GTEC revenue up for third quarter, down for the year
GTEC received awards on several outstanding bids, which helped boost third-quarter revenue numbers.
Global Defense Technology and Systems Inc.’s $55.5 million in total revenue in the third quarter of 2010 topped last year's figure, but revenues are down for the year so far compared to 2009.
The increase from $54 million in the third quarter of 2009 came as GTEC received awards on several outstanding bids.
At the same time, for the first nine months in 2010, GTEC earned $150.5 million in revenue. In the first nine months of 2009, the company brought in $157.1 million, for a 4.2 percent decrease, according to the company’s financial statements released Nov. 4.
“The third quarter was successful on many fronts as we delivered solid operating results on both the top and bottom lines, generated significant cash flow and secured our two large [Financial Mobility and Modernization Systems] camp solution orders that were delayed earlier in the year,” said John Hillen, GTEC’s president and CEO.
GTEC’s Technology and Intelligence Services segment has done well both in the third quarter and for the year compared to 2009. TIS reported $25.7 million in revenue in the third quarter of 2010, compared to $21 million for the same quarter last year. For the year so far, TIS has earned $74.3 million, compared to $65 million for the first nine months of 2009.
In the third quarter, GTEC’s TIS segment won a five-year, $47 million classified intelligence contract, more than $9 million in task orders under its Justice Department counterterrorism contract, and several others.
GTEC was also one of two awardees of a five-year $99 million, indefinite-delivery, indefinite-quantity contract to support the FBI’s Information Assurance Technology Infusion program, the company said.
Unlike TIS, GTEC’s Force Mobility and Modernization Systems segment has not fared as well as it did in 2009 with $29.7 million in revenue in third quarter 2010 compared to $33.1 million last year. For 2010 so far, FMMS has earned $76.2 million, while earning $92.1 million last year.
In addition, on Oct. 1, GTEC completed its purchase of Zytel Corp., which is now GTEC Cyber Solutions. Cyber Solutions focuses on net-centric mission work in gathering and analyzing information. GTEC also just announced its purchase of Signature Government Solutions LLC, a subsidiary of Signature Consultants LLC, for $52.5 million in cash. (Read full story.)