ManTech first-quarter numbers show growth across the board

ManTech International Corp. saw its first-quarter 2011 revenue reach $700.9 million, up 19 percent from $587.6 million in the first quarter of 2010, according to a company statement released at the close of business April 28.

Organic growth for the quarter was 9 percent, driven primarily by awards for intelligence, surveillance, and reconnaissance and systems engineering programs.

Operating income for the quarter was $55.9 million, up 24 percent from $45.2 million in the corresponding quarter of 2010. Net income for the quarter was $31.9 million, up 16 percent from $27.5 million in the first quarter of 2010.

Net income growth was driven by strong operating performance, which offset a $3.0 million increase in net interest expense from the $200 million in senior unsecured notes issued in April 2010, the company said.

Contract awards totaled $793 million in the quarter, representing a book-to-bill ratio of 1.1.

Backlog at the end of quarter was $4.7 billion, of which $1.6 billion was funded. Compared to the first quarter of 2010, total backlog increased 2 percent and funded backlog increased 13 percent.

The company won several multiple-award indefinite-delivery, indefinite-quantity contracts that are not included in bookings, notably the $1.1 billion Justice Department Information Technology Support Services prime contract.

Cash flow from operations for the quarter was $11 million.

The company invested $22 million in the quarter to acquire TranTech Inc.

As of March 31, ManTech had $73 million in cash and cash equivalents and $200 million in debt with no borrowings on its $350 million revolving-credit facility.

ManTech Chairman and CEO George Pedersen said first-quarter results give him confidence that the company would achieve its financial targets for 2011.

"With the appropriations process complete, we expect our bookings, revenue, earnings and cash collections to accelerate," he said in the announcement.