GTSI hits revenue record

Dendy Young: GTSI hopes for "double-digit revenue growth" in third quarter.

(WT file photo)

GTSI Corp., Chantilly, Va., announced record unaudited financial results for both its second quarter and the first half of its fiscal year that ended June 30. The results reflect record revenue, profitability on both an operating and net basis and a record backlog, company officials said.

Revenue for the second quarter of 2002 increased 33 percent, to $201 million from $151.1 million in the same quarter of 2001. Revenue for the six-month period rose 25.8 percent to $377.7 million, up from $300.4 million in the same period last year.

GTSI benefited from IT solutions contracts, including the FBI's Trilogy contract, which after the Sept. 11 terrorist attacks saw spending accelerate, the company said.

Operating income for the second quarter rose to $681,637 from an operating loss of $2.9 million in the same quarter of 2001 -- a $3.5 million improvement. For the first half of 2002, operating loss narrowed significantly, to $183,280, from that of $5.5 million in the first half of 2001.

"GTSI's backlog on June 30 ... more than doubled from the $48.6 million in the same period last year to $108.3 million, bolstered by record bookings in May and June," said Dendy Young, chairman and chief executive officer.

"The growth achieved during the first half of 2002 resulted from moderately increased government spending. While there can be no assurances, we currently anticipate noteworthy increases in federal IT spending later this year that will lead to double-digit revenue growth and equal or increased profitability in the third quarter of 2002," he said.

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