Justice contract fuels GTEC's 2009 revenue growth
Company's fourth-quarter report includes contract awards totaling $376 million for 2009
- By Matthew Weigelt
- Feb 25, 2010
A $200 million, five-year contract with the Justice Department helped Global Defense and Technology Systems Inc. achieve 12.4 percent revenue growth in 2009.
For the year, the company hit $212 million in revenue compared with $189.4 million in 2008.
In the fourth quarter of 2009, GTEC had $55.8 million in revenue, which represents a 20.7 percent increase in revenue growth compared to the fourth quarter in 2008, according to the Feb. 23 announcement.
The company's Technology and Intelligence Services (TIS) and Force Mobility and Modernization Systems (FMMS) segments reached $90.4 million and $122.4 million, respectively, for 2009. Operating income was $24 million, up 11.3 percent for 2009, the company said in its quarterly report.
TIS and FMMS segment revenue was $25.5 million and $30.3 million, respectively, for the fourth quarter of 2009. Operating income was $6.7 million, or 12.1 percent over the same time period the previous year, for the fourth quarter, the company said.
Including the Justice Department contract, GTEC’s contract awards totaled $376 million for 2009. GTEC currently has more than $50 million in submitted proposals from its FMMS business, which are working through the contracting process, the company said.
Company executives said the revenues are in line with their expectations.
Matthew Weigelt is a freelance journalist who writes about acquisition and procurement.