- 2007 revenues increased $115.3 million to $2.08 billion, or5.9%, year-over-year
- Earnings per share increased to $0.49, or 113%year-over-year
- Adjusted EBITDA was $172.2 million, an increase of $16.1million over fiscal 2006
- Ending backlog increased 132.2% to $6.1 billion during fiscal2007
FALLS CHURCH, Va. (June 6, 2007)– DynCorp International Inc. (NYSE:DCP), aprovider of specialized mission-critical technical services tocivilian and military government agencies, today reports fiscal2007 fourth quarter and fiscal 2007 full year financialresults.
Fiscal 2007 Fourth Quarter Results
Revenue for the 2007 fourth quarter ended March 30, 2007 was$552.3 million, up 0.6% from revenue for the fiscal 2006 fourthquarter. Revenue from the Government Services (“GS”) segment forthe fourth quarter decreased 2.9% over the comparable period in2006. The lower GS revenue was attributable to reduced constructionactivity on the U.S. Department of State Civilian Police program.Revenue from the Maintenance and Technical Support Services(“MTSS”) segment increased 7.9% over the 2006 fourth quarter. Thehigher MTSS revenue was attributable to the C-21 program and anincreased level of effort at Columbus AFB.
Operating income for the fiscal 2007 fourth quarter increased13.2% to $42.9 million from the fiscal 2006 fourth quarter.Operating margin for the fiscal 2007 fourth quarter was 7.8%,compared to operating margin of 6.9% in the fiscal 2006 fourthquarter. Operating margin increased by 0.9% of revenue primarilydue to strong contract performance and the effect of claims on twoaviation contracts.
Net income for the fiscal 2007 fourth quarter was $18.9 million,or $0.33 per share, compared to net income of $5.8 million, or$0.18 per share, for the comparable period in fiscal 2006. Theincrease in 2007 fourth quarter net income was due to improvedoperating margins and lower interest expense resulting fromredemption of the Company’s preferred stock and reductions ofoutstanding debt during the first quarter of fiscal 2007.
Adjusted earnings before interest, taxes, depreciation, andamortization (“EBITDA”) for the 2007 fourth quarter increased to$56.7 million, or 10.3% of revenue, from $55.6 million, or 10.1% ofrevenue, for the comparable period in fiscal 2006. Earnings pershare for the 2007 fourth quarter improved 83.3% to $0.33 per sharefrom the comparable period in fiscal 2006.