ManTech earns boost from awards, acquisitions
By
Nick Wakeman
Company reports third quarter growth in earnings and revenue.
ManTech International Corp. had 12 percent revenue growth in its third quarter thanks to some major contract awards and acquisitions the company has made.
If the acquisitions were accounted for on a pro forma basis, the company’s organic growth was 5 percent, the company said.
For the third quarter, revenue was $734.6 million, compared with $657 million in the third quarter of 2010.
Company Chairman and CEO George Pedersen said the winning of a major contract was a high point of the quarter. The company also had $1.1 billion in new bookings.
“Our pending acquisition of Worldwide Information Network Systems Inc. will greatly enhance our positioning going into fiscal year 2012 in the mission critical areas of information technology, intelligence, and cybersecurity,” Pedersen said.
Net income for the quarter was $34.5 million, up 10 percent from $31.4 million in the third quarter of 2010. The company said the net income growth was driven by revenue growth, strong cost controls, as well as an effective tax rate of 37 percent.