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ICF International partners with government and commercial clients to deliver consulting services and technology solutions in the energy environment transportation social programs defense and homeland security markets. The firm combines passion for its work with industry expertise and innovative analytics to produce compelling results throughout the entire program life cycle from analysis and design through implementation and improvement. ICF has been serving government at all levels major corporations and multilateral institutions. Icf International Inc. has a market cap of $439.2 million; its shares were traded at around $28.68 with a P/E ratio of 18.2 and P/S ratio of 0.6. Highlight of Business Operations: Revenue. Revenue for the three months ended September 30, 2009, was $167.1 million, compared to $176.3 million for the three months ended September 30, 2008, representing a decrease of $9.2 million or 5.2%. The decrease was primarily due to a reduction in revenue of $60.0 million associated with the conclusion of The Road Home contract in June 2009. The decrease in revenue on The Road Home contract was partially offset by: (1) revenue associated with the operations of Macro acquired earlier this year, and (2) growth in other contracts of $15.9 million.
Direct costs. Direct costs for the three months ended September 30, 2009, were $101.6 million, or 60.8% of revenue, compared to $115.4 million, or 65.5% of revenue, for the three months ended September 30, 2008. The decrease was primarily due to the activities associated with The Road Home contract. The decrease was partially offset by direct costs associated with the operations of Macro and an increase in direct costs associated with growth in other contracts. The decrease in direct costs as a percentage of revenue was primarily attributable to the conclusion of The Road Home contract, which consisted of relatively more work performed by subcontractors, and increased revenue from Macro and other contracts, which had a relatively lower direct cost component.
Indirect and selling expenses. Indirect and selling expenses for the three months ended September 30, 2009, were $50.4 million, or 30.2% of revenue, compared to $44.3 million, or 25.0% of revenue for the three months ended September 30, 2008. The increase in indirect and selling expenses was due principally to indirect costs associated with the operations of Macro. The increase in indirect costs as a percentage of revenue for the three months ended September 30, 2009, was primarily attributable to a change in contract mix. Revenue from The Road Home contract was partially replaced by revenue from Macro and organic growth, which has a relatively higher indirect cost component.
Depreciation and amortization. Depreciation and amortization for the three months ended September 30, 2009, was $2.6 million, or 1.5% of revenue, compared to $1.7 million, or 1.0% of revenue for the three months ended September 30, 2008. This 49.5% increase in depreciation and amortization resulted primarily from the increase in capital expenditures last year and depreciation related to Macro.
Amortization of intangible assets. Amortization of intangible assets for the three months ended September 30, 2009, was $3.2 million, or 1.9% of revenue, compared to $2.2 million, or 1.3% of revenue for the three months ended September 30, 2008. The increase in amortization expense was primarily due to the amortization of intangibles related to the Macro acquisition, partially offset by a decrease in amortization expense related to other acquisitions.
Earnings from Operations. For the three months ended September 30, 2009, earnings from operations were $9.3 million, or 5.6% of revenue, compared to $12.7 million, or 7.2% of revenue for the three months ended September 30, 2008. Earnings from operations in total and as a percentage of revenue decreased primarily due to increased depreciation and amortization expense and the net decrease in the volume of revenue.
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