MAXIMUS Inc. (MMS, Financial) filed Quarterly Report for the period ended 2010-06-30.
Maximus Inc. has a market cap of $1.06 billion; its shares were traded at around $60.55 with a P/E ratio of 19.3 and P/S ratio of 1.5. The dividend yield of Maximus Inc. stocks is 0.8%. Maximus Inc. had an annual average earning growth of 13.7% over the past 5 years.MMS is in the portfolios of Chuck Royce of Royce& Associates, James Barrow of Barrow, Hanley, Mewhinney & Strauss, Jim Simons of Renaissance Technologies LLC, Jeremy Grantham of GMO LLC.
Revenue increased $34.3 million, or 19.4%, for the three month period ended June 30, 2010, compared to the same period in fiscal 2009. On a constant currency basis, revenue growth would have been $28.0 million, or 15.9%. Organic revenue growth was $28.3 million (or 16.0%), or $22.0 million (or 12.5%) on a constant currency basis. Out of total revenue growth, $6.0 million was attributable to acquisitions. Acquisitions and foreign exchange affected only the Operations segment.
The principal driver of revenue growth came from the Operations segment. Operations segment revenue for the quarter increased $30.9 million (or 18.7%) compared to the same period in the prior fiscal year, driven by expanded scope and new work in Australia and the United Kingdom as well as $6.0 million of revenue from businesses acquired within the last twelve months. In fiscal 2009, MAXIMUS was awarded an expanded contract in Australia which doubled the size of the Companys work in that region. In the UK, MAXIMUS was awarded a 5-year, $200 million welfare-to-work program which started on October 1, 2009. In June 2010, MAXIMUS and all other providers were notified that this contract will expire in June 2011. The government is launching a welfare reform plan and has consolidated most welfare-to-work programs under the new Work Programme, which is scheduled to be bid in fall 2010.
Revenue increased $93.6 million, or 17.9%, for the nine month period ended June 30, 2010, compared to the same period in fiscal 2009. On a constant currency basis, revenue growth would have been $65.6 million, or 12.5%. Organic revenue growth was $80.9 million (or 15.5%), or $52.9 million (or 10.1%) on a constant currency basis. Out of total revenue growth, $12.7 million was attributable to acquisitions.
The principal driver of revenue growth was the Operations segment. Operations segment revenue increased $99.0 million and generated over 93% of the Companys total revenues. This growth was driven by the new contracts in Australia and the United Kingdom and by $12.7 million of growth from acquisitions. Consulting revenues for the same period declined by $5.5 million. Much of the decline is the result of a $4.8 million pass through of revenue in 2009 relating to the New York City Department of Education contract. No significant pass-throughs occurred in 2010.
Gross profit and segment operating income for the three month period ended June 30, 2010 increased compared to the same period in fiscal 2009 by $8.9 million (or 18.5%) and $4.4 million (or 20.6%), respectively. Gross profit and segment operating income for the nine month period ended June 30, 2010 increased compared to the same period in fiscal 2009 by $18.5 million (or 13.0%) and $11.1 million (or 18.0%), respectively. These increases were driven by factors consistent with revenue growth, principally the growth from the Australian and United Kingdom contracts.
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Maximus Inc. has a market cap of $1.06 billion; its shares were traded at around $60.55 with a P/E ratio of 19.3 and P/S ratio of 1.5. The dividend yield of Maximus Inc. stocks is 0.8%. Maximus Inc. had an annual average earning growth of 13.7% over the past 5 years.MMS is in the portfolios of Chuck Royce of Royce& Associates, James Barrow of Barrow, Hanley, Mewhinney & Strauss, Jim Simons of Renaissance Technologies LLC, Jeremy Grantham of GMO LLC.
Highlight of Business Operations:
We provide operations program management and consulting services focused in the areas of health and human services primarily for government-sponsored programs such as Medicaid and the Childrens Health Insurance Program (CHIP). Founded in 1975, we are the largest pure-play health and human services provider to government in the United States and are at the forefront of innovation in meeting our mission of Helping Government Serve the People®. We use our expertise, experience and advanced technological solutions to help government agencies run more efficient and cost-effective programs, while improving the quality of services provided to program beneficiaries. We operate in the United States, Australia, Canada, the United Kingdom, and Israel. We have held contracts with government agencies in all 50 states in the U.S. For the fiscal year ended September 30, 2009, we had revenue of $717.3 million and net income of $46.5 million. For the three months and nine months ended June 30, 2010, we had revenue of $210.7 million and $616.9 million, respectively, and net income of $17.3 million and $48.7 million, respectively.Revenue increased $34.3 million, or 19.4%, for the three month period ended June 30, 2010, compared to the same period in fiscal 2009. On a constant currency basis, revenue growth would have been $28.0 million, or 15.9%. Organic revenue growth was $28.3 million (or 16.0%), or $22.0 million (or 12.5%) on a constant currency basis. Out of total revenue growth, $6.0 million was attributable to acquisitions. Acquisitions and foreign exchange affected only the Operations segment.
The principal driver of revenue growth came from the Operations segment. Operations segment revenue for the quarter increased $30.9 million (or 18.7%) compared to the same period in the prior fiscal year, driven by expanded scope and new work in Australia and the United Kingdom as well as $6.0 million of revenue from businesses acquired within the last twelve months. In fiscal 2009, MAXIMUS was awarded an expanded contract in Australia which doubled the size of the Companys work in that region. In the UK, MAXIMUS was awarded a 5-year, $200 million welfare-to-work program which started on October 1, 2009. In June 2010, MAXIMUS and all other providers were notified that this contract will expire in June 2011. The government is launching a welfare reform plan and has consolidated most welfare-to-work programs under the new Work Programme, which is scheduled to be bid in fall 2010.
Revenue increased $93.6 million, or 17.9%, for the nine month period ended June 30, 2010, compared to the same period in fiscal 2009. On a constant currency basis, revenue growth would have been $65.6 million, or 12.5%. Organic revenue growth was $80.9 million (or 15.5%), or $52.9 million (or 10.1%) on a constant currency basis. Out of total revenue growth, $12.7 million was attributable to acquisitions.
The principal driver of revenue growth was the Operations segment. Operations segment revenue increased $99.0 million and generated over 93% of the Companys total revenues. This growth was driven by the new contracts in Australia and the United Kingdom and by $12.7 million of growth from acquisitions. Consulting revenues for the same period declined by $5.5 million. Much of the decline is the result of a $4.8 million pass through of revenue in 2009 relating to the New York City Department of Education contract. No significant pass-throughs occurred in 2010.
Gross profit and segment operating income for the three month period ended June 30, 2010 increased compared to the same period in fiscal 2009 by $8.9 million (or 18.5%) and $4.4 million (or 20.6%), respectively. Gross profit and segment operating income for the nine month period ended June 30, 2010 increased compared to the same period in fiscal 2009 by $18.5 million (or 13.0%) and $11.1 million (or 18.0%), respectively. These increases were driven by factors consistent with revenue growth, principally the growth from the Australian and United Kingdom contracts.
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