010. The increase in cost of services was primarily due to our acquisitions and continued organic growth. As a percentage of revenues, cost of services increased to 85.5% for the year 2011 as compared to 84.8% for the same period in 2010. Direct labor costs, which include applicable fringe benefits and overhead, increased 8.2% for the year ended December 31, 2011 over the same period in 2010, primarily due to our acquisitions. As a percentage of revenues, direct labor costs decreased to 34.2% for the year ended December 31, 2011, as compared to 34.8% for the same period in 2010. Other direct costs, which include subcontractors and third party equipment and materials used in the performance of our contracts, increased by 13.1% for the year ended December 31, 2011 over the same period in 2010. As a percentage of revenues, other direct costs increased from 50.0% for the year ended December 31, 2010 to 51.3% for the same period in 2011. The increase in other direct costs as a percentage of revenues is primarily due to increasing subcontractor costs related to our increasing position as a prime on contracts. We expect cost of services in fiscal year 2012 to increase consistent with our growth in revenue. As a percentage of sales, we expect cost of services to increase in 2012 primarily due to our continued trend towards cost reimbursable type contracts, which tend to have lower profit margins, and continued high percentage of subcontractors.
General and administrative expenses increased 4.8% to $188.9 million for the year ended December 31, 2011, compared to $180.3 million for the same period in 2010. The increase was primarily due to our acquisitions, higher bid and proposal expenses driven by a few large proposals, higher expenses for non-recurring legal services related to a case in which the Company is the plaintiff and stock-based compensation expenses increased due to higher forfeitures in 2010 resulting from the resignation of the Company's former Chief Operating Officer. As a percentage of revenues, general and administrative expenses decreased to 6.6% from 6.9% for the years ended December 31, 2011 and 2010, respectively due to the leveraging of our general and administrative expense over a larger base. We expect general and administrative expenses as a percentage of revenues in 2012 to remain relatively consistent with 2011.
Revenues increased 28.9% to $2.60 billion for the year ended December 31, 2010, compared to $2.02 billion for the same period in 2009. The increase was primarily due to our acquisitions of STI on January 15, 2010. C4ISR services contributed revenue growth of $576.4 million, including $518.0 million from contracts obtained through the acquisition of STI. Revenue growth of $50.6 million came from our cyber security related contracts. These increases were partially offset by a decrease due to lower procurement of materials on our contracts for installation, sustainment and repair of communication systems and heavily armored vehicles designed to counter or clear mines and improvised explosive devices (IED), such as the Route Clearance family of vehicles supporting U.S. Army Tank-Automotive Armament Command.
Cost of services increased 32.4% to $2.21 billion for the year ended December 31, 2010, compared to $1.67 billion for the same period in 2009. The increase in cost of services was primarily due to our acquisition of STI. As a percentage of revenues, cost of services increased to 84.8% for the year 2010 as compared to 82.6% for the same period in 2009. Direct labor costs, which include applicable fringe benefits and overhead, increased 15.9% over the period in 2009 primarily due to growth in staff supporting global logistics, supply chain management and Intelligence, Surveillance Reconnaissance programs, as well as our acquisitions. As a percentage of revenues, direct labor costs decreased to 34.8% for the year ended December 31, 2010, as compared to 38.7% for the same period in 2009. The decrease in direct labor as a percentage of revenues was primarily due to the relative mix of direct labor and other direct costs. Other direct costs, which include subcontractors and third party equipment and materials used in the performance of our contracts, increased by 46.9% over the same period in 2009. The increase in other direct costs was primarily due to subcontractors related to STI contracts. As a percentage of revenues, other direct costs increased from 43.9% for the year ended December 31, 2009 to 50.0% for the same period in 2010. The increase of other direct costs as a percentage of revenues was primarily due to the relative mix of direct labor and other direct costs.
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Mantech Intl -a has a market cap of $1.33 billion; its shares were traded at around $34.84 with a P/E ratio of 9.7 and P/S ratio of 0.5. The dividend yield of Mantech Intl -a stocks is 2.3%. Mantech Intl -a had an annual average earning growth of 18.9% over the past 10 years.
