GTEC pushes ahead on strong 2010 results
Defense technology company captured new contract awards and completed two major acquisitions
- By Matthew Weigelt
- Feb 25, 2011
Global Defense Technology and Systems Inc. has rolled into 2011 with momentum behind it, after winning several major contracts last year and finishing several other projects.
The company’s revenue for 2010 was $232.7 million, which reflects more than 9 percent in revenue growth compared to $212.8 million in 2009, the company said.
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GTEC's revenue from its Technology and Intelligence Services segment was $105.6 million for the year, 17 percent higher than 2009. The Force Mobility and Modernization Solutions segment revenue was $127.1 million, which is 4 percent higher than 2009.
The company had strong growth in the fourth quarter, where revenue hit $82.2 million, compared to $55.8 million in the fourth quarter of 2009.
GTEC saw a 68 percent growth rate in its Force Mobility and Modernization Solutions segment in the fourth quarter of 2010. Revenues jumped from $30.3 million in the final quarter of 2009 to $50.9 million in 2010, the company reported Feb. 24.
It’s Technology and Intelligence Services segment grew too. TIS had a 23 percent increase in revenues for the fourth quarter, bringing in $31.3 million compared to $25.4 million in the fourth quarter of 2009.
“Our fourth-quarter results demonstrate the momentum that GTEC built in the second half of 2010 with sizable new contract awards and the completion of two significant acquisitions, which provide heightened visibility to our 2011 outlook,” said John Hillen, president and CEO of GTEC.
Contract awards totaled $307 million for 2010. GTEC won a $47 million, five-year extension of a classified contract for intelligence analysis, among other contracts with the Army and Marine Corps.
GTEC also was awarded several major tasks on an indefinite-delivery, indefinite-quantity contract. The company was one of the winners of a $30 billion, eight-year contract for work with the FBI and another $99 million, five-year contract for work on the bureau's Information Assurance and Technology Insertion program.
Matthew Weigelt is a freelance journalist who writes about acquisition and procurement.