ICF ends 2011 with record sales of $1.2 billion

ICF International Inc. reported $213.9 million in total revenue for its 2011 fourth quarter, an increase of 10.9 percent over the $192.9 million reported in the 2010 fourth quarter.

For the fiscal year 2011 the contractor reported record sales of $1.2 billion, up 43 percent over 2010 levels.

Organic revenue growth was 10.4 percent, the company announced in its Feb. 29 report.

“This was another year of strong performance for ICF International. We achieved year-over-year growth in operating income and earnings per diluted share of 26 percent and 27 percent, respectively, on a revenue increase of 10 percent,” said Chairman and CEO Sudhakar Kesavan in the statement.

“Our strong financial position provided the resources for us to continue to invest in organic growth and in strategic acquisitions,” he added.

For the fourth quarter and year ended Dec. 31, operating income was $13.9 million, including acquisition-related expenses of $1.3 million, for a 19 percent increase from the $11.6 million in the previous fourth quarter.

Net income was $8.8 million, a 23.5 percent increase over the $7.2 million reported for last year’s fourth quarter.

Backlog at the end of the fourth quarter was $1.7 billion. Funded backlog was $730 million or 44 percent of the total.

The total value of contracts awarded in the 2011 fourth quarter was $163 million.

“Revenue growth was again led by our U.S. commercial business, which increased 59 percent year-on-year to account for 22 percent of total fourth quarter revenues,” Kesavan said.

“In our public sector, state and local revenues increased 7.2 percent, driven by growth in infrastructure management work, and our federal business increased 2.1 percent, reflecting greater demand for our health-related IT services,” he said.

“For the 2012 first quarter, we expect revenues to range from $227 million to $233 million,” he added.

Key contracts won in the fourth quarter included:

  • Education: A $32.8 million contract with the Education Department’s Institute of Education Services. ICF will operate the Regional Education Library Mid-Atlantic. In addition, ICF was named to provide coordination support for all 10 REL laboratories throughout the United States.
  • Energy Efficiency: A new contract valued at $12 million with PEPCO Holdings. Under this contract, ICF will promote increased energy efficiency in the residential consumer market and will deliver programs to educate homeowners and home service providers about the benefits of achieving higher levels of energy efficiency.
  • Commercial Sector: In addition to the energy efficiency win already noted, ICF was awarded nearly 200 additional domestic and international commercial projects in the areas of energy efficiency, infrastructure environmental management, regulatory assessment for utilities, fuels and power markets assessment, and airline and airport planning.

ICF ended its fiscal year by completing the acquisition of Ironworks, an interactive web development company serving commercial and government clients. Ironworks had 2011revenues of approximately $58 million.

The company also reported locking up on February 29 its acquisition of GHK Holdings Ltd., a London-based consultancy serving government and commercial clients that had approximately $30 million in revenue in 2011.

ICF International Inc., of Fairfax, Va., ranks No. 64 on Washington Technology’s 2011 Top 100 list of the largest federal government contractors.

About the Author

David Hubler is the former print managing editor for GCN and senior editor for Washington Technology. He is freelance writer living in Annandale, Va.

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