DynCorp International parent, Delta Tucker Holdings, Inc., reported third quarter 2012 operational results. Revenue for the quarter increased 8% over the third quarter in 2011, to $1,010.3 million, while net loss attributable to Holdings was $15.8 million for the quarter, representing a 62.1% improvement from the third quarter in 2011.
“The team delivered another strong quarter with revenue growth of eight percent, supported by our Aviation, LOGCAP and Security Services Groups, including a much improved award fee determination on LOGCAP,” said Steve Gaffney, chairman and CEO. “We also won important IDIQ positions in our Training and Intelligence Solutions and Global Logistics and Development Groups, and continued to increase backlog. This is a challenging environment but the extraordinary people we have working for us differentiate DI from our competitors and I am proud of our accomplishments.”
Third Quarter Highlights
- On July 6, 2012, the Company acquired 100% of Heliworks, Inc., an aviation service provider based in Pensacola, Florida. Heliworks operates from the Pensacola Regional Airport and provides services that include charter flights, aircraft maintenance and major repairs, avionics upgrades, component overhauls, and painting and refurbishment. Heliworks will be integrated within the Aviation Group, allowing the Company to better serve its commercial and government customers while further expanding its aircraft maintenance services. The Company funded the purchase price with cash on hand.
- In July 2012, DI’s Global Logistics and Development Solutions Group (GLDS) was awarded multiple task orders with the U.S. Air Force under the Air Force Contract Augmentation Program (AFCAP) to provide services at multiple locations including the United States, the United Arab Emirates and Afghanistan. Collectively, these task orders have one base year and two, one-year options and a total potential value of $13.2 million.
- In August 2012, the GLDS Group was also awarded multiple task orders with the U.S. AFCAP program to provide monitor support for the Expeditionary Civil Engineer Squadrons (ECES) in multiple locations in Afghanistan and to provide maintenance support services to vehicles and equipment at multiple locations in Afghanistan and Qatar. Collectively, these task orders have one base year and two, one year options and a total potential value of $27.3 million.
- In September 2012, the U.S. Air Force Air Education and Training Command awarded the Aviation Group a contract to provide jet engine maintenance for J-85 aircraft at Laughlin Air Force Base, Texas in support of the Engine Regional Repair Center. The firm-fixed price contract has an 11-month base period and five, one-year options and a total potential contract value of $36 million.