Contract wins push up ICF International third-quarter figures
CEO says figures demonstrate strength of the consulting services and technology markets and his company's status there
ICF International Inc. reported increases in sales and income for the third quarter and the first nine months of the year compared to 2009 figures.
The consulting services and technology company had $197.7 million in revenue for the third quarter of 2010, an increase of 18.3 percent from 2009, when it reported $167.1 million in revenue.
For the first nine months of 2010, ICF garnered $571.8 million in revenue, compared to $500.3 million last year, according to ICF’s financial statement, the company reported Nov. 4.
ICF continues to boost its net income figures from 2009 as well, rising to $7.4 million in third-quarter 2010, a 44.5 percent increase over the $5.1 million it reported in 2009. For the nine months of 2010, the company had $20 million in net income compared to $16.2 million last year.
Chairman and CEO Sudhakar Kesavan said the figures demonstrate the strength of the consulting services and his company’s status in the technology markets. The contract awards helped in the third quarter in areas such as cybersecurity and health informatics. Those awards will help with ICF’s visibility next year, he said.
“Looking ahead to 2011, we remain confident of our growth prospects and our ability to continue to generate operating leverage,” Kesavan said.
Among ICF's major contract awards were a $38 million award from the Education Department for technical assistance and a $10.5 million contract from the Social Security Administration’s Protective Services Office for IT support services to work on standardized, secure identity credentials.
In addition, the Centers for Disease Control and Prevention awarded ICF a place on its 10-year, $4 billion agencywide information management services and technology infrastructure contract.
ICF International, of Fairfax, Va., ranks No. 66 on Washington Technology's 2010 Top 100 list of the largest federal government contractors.
Matthew Weigelt is a former FCW senior writer who covered acquisition and procurement.