ManTech reports double-digit growth in last quarter of 2009

ManTech International Corp. announced fourth quarter 2009 revenues of $542.1 million, up 10 percent from $494.7 million in the same quarter in 2008. Overall, revenues for the year were $2.02 billion, up 8 percent from $1.87 billion in 2008, according to a company earnings statement released late Wednesday.

“I am pleased to report that ManTech closed fiscal year 2009 in strong fashion, as we accelerated organic growth, expanded operating margin and profitability, and continued our focus on cash management,” said George J. Pedersen, ManTech chairman and chief executive officer, in the statement.

Pedersen attributed the organic growth to ManTech’s acquisition of Sensor Technologies Inc. in December 2009, for $242 million. “Recent large competitive awards position us to deliver organic growth and enhance shareholder value in 2010,” he added.

Organic growth  was 8 percent in the fourth quarter and 6 percent for all of 2009, driven primarily by expansions in the company’s in-theater logistics support and cyber security services, the statement said.

ManTech’s operating income for the quarter was $47.4 million (8.7 percent of revenue), up 15 percent from $41.4 million (8.4 percent of revenue) in the fourth quarter of fiscal 2008.

The company reported fourth quarter net income of $29.5 million, up 20 percent from $24.6 million in the same quarter in 2008.

“Net income grew more rapidly than operating income because of a drop in the effective tax rate from 37.1 percent in the fourth quarter of fiscal year 2008 to 40 percent as a result of favorable fluctuations in deferred compensation assets,” the ManTech statement said.

Full-year net income was $111.8 million, up 24 percent from $90.3 million in fiscal 2008.

Contract awards totaled $574 million in the fourth quarter and $1.95 billion for the entire year, the company said.

The company’s backlog of business at the end of 2009 was $3.8 billion, of which $1.1 billion was funded. Compared to the end of 2008, total backlog decreased 5 percent.

As of December 31, the company had $86 million in cash and cash equivalents and no long-term debt.

ManTech International, of Fairfax, Va., ranks No. 48 on Washington Technology’s 2009 Top 100 list of the largest federal government prime contractors.