Anteon International Corporation (NYSE:ANT), a leading information
technology, systems integration and engineering services company,
announced today its operating results for the third quarter ended
September 30, 2005. Financial Results Anteon's revenues for the
third quarter of 2005 increased 17.3% to $382.1 million from $325.6
million for the comparable period in 2004. The organic revenue
growth rate for the quarter was 15.8%. Operating income for the
third quarter increased 27.8% to $35.4 million from $27.7 million
for the comparable period in 2004. Net income for the third quarter
increased 24.4% to $21.0 million versus $16.8 million in the
comparable period in 2004. Earnings per share on a fully diluted
basis was $0.55 versus $0.45 in the comparable quarter in 2004, an
increase of 22.2%. Free cash flow for the third quarter was $13.1
million, and days sales outstanding at September 30, 2005 was 75
days. Anteon's revenues for the nine months ended September 30,
2005 increased 19.9% to $1.1 billion from $917.9 million reported
in the comparable period in 2004. The organic revenue growth rate
for the nine months ended September 30, 2005 was 16.6%. Operating
income for the nine months ended September 30, 2005 increased 32.2%
to $100.6 million versus $76.1 million for the comparable period in
2004. Net income for the nine months ended September 30, 2005
increased 31.5% to $59.0 million from $44.8 million for the
comparable period in 2004. Earnings per share on a fully diluted
basis was $1.56 versus $1.21 in the first nine months of 2004, an
increase of 28.9%. A reconciliation between certain non-GAAP
financial measures discussed above and reported financial results
is provided as an attachment to this press release. New Business
New orders during the quarter totaled $451 million, including: -- A
$29.8 million contract from the Department of Interior Minerals
Management Service to provide systems integration and application
development support to their offshore operations in Alaska, the
Gulf of Mexico, and the Pacific; -- A $26.5 million contract from
the U.S. Navy Space and Naval Warfare Systems Center to provide
C4ISR systems development, systems engineering and software
development support for their Joint and National Systems Division;
-- A $25.7 million contract from the U.S. Naval Sea Systems Command
for ship repair and modernization of Mine Countermeasures Class
Ships; -- An $18.7 million contract from the U.S. Air Force to
provide services and software integration for weapon system life
cycle management; and -- A $9.8 million contract from the U.S. Air
Force to provide analytical modeling, simulation and training
support to Joint Military Planning and Training Events. Company
Guidance The Company provides guidance for the fourth quarter 2005
and updates its full year 2005 guidance as summarized in the table
below. -0- *T 2005 FINANCIAL GUIDANCE Dollars and shares in
millions, except per share amounts
-------------------------------------------------------- Q4 2005
Full Year 2005 ------- -------------- Revenues $385-$400
$1,486-$1,501 Weighted Avg. Shares Outstanding 37.9 37.8 Tax Rate
37.8% 37.9% Fully Diluted Earnings Per Share Meet or exceed $0.54
Meet or exceed $2.10 *T CEO Comments Joseph M. Kampf, President and
Chief Executive Officer of Anteon, said, "Anteon had a very strong
third quarter. In almost every case, our three- and nine-month
financial metrics set new record highs. As a result of this strong
trend line, and our confidence in Q4 performance, we are again
raising our guidance for 2005. Anteon's full year 2005 revenue
guidance is now between $1.486 - $1.501 billion and full year fully
diluted earnings per share is now expected to meet or exceed $2.10.
I am also pleased with the strength of our qualified pipeline and
continued opportunity for new business growth." Conference Call
Anteon has scheduled a conference call for 10:00 a.m. Eastern
Daylight Time TODAY, October 26, 2005, during which senior
management will discuss third quarter results and respond to
questions. The conference call will be Webcast listen only via
Anteon's website at www.anteon.com. A telephone replay of the call
also will be available beginning at 1:00 p.m. Eastern Daylight Time
on October 26, 2005, until midnight November 2, 2005. To access the
replay, call 877-519-4471 U.S. or 973-341-3080 international. The
confirmation code for access to the replay is 6568554. A replay
will also be available on Anteon's website shortly after the
conclusion of the call. About Anteon Anteon, headquartered in
Fairfax, Virginia, is a leading information technology company
serving the U.S. Federal government and international customers.
Anteon designs, integrates, maintains, and upgrades
state-of-the-art systems for national defense, intelligence,
homeland security, and other high priority government missions.
