DRC Updates 2009 Projections and Issues Initial 2010 Guidance
10 Fevereiro 2010 - 3:01AM
Dynamics Research Corporation (Nasdaq:DRCO), a leading provider of
innovative management consulting, engineering, and information
technology services and solutions to federal and state governments,
today issued financial guidance for the first quarter and calendar
year ending December 31, 2010 and updated its projections of fourth
quarter and full year 2009 results.
2010 Financial Guidance
The Company's estimate of revenue for 2010 is in the range of
$284 to $292 million, reflecting anticipated total top-line growth
of 3 to 6 percent. Earnings for 2010 are estimated to be in
the range of $1.18 to $1.26 per diluted share, reflecting an
increase of 15 to 25 percent over 2009. Operating margin for
2010 is anticipated to be between 7.5 and 7.7 percent. For the
first quarter of 2010 revenues and earnings per diluted share are
forecast to be $68 to $70 million and $0.22 to $0.24,
respectively. These projections exclude the effects of future
acquisitions, include the Metrigraphics Division at revenue and
profit levels consistent with 2009, and assume a tax rate of 40.3
percent. Free cash flow for 2010 is projected to be in excess
of $20 million.
Updated 2009 Projections
The Company also has updated its 2009 projections. Revenue
for the year 2009 is anticipated to be between $275 and $276
million, or approximately $68 million for the fourth
quarter. Earnings per diluted share for the year 2009 are
anticipated to be between $1.01 and $1.03, or between $0.32 and
$0.34 for the fourth quarter of 2009. Operating margin for the
year 2009 is projected to be between 6.3 and 6.4 percent. Cash
flow in the last quarter of the year also was strong, and the
Company's year-end debt, at $32 million, was well below
expectations.
Management Comments
"We anticipate a strong finish to 2009 with a solid backlog,
strong cash flow, and margin expansion," said Jim Regan, DRC's
chairman and chief executive officer. "Looking forward, we
remain well positioned for further growth in the health care,
homeland security, information assurance, human capital and
training markets. As our business base of high end, high
margin services continues to expand and with structural cost
reductions in place, we are confident in our expectations for
double digit earnings growth in 2010."
The Company noted the structural cost changes now in place
supporting margin expansion expectations for 2010: its
Andover, Massachusetts facility consolidation, which has resulted
in reduced annual costs of $1 million, $0.5 million in lower
pension expense as a result of strong 2009 market performance, and
a $1.8 million reduction in intangible asset amortization
expense.
Conference Call
The Company has previously announced that it will release its
fourth quarter and year end 2009 financial results after market
close on Wednesday, February 24, 2010. A conference call to
review the results will be held on Thursday, February 25, 2010 at
10:00 a.m. ET.
The call will be available by telephone at 877-856-1961, and
accessible by webcast at http://www.drc.com. Recorded replays of
the conference call will be available on Dynamics Research
Corporation's investor relations home page at http://www.drc.com
and by telephone at (888) 203-1112, replay passcode #1221492,
beginning at 1:00 p.m. ET February 25, 2010.
Also, the Company has previously announced that it will
participate in the Cowen & Company 30th Annual
Aerospace/Defense Conference on Thursday, February 11th,
2010 at the InterContinental Barclay Hotel in New York. Jim
Regan, Chairman and Chief Executive Officer, and Dave Keleher,
Senior Vice President and Chief Financial Officer, will review the
Company's financial performance and growth strategy at 9:40 a.m.
ET.
A live audio webcast of the presentation will be accessible via
the DRC website. To hear the presentation and view related
materials, please visit our website. A replay will be available for
ninety days. Additional information about this conference can be
found at www.cowen.com.
About Dynamics Research Corporation
Dynamics Research Corporation (DRC) is a leading provider of
mission-critical technology management services for government
programs. DRC offers forward-thinking solutions backed by a
history of excellence and customer satisfaction. Founded in
1955, DRC is a publicly held corporation (Nasdaq:DRCO) and
maintains more than 25 offices nationwide with major offices in
Andover, Massachusetts and the Washington, D.C. area. For more
information please visit our website at www.drc.com.
Safe harbor statements under the Private Securities
Litigation Reform Act of 1995: Some statements contained or implied
in this news release, may be considered forward-looking statements,
which by their nature are uncertain. Consequently, actual results
could materially differ. For more detailed information concerning
how risks and uncertainties could affect the Company's financial
results, please refer to DRC's most recent filings with the SEC.
The Company assumes no obligation to update any forward-looking
information.
CONTACT: Darrow Associates, Inc.
Investors:
Chris Witty
646.438.9385
cwitty@darrowir.com
Sage Communications
Media:
Marisa Hagerman
703.584.5637
marisah@aboutsage.com
![](http://www.globenewswire.com/newsroom/ti?nf=MTYwIzE4NDAwMiMxMTI5MQ==)
Dynamics Research Corp. (MM) (NASDAQ:DRCO)
Gráfico Histórico do Ativo
De Jun 2024 até Jul 2024
Dynamics Research Corp. (MM) (NASDAQ:DRCO)
Gráfico Histórico do Ativo
De Jul 2023 até Jul 2024