- 2008 Full Year Revenue Range of $1.710 to $1.770 billion represents 20 to 24 percent growth over 2007's guidance midpoint of $1.422 billion
- 2008 Full Year Net Income Range of $79.7 to $84.3 million represents 22 to 29 percent growth over 2007's guidance midpoint of $65.2 million
- 2008 Full Year EPS Range of $2.26 to $2.39 per share represents 20 to 27 percent growth over 2007's guidance midpoint of $1.88 per share
- Completes the acquisition of McDonald Bradley, Inc.
FAIRFAX, Va., Dec 19, 2007 (BUSINESS WIRE) -- ManTech International Corporation (Nasdaq:MANT) today announced
its initial full year 2008 guidance and reaffirmed its fourth quarter
2007 and full year 2007 guidance. In addition, the Company announced
it had closed the McDonald Bradley, Inc. (MBI) acquisition yesterday.
Based on the strong demand for ManTech's services due to its
positioning at the center of the national security mission, and the
Company's new contract awards and expansions of existing contracts in
2007, ManTech is projecting 2008 full year revenue of $1.710 billion
to $1.770 billion, full year net income of $79.7 to $84.3 million and
EPS of $2.26 to $2.39 per share. This represents total revenue growth
of 20 to 24 percent based on the midpoint of 2007's guidance range and
pro forma organic revenue growth of 10 to 14 percent. The organic
growth rate is derived by adding 2007 revenue for both SRS and MBI to
ManTech's estimated 2007 annual revenue. The Company's 2008 earnings
per share range represents 20 to 27 percent growth over 2007's
guidance midpoint of $1.88 per share.
"We are well-positioned to deliver strong growth in revenue and
earnings in 2008 based on our strategic positioning at the center of
the national security mission," said George J. Pedersen, Chairman of
the Board and CEO of ManTech International Corporation. "The momentum
we have built throughout 2007 based on our numerous new contract
awards, and the strategic acquisitions of SRS Technologies and
McDonald Bradley provides us with good visibility into our initial
2008 guidance."
The Company's reaffirmed fourth quarter and full year 2007 and
full year 2008 guidance is summarized in the table below. ManTech's
guidance includes McDonald Bradley's expected 2008 operating results
and does not include any other future acquisitions or divestitures.
(Dollars in millions, except earnings per share amounts)
----------------------------------------------------------------------
4th Quarter
2007 Full Year 2007 Full Year 2008
------------------------ ------------- --------------- ---------------
Revenue $389 - $404 $1,415 - $1,430 $1,710 - $1,770
------------------------ ------------- --------------- ---------------
Net Income $18.5 - $19.5 $64.7 - $65.7 $79.7 - $84.3
------------------------ ------------- --------------- ---------------
Diluted Earnings Per
Share $0.53 - $0.56 $1.87 - $1.90 $2.26 - $2.39
------------------------ ------------- --------------- ---------------
Weighted Average Shares
Outstanding 34.9 million 34.6 million 35.3 million
------------------------ ------------- --------------- ---------------
Key Guidance Assumptions
-- Countermine contract provides at least $225 million in revenue
in 2008
-- MBI contributes $60 million in 2008 revenue and will be
accretive to earnings in 2008
-- Overall operating margin between 8.0% and 8.15% for the full
year 2008
-- $6 million in interest expense for the full year 2008
-- 39 percent effective tax rate for the full year 2008
McDonald Bradley Acquisition Completed
The Company closed the MBI acquisition on December 18, 2007.
Headquartered in Herndon, VA and founded in 1985, MBI was a
privately-held company and leading provider of high-end,
mission-critical, technology-differentiated solutions primarily in the
areas of Service Oriented Architectures, data interoperability and
information assurance. Over 60 percent of the company's revenue is
derived from DOD, Intelligence and Homeland Security markets with the
Defense Intelligence Agency (DIA) as their largest customer. The
company is a prime contractor on the Department of Homeland Security's
(DHS) EAGLE contract. Two-thirds of MBI's 270 employees hold security
clearances with 45 percent holding Top Secret level or above
clearances.
Robert A. Coleman, President and COO, ManTech International
Corporation said, "The MBI acquisition strengthens our position as a
leading provider of secure information sharing and data
interoperability solutions in the national security marketplace