GTEC Provides Preliminary Fourth Quarter and Full Year 2009 Revenue
2010 preliminary outlook of 14-20% organic revenue growth
MCLEAN, Va., Feb. 10 /PRNewswire-FirstCall/ -- Global Defense Technology & Systems, Inc. (Nasdaq: GTEC), a provider of mission-critical technology-based systems, solutions, and services for national security agencies and programs of the US government, today announced preliminary fourth quarter revenues of $55.7 million and fiscal year 2009 revenues of $212.8 million. These results represent 20% and 12% growth over 2008 (all organic), respectively. The Company's preliminary segment revenue from Technology and Intelligence Services (TIS) is $25.4 million for the fourth quarter and $90.4 million for fiscal year 2009. Preliminary segment revenue for the Force Mobility and Modernization Systems (FMMS) segment is $30.3 million for the fourth quarter and $122.4 million for the fiscal year 2009. Both segments produced solid operating income which will be detailed on the Company's year-end conference call scheduled for February 23, 2010. Additionally, the Company will provide its initial 2010 guidance on the upcoming earnings call.
"Our preliminary fourth quarter and full year revenues are in line with the expectations communicated during our IPO investor presentations and represent strong organic growth over 2008," said John Hillen, President & CEO of GTEC. "As we enter 2010 with the FY10 Department of Defense appropriations bill passed and the President's decision on the Afghanistan force levels articulated, we have seen an increase in our pipeline of potential awards for our FMMS business. We anticipate several near-term awards totaling over $50 million from our growing FMMS pipeline and these awards, coupled with the strong backlog in our TIS segment, provide confidence that we will meet our objectives of 14% to 20% organic revenue growth for the year and in fact could provide upside to those figures."
Jim Allen, Executive Vice President & CFO of GTEC added, "Based on the timing of anticipated awards, which were originally expected by January 2010 but were delayed by the timing of the defense appropriations bill passage and the decision to increase troop levels in Afghanistan, our quarterly revenue for the year will have more variability. The delays in new contract awards over the past two months are estimated to impact our first quarter 2010 revenues in our FMMS segment by approximately $10 million, but we anticipate that the new orders will result in a quick revenue recovery beginning in the second quarter of 2010. We continue to see strong demand for our solutions that support our customers' missions in expeditionary environments that have minimal infrastructure."
Executive management will be presenting at Cowen & Company's 31st Annual Aerospace/Defense conference on Wednesday February 10 between 11:55am and 12:35pm and the presentation will be webcast on the Investor Relations page of the Company's website, www.gtec-inc.com.
About Global Defense Technology & Systems, Inc.
Global Defense Technology & Systems, Inc. (GTEC) provides mission-critical technology-based systems, solutions, and services for national security agencies and programs of the U.S. government. Our services and solutions are integral parts of mission-critical programs run by the Department of Defense, Intelligence Community, Department of Homeland Security, federal law enforcement agencies, and other parts of the federal government charged with national security responsibilities. Learn more about Global Defense Technology & Systems at www.gtec-inc.com.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this announcement other than historical data and information constitute forward-looking statements that involve risks and uncertainties. A number of factors could cause our actual results, performance, achievements or industry results to differ materially from the results, performance or achievements expressed or implied by such forward-looking statements. Some of these factors include, but are not limited to, the risk factors set forth in Global Defense Technology & System Inc.'s (GTEC) registration statement on Form S-1, as amended and supplemented, and such other filings that GTEC makes with the Securities and Exchange Commission from time to time. Due to such uncertainties and risks, readers are cautioned not to place undue reliance on such forward-looking statements. All forward-looking statements speak only as of the date hereof and GTEC undertakes no obligation to update such forward-looking statements in the future except as required by law.
Investor Relations: |
Joseph Cormier |
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t: +1 703.883.2771 |
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Media Contact: |
Lauren Peduzzi |
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t: +1.703.738.2861 |
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SOURCE Global Defense Technology & Systems, Inc.
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