Highlight of Business Operations:
Revenues increased 10.2% to $2.87 billion for the year ended December 31, 2011, compared to $2.60 billion for the same period in 2010. Revenue growth of $176.8 million came from organic growth due to contract awards and expansion on prime positions in our C4ISR support business, including the S3 contract vehicle. Our acquisitions of S&IS, MTCSC, TranTech and WINS contributed revenue growth of $128.8 million. These increases were partially offset by a decrease in our global logisticCost of services increased 11.1% to $2.45 billion for the year ended December 31, 2011, compared to $2.21 billion for the same period in 2010. The increase in cost of services was primarily due to our acquisitions and continued organic growth. As a percentage of revenues, cost of services increased to 85.5% for the year 2011 as compared to 84.8% for the same period in 2010. Direct labor costs, which include applicable fringe benefits and overhead, increased 8.2% for the year ended December 31, 2011 over the same period in 2010, primarily due to our acquisitions. As a percentage of revenues, direct labor costs decreased to 34.2% for the year ended December 31, 2011, as compared to 34.8% for the same period in 2010. Other direct costs, which include subcontractors and third party equipment and materials used in the performance of our contracts, increased by 13.1% for the year ended December 31, 2011 over the same period in 2010. As a percentage of revenues, other direct costs increased from 50.0% for the year ended December 31, 2010 to 51.3% for the same period in 2011. The increase in other direct costs as a percentage of revenues is primarily due to increasing subcontractor costs related to our increasing position as a prime on contracts. We expect cost of services in fiscal year 2012 to increase consistent with our growth in revenue. As a percentage of sales, we expect cost of services to increase in 2012 primarily due to our continued trend towards cost reimbursable type contracts, which tend to have lower profit margins, and continued high percentage of subcontractors.
General and administrative expenses increased 4.8% to $188.9 million for the year ended December 31, 2011, compared to $180.3 million for the same period in 2010. The increase was primarily due to our acquisitions, higher bid and proposal expenses driven by a few large proposals, higher expenses for non-recurring legal services related to a case in which the Company is the plaintiff and stock-based compensation expenses increased due to higher forfeitures in 2010 resulting from the resignation of the Company's former Chief Operating Officer. As a percentage of revenues, general and administrative expenses decreased to 6.6% from 6.9% for the years ended December 31, 2011 and 2010, respectively due to the leveraging of our general and administrative expense over a larger base. We expect general and administrative expenses as a percentage of revenues in 2012 to remain relatively consistent with 2011.
Revenues increased 28.9% to $2.60 billion for the year ended December 31, 2010, compared to $2.02 billion for the same period in 2009. The increase was primarily due to our acquisitions of STI on January 15, 2010. C4ISR services contributed revenue growth of $576.4 million, including $518.0 million from contracts obtained through the acquisition of STI. Revenue growth of $50.6 million came from our cyber security related contracts. These increases were partially offset by a decrease due to lower procurement of materials on our contracts for installation, sustainment and repair of communication systems and heavily armored vehicles designed to counter or clear mines and improvised explosive devices (IED), such as the Route Clearance family of vehicles supporting U.S. Army Tank-Automotive Armament Command.
Cost of services increased 32.4% to $2.21 billion for the year ended December 31, 2010, compared to $1.67 billion for the same period in 2009. The increase in cost of services was primarily due to our acquisition of STI. As a percentage of revenues, cost of services increased to 84.8% for the year 2010 as compared to 82.6% for the same period in 2009. Direct labor costs, which include applicable fringe benefits and overhead, increased 15.9% over the period in 2009 primarily due to growth in staff supporting global logistics, supply chain management and Intelligence, Surveillance Reconnaissance programs, as well as our acquisitions. As a percentage of revenues, direct labor costs decreased to 34.8% for the year ended December 31, 2010, as compared to 38.7% for the same period in 2009. The decrease in direct labor as a percentage of revenues was primarily due to the relative mix of direct labor and other direct costs. Other direct costs, which include subcontractors and third party equipment and materials used in the performance of our contracts, increased by 46.9% over the same period in 2009. The increase in other direct costs was primarily due to subcontractors related to STI contracts. As a percentage of revenues, other direct costs increased from 43.9% for the year ended December 31, 2009 to 50.0% for the same period in 2010. The increase of other direct costs as a percentage of revenues was primarily due to the relative mix of direct labor and other direct costs.
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