DRC Updates 2010 Projections and Issues Initial 2011 Guidance
08 Fevereiro 2011 - 12:07PM
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, 2011, and updated its projections for
fourth quarter and full year 2010 results.
2011 Financial Guidance
Earnings for the full year 2011 are estimated to be in the range
of $1.25 to $1.32 per diluted share, reflecting an increase of 5 to
10 percent over 2010 excluding a one-time tax benefit of 3 cents
received in the first quarter of 2010. Earnings per diluted share
are forecast to be between $0.25 and $0.27 for the first quarter of
2011, up 4 to 13 percent over the first quarter of 2010 excluding
the one-time tax benefit received in the prior-year period. The
Company's estimate of revenue for 2011 is in the range of $281 to
$289 million, reflecting anticipated top-line growth for DRC's core
federal business of 5 to 8 percent. For the first quarter of 2011,
revenue is projected at $68 to $70 million reflecting growth in the
Company's core federal business of 3 to 6 percent. These
projections exclude the effects of future acquisitions and assume a
tax rate of approximately 40 percent.
Updated 2010 Projections
The Company also updated its 2010 projections. Earnings per
diluted share for the year 2010 are anticipated to be between $1.21
and $1.23 or between $0.38 and $0.40 for the fourth quarter of
2010. Revenue for the year 2010 is anticipated to be in the
vicinity of $272 million or $69 to $70 million for the fourth
quarter. Operating margin for the year 2010 is projected to be
approximately 7.7 percent. Cash flow in the last quarter of the
year also was strong. The Company ended the year with $30.2 million
in cash and a $22.0 million balance remaining on its term loan
debt.
Management Comments
The Company also reported that its pipeline of qualified new
business contract opportunities currently stands at $595 million,
up 12 percent from a year ago, and the first year revenue value of
new business awards in 2010 was $83 million, up 30 percent over
2009.
"Leading indicators clearly point to the momentum we are gaining
in our target growth markets – homeland security, health, cyber
security, intelligence and financial and regulatory reform," said
Jim Regan, DRC's chairman and chief executive officer. "Revenue in
our growth markets now represents 60 percent of total revenue,
growing 12 percent in the past year. For 2011 we anticipate these
segments to increase to 65 percent of total revenue, growing at the
same pace or better than in 2010."
Conference Call
The Company has previously announced that it will release its
fourth quarter and year end 2010 financial results after market
close on Wednesday, February 16, 2011.A conference call to review
the results will be held on Thursday, February 17, 2011 at 10:00
a.m. ET.
The call will be available by telephone at 877-303-4382, 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 800-642-1687, replay passcode #41431225,
beginning at 1:00 p.m. ET February 17, 2011.
Also, the Company has previously announced that it will
participate in the Cowen & Company 30th Annual
Aerospace/Defense Conference on Thursday, February 10th, 2011 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
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: Investors:
Chris Witty
Darrow Associates, Inc.
646.438.9385
cwitty@darrowir.com
Media:
Matt Warnock
Sage Communications
703.207.0941
mattw@aboutsage.com
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