Anteon provides numerous government clients with the systems
integration, strategy and program management, systems engineering,
operations services, and simulation and training skills necessary
to manage the development and operations of their mission critical
systems. The Company was founded in 1976 and currently employs over
9,500 employees in more than 100 offices worldwide. Anteon
consistently ranks among the top information technology integrators
based on independent surveys, and has been named to the Forbes List
of the 400 Best Big Companies in 2005, earning distinction on the
Forbes Platinum List. Anteon is included in the Standard &
Poor's MidCap 400 Index. For more information, visit
www.anteon.com. Safe Harbor Statement under the Private Securities
Litigation Reform Act of 1995: The statements contained in this
release which are not historical facts are forward-looking
statements that are subject to risks and uncertainties that could
cause actual results to differ materially from those set forth in,
or implied by, forward-looking statements. The Company has tried,
whenever possible, to identify these forward-looking statements
using words such as "projects," "anticipates," "believes,"
"estimates," "expects," "plans," "intends," and similar
expressions. Similarly, statements herein that describe the
Company's business strategy, outlook, objectives, plans, intentions
or goals are also forward-looking statements. The risks and
uncertainties involving forward-looking statements include the
Company's dependence on continued funding of U.S. government
programs, government contract procurement and termination risks,
including risks associated with protests, and other risks described
in the Company's Securities and Exchange Commission filings. These
statements reflect the Company's current beliefs and are based upon
information currently available to it. Be advised that developments
subsequent to this release are likely to cause these statements to
become outdated with the passage of time. The Company does not
currently intend, however, to update the guidance provided today
prior to its next earnings release. -0- *T ANTEON INTERNATIONAL
CORPORATION UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS For the three months ended September 30, 2005 and 2004
($ in thousands, except EPS) Three Three Months Months Ended Ended
September September Percentage 2005 2004 Change --------- ---------
Revenues $382,050 $325,581 17.3% Costs of revenues 327,381 280,898
General and administrative expenses 18,615 16,473 Amortization of
intangible assets 685 542 --------- --------- Operating income
35,369 27,668 27.8% Operating margin 9.3% 8.5% Other income 102 939
Interest expense 2,214 1,831 Minority interest (5) 9 ---------
--------- Pretax income 33,252 26,785 24.1% Income tax 12,290 9,936
--------- --------- Net income $ 20,962 $ 16,849 24.4% =========
========= After tax margin 5.5% 5.2% Cash flow from operations
14,852 17,784 (16.5%) Tax rate 37.0% 37.1% Basic shares 37,107
35,817 Diluted shares 37,857 37,253 EPS, basic $ 0.56 $ 0.47 19.1%
EPS, diluted $ 0.55 $ 0.45 22.2% UNAUDITED CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS for the nine months ended September 30,
2005 and 2004 ($ in thousands, except EPS) Nine Nine Months Months
Ended Ended September September Percentage 2005 2004 Change
----------- --------- ---------- Revenues $1,100,627 $917,892 19.9%
Costs of revenues 940,588 791,152 General and administrative
expenses 57,355 48,720 Amortization of intangible assets 2,057
1,901 ----------- --------- Operating Income 100,627 76,119 32.2%
Operating margin 9.1% 8.3% Other income 1,009 943 Interest expense
6,534 5,575 Minority interest (58) (26) ----------- ---------
Pretax income 95,044 71,461 33.0% Income tax 36,084 26,613
----------- --------- Net income $ 58,960 $ 44,848 31.5%
=========== ========= After tax margin 5.4% 4.9% Cash flow from
operations 86,429 48,246 79.1% Tax rate 38.0% 37.2% Basic shares
36,682 35,630 Diluted shares 37,884 37,201 EPS, basic $ 1.61 $ 1.26
27.8% EPS, diluted $ 1.56 $ 1.21 28.9% ANTEON INTERNATIONAL
CORPORATION UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS ($ in
thousands) As of September As of 30, 2005 December (unaudited) 31,
2004 $Change ----------- --------- -------- ASSETS Cash and cash
equivalents $ 32,612 $ 4,103 $28,509 Short term investments 42,525
-- 42,525 Accounts receivable, net 317,881 317,296 585 Other
current assets 15,462 17,205 (1,743) Property and equipment, net
14,495 12,920 1,575 Goodwill 241,965 242,066 (101) Intangible and
other assets, net 17,631 19,836 (2,205) ----------- ---------
-------- Total assets $ 682,571 $613,426 $69,145 ===========
========= ======== LIABILITIES AND STOCKHOLDERS' EQUITY Accounts
payable/accrued expenses and other current liabilities $ 168,261
