ManTech profits falter at year end
- By John Moore
- Feb 23, 2006
ManTech International saw its raw revenues grow but posted a slight decrease in profits for the quarter that ended Dec. 31, 2005.
The company increased revenue 16.1 percent to $261 million from $224.7 million in the same quarter a year ago. Net income in the quarter declined 2.8 percent to $10.4 million, down from $10.7 million last year. Part of the earnings decline stemmed from discontinued operations that cost about $5.4 million, according to the company.
For the full year, ManTech’s revenue neared the $1 billion mark at $980.3 million. George Pedersen, chairman and chief executive officer of ManTech, said the company now aims to reach $2 billion and beyond in its next phase of growth.
In 2004, the company brought in $826.9 million in revenues. The net profit for 2005 was $44.2 million, almost double 2004's $24.7 million, according to the company's financial filings.
The company’s strategic plan calls for both organic growth and increases through acquisitions, Pedersen said. He said ManTech seeks acquisitions that expand its customer reach, provide facilities in important geographic locations, and augment its technical workforce.
Last year, the company purchased Gray Hawk Systems, an Alexandria, Va., company that serves the homeland security, law enforcement and intelligence markets.
ManTech had contract awards of $775 million in the December quarter and $1.94 billion for the full year. Robert Coleman, president and chief operating officer, said recompeted contracts contributed to bookings in 2005, but he added that half the company’s bookings were from new business wins.
Among those wins was a subcontract to VSE on an Army contract valued at $300 million. That late December award has the potential to bring in a substantial amount of revenue, Coleman said.