DynCorp International parent Delta Tucker Holdings, Inc., this week reported fourth quarter revenue of $983 million, an increase of 14.8% over fourth quarter 2010, and full year 2011 revenue of $3.7 billion, up $334.4 million or 9.9% from calendar year 2010, when adjusting for the deconsolidation of the Global Linguist Solutions (“GLS”) joint venture. Net income attributable to Holdings was $19.8 million for the full year 2011, after adjusting for the $49.1 million, net of tax, non-cash impairment of the interest in GLS during the third quarter. Net loss of Holdings for 2010 was ($5.4) million before adjusting for the after tax $45.1 million of merger related expenses associated with the merger with affiliates of Cerberus Capital Management, L.P. in 2010.
“Our team delivered a very solid year of performance in 2011,” said Steven F. Gaffney, DI chairman and chief executive officer. “We focused on the right things – improving our processes, reorganizing our structure and upgrading our talent – to keep us on a path of growth. Our redesigned business development platform helped increase our backlog almost $1 billion over the year and drove significant increases in our new business pipeline. Structural changes reduced our indirect cost structure, making us more competitive and responsive. And process improvements improved our working capital by reducing DSO by 13 days, allowing us to meet our deleveraging plan by paying down more than $150 million on the term loan in 2011.”
Fourth quarter highlights included:
- Fourth quarter Revenue of $983 million, up 14.8%
- Fourth quarter Net income attributable to Delta Tucker Holdings, Inc. of $4.1 million, up $3.5 million
- Fourth quarter Adjusted EBITDA of $41.4 million, down $5.3 million
- Total Backlog of $5.7 billion, up $959 million from year end 2010
- DSO of 69 days, down 7 days from third quarter and down 13 days from year end 2010
- Debt reduction of $98.7 million during fourth quarter
View the full earnings release and financial tables at DynCorp International’s website.