$154,031 $14,230 Indebtedness 163,350 184,388 (21,038) Deferred
revenue 14,984 13,764 1,220 Other long-term liabilities 14,040
13,685 355 ----------- --------- -------- Total liabilities 360,635
365,868 (5,233) Minority interest in subsidiaries 340 282 58
Stockholders' equity 321,596 247,276 74,320 ----------- ---------
-------- Total liabilities and stockholders' equity $ 682,571
$613,426 $69,145 =========== ========= ======== ANTEON
INTERNATIONAL CORPORATION UNAUDITED CONDENSED CONSOLIDATED
STATEMENT OF CASH FLOWS ($ in thousands) For the nine months ended
September 30, 2005 2004 -------- -------- OPERATING ACTIVITIES: Net
income $58,960 $44,848 Adjustments to reconcile net income to net
cash provided by operating activities: Gain on settlement of
subordinated notes payable -- (1,327) Gain on reversal of an
acquisition reserve (900) -- Depreciation and amortization on
property and equipment, intangibles and financing fees 5,662 5,368
Restricted stock compensation 28 -- Deferred income taxes 1,475 343
Minority interest in earnings of subsidiaries 58 26 Changes in
assets and liabilities 21,146 (1,012) -------- -------- Net Cash
Provided By Operating Activities 86,429 48,246 -------- --------
INVESTING ACTIVITIES: Purchases of property, equipment and other
assets (4,674) (2,846) Purchases of short term investments (71,025)
-- Proceeds from short term investments 28,500 -- Costs of
acquisitions, net of cash acquired -- (43,295) Other 101 --
-------- -------- Net Cash Used For Investing Activities (47,098)
(46,141) -------- -------- FINANCING ACTIVITIES Principal payment
on subordinated notes payable -- (1,350) Principal payments on Term
Loan B (1,238) (1,125) Proceeds from Term Loan B -- 16,125 Deferred
financing fees -- (294) Net proceeds (payments)on revolving credit
facility (19,800) (4,400) Redemption of senior subordinated notes
payable -- (1,876) Principal payment under capital lease
obligations (166) (240) Proceeds from issuance of common stock, net
of expense 10,382 3,614 -------- -------- Net Cash Provided/ (Used
For) Financing Activities (10,822) 10,454 -------- -------- CASH
AND CASH EQUIVALENTS: Net Increase in cash and cash equivalents
28,509 12,559 Cash and cash equivalents, beginning of period 4,103
2,088 -------- -------- Cash and cash equivalents, end of period
$32,612 $14,647 -------- -------- RECONCILIATION BETWEEN TOTAL
REVENUE GROWTH AND ORGANIC REVENUE GROWTH ($ in thousands) Q1 Q2 Q3
Q3 YTD --------- --------- --------- ----------- 2004 Revenue
$288,150 $304,161 $325,581 $ 917,892 2005 Revenue 349,982 368,595
382,050 1,100,627 --------- --------- --------- ----------- Total
Revenue Growth over 2004 21.5% 21.2% 17.3% 19.9% Less: 2004 IMSI
and STI Revenues -- -- (7,791) (7,791) --------- ---------
--------- ----------- Adjusted 2004 Revenues (a) 288,150 304,161
317,790 910,101 --------- --------- --------- ----------- 2005
Revenue 349,982 368,595 382,050 1,100,627 Less: 2005 IMSI and STI
Revenues (12,430) (13,273) (14,135) (39,838) --------- ---------
--------- ----------- Adjusted Total 2004 Revenue (b) $337,552
$355,322 $367,915 $1,060,789 ========= ========= =========
=========== Organic Revenue Growth over 2004 (b-a)/a 17.1% 16.8%
15.8% 16.6% (1) The Company defines organic growth as the increase
in revenues excluding the revenues associated with acquisition,
divestitures and closures of businesses in comparable periods. The
Company believes that organic growth is a useful supplemental
measure to revenue. The Company uses organic growth as part of its
evaluation of core operating results and underlying trends.
RECONCILIATION OF CASH FLOW FROM OPERATIONS TO FREE CASH FLOW (in
thousands) Free Cash Flow Q1 2005 Q2 2005 Q3 2005 Q3 YTD
---------------------------------- -------- -------- --------
-------- Cash flow from operations $51,713 $19,864 $14,852 $86,429
Less: capital expenditures (1,538) (1,431) (1,705) (4,674) --------
-------- -------- -------- Free cash flow (2) $50,175 $18,433
$13,147 $81,755 ======== ======== ======== -------- (2) The Company
believes that free cash flow is a useful supplemental measure of
cash available to the Company after the payments for the capital
expenditures. NET DEBT RECONCILIATION ($ in thousands) Net Debt Q3
2005 Q2 2005 Q1 2005 -----------------------------------------
-------- --------- --------- Revolving credit facility $ -- $ -- $
-- Term Loan B 163,350 163,763 164,175 -------- --------- ---------
Total: 163,350 163,763 164,175 Less: cash (32,612) (30,125)
(35,145) Short term investments (42,525) (30,000) -- --------
--------- --------- Net debt $88,213 $103,638 $129,030 ========
========= ========= (3) The Company believes that net debt is a
useful measure of actual indebtedness of the Company. *T
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