ManTech announces strong 2nd quarter results
- By Patience Wait
- Aug 14, 2002
ManTech International Corp. of Fairfax, Va., reported 43.7 percent growth in income from continuing operations and 12.8 percent growth in revenue for the company's second quarter.
Revenue for the second quarter, which ended June 30, rose to $119.2 million, up from $105.6 million for the same period in 2001. Income from continuing operations hit $5.7 million, compared to $3.9 million for the second quarter of 2001.
"Solid revenue growth and earnings expansion resulted in another strong quarter. We anticipate that current positive defense and intelligence budget and spending trends will continue into 2003," said George Pedersen, ManTech's chairman, chief executive officer and president.
The company cited numerous achievements in the second quarter that contributed to its strong performance and set the stage for continued growth, including:
*Completing the acquisition of Aegis Research Corp.
*Continuing to expand homeland security work as part of its alliance with Parsons Corp. ManTech is conducting vulnerability assessment and risk mitigation strategy development for New York, Miami and Chicago. Similar projects are under way with government customers in Michigan and Nevada.
*Expanding security related work for the State Department, including a $53 million project with the Diplomatic Security Bureau.
*Winning an Immigration and Naturalization Service blanket purchase agreement for human resources and equal opportunity employment services. As one of three companies chosen for the five-year, $25 million BPA, ManTech will provide investigative services to INS as part of its effort to ensure that academic institutions with foreign students and exchange visitors comply with recently strengthened reporting requirements as part of new homeland security initiatives.