DRC Reports Debt Pay Down and Loan Amendments
07 Janeiro 2013 - 11:00AM
Dynamics Research Corporation (Nasdaq:DRCO), a leading provider of
innovative management consulting, engineering, science and
technology solutions to federal and state governments, today
reported the repayment of $15 million of the principal with respect
to its subordinated debt and the amendment of its loan agreements
to permit the repayment of all remaining subordinated debt. The
debt payment and loan amendments were effective December 31, 2012.
"Over the past 18 months strong cash generation has enabled us
to repay nearly forty percent of the debt put in place a year and a
half ago for the High Performance Technologies, Inc. merger," said
Jim Regan, DRC's chairman and chief executive officer. "With
DRC's strengthened balance sheet we have established a clear path
for the payoff of all of our subordinated debt."
The Company also reported that approximately $315 thousand of
amortizable non-cash deferred financing costs associated with the
early repayment would be accelerated to the fourth quarter of 2012.
Also, a make whole payment of approximately $1.7 million was paid
to the subordinated lender. These charges were not included in
the Company's most recent guidance for the fourth quarter and full
year 2012 issued on October 31, 2012.
About Dynamics Research Corporation
Dynamics Research Corporation (DRC) provides measurable
performance improvements for government customers through the
delivery of innovative management consulting, engineering, science
and technology solutions. DRC offers the capabilities of a
large company and the responsiveness of a small company, 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. region. For more
information please visit our website at www.drc.com.
Certain statements contained in this news release, which are not
historical facts or are related to future plans, events, revenues
and earnings expectations, objectives and outlooks are forward
looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995 and, by their nature, are uncertain
and subject to a number of risks and uncertainties that could
adversely affect the Company's results. We can provide no
assurance that these statements will prove to be
correct. Consequently, actual results could materially differ
from these statements. For more detailed information
concerning how these risks and uncertainties could affect the
Company's financial results, please refer to DRC's most recent
forms 10-K and 10-Q and other documents filed with the Securities
and Exchange Commission. Further, the Company is under no duty
or obligation to update or revise any forward looking statements as
a result of events or new information.
CONTACT: Investors:
Chris Witty
Darrow Associates, Inc.
646.438.9385
cwitty@darrowir.com
Media:
Ilina Dimitrova
Sage Communications (for DRC)
703.531.8256
ilinad@aboutsage.com
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