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ManTech International Corp. Reports Operating Results (10-Q)

November 02, 2012 | About:
10qk

10qk

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ManTech International Corp. (MANT) filed Quarterly Report for the period ended 2012-09-30.

Mantech International Corp has a market cap of $824.8 million; its shares were traded at around $23.53 with a P/E ratio of 7.1 and P/S ratio of 0.3. The dividend yield of Mantech International Corp stocks is 1.9%. Mantech International Corp had an annual average earning growth of 18.2% over the past 10 years. GuruFocus rated Mantech International Corp the business predictability rank of 5-star.

Highlight of Business Operations:

Revenues decreased 12.2% to $645.0 million for the three months ended September 30, 2012, compared to $734.6 million for the same period in 2011. The primary driver of our decrease in revenues relates to reductions on our C4ISR support contracts and a contract to provide mobile telecommunication services in Afghanistan which ended in the second quarter of 2012. These reductions were partially offset by the revenues provided from our recent acquisitions. The reduction in C4ISR work is primarily due to reduced demand for field service support and delays in enhancements to existing ISR systems.

period in 2011. As a percentage of revenues, direct labor costs, which include applicable fringe benefits and overhead, increased to 35.6% for the three months ended September 30, 2012, compared to 32.8% for the same period in 2011 as a result of an increase in our percentage of work performed as a prime contractor. As a percentage of revenues, other direct costs, which include subcontractors and third party equipment and materials used in the performance of our contracts, decreased from 52.8% for the three months ended September 30, 2011 to 49.9% for the same period in 2012 due to a reduction in other direct costs on our C4ISR support contracts.

Net income decreased 29.2% to $24.4 million for the three months ended September 30, 2012, compared to $34.5 million for the same period in 2011. The decrease in net income was primarily due to lower revenues and increased general and administrative expenses.

Revenues decreased 10.4% to $1,960.5 million for the nine months ended September 30, 2012, compared to $2,188.1 million for the same period in 2011. The primary driver of our decrease in revenues relates to reductions on our C4ISR support contracts. These reductions were partially offset by the revenues provided from our recent acquisitions, a contract to provide mobile telecommunication services in Afghanistan and organic growth on our cyber related contracts. The reduction in C4ISR work is primarily due to reduced demand for field service support and delays in enhancements to existing ISR systems.

Cost of services decreased 10.4% to $1,678.5 million for the nine months ended September 30, 2012, compared to $1,873.6 million for the same period in 2011. The decrease in cost of services is primarily due to the decrease in revenues, as cost of services remained stable as a percentage of revenues for the nine months ended September 30, 2012 compared to the same period in 2011. As a percentage of revenues, direct labor costs, which include applicable fringe benefits and overhead, increased to 36.3% for the nine months ended September 30, 2012, compared to 34.5% for the same period in 2011 as a result of an increase in our percentage of work as a prime contractor. As a percentage of revenues, other direct costs, which include subcontractors and third party equipment and materials used in the performance of our contracts, decreased from 51.1% for the nine months ended September 30,

Read the The complete Report

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