The information in these press releases was accurate at the time of posting but may have been superseded by subsequent news releases.
FALLS CHURCH, Va. — June 6, 2007 –
DynCorp International Inc. (NYSE:DCP), a provider of specialized
mission-critical technical services to civilian and military government
agencies, today reports fiscal 2007 fourth quarter and fiscal 2007 full
year financial results.
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 fourth quarter. Revenue from the
Government Services ("GS") segment for the fourth quarter decreased
2.9% over the comparable period in 2006. The lower GS revenue was
attributable to reduced construction activity 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. The higher MTSS revenue was attributable to the
C-21 program and an increased level of effort at Columbus AFB.
Operating
income for the fiscal 2007 fourth quarter increased 13.2% 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 fourth quarter. Operating margin increased by
0.9% of revenue primarily due to strong contract performance and the
effect of claims on two aviation 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. The increase in 2007 fourth quarter
net income was due to improved operating margins and lower interest
expense resulting from redemption of the Company's preferred stock and
reductions of outstanding debt during the first quarter of fiscal 2007.
Adjusted
earnings before interest, taxes, depreciation, and amortization
("EBITDA") for the 2007 fourth quarter increased to $56.7 million, or
10.3% of revenue, from $55.6 million, or 10.1% of revenue, for the
comparable period in fiscal 2006. Earnings per share for the 2007
fourth quarter improved 83.3% to $0.33 per share from the comparable
period in fiscal 2006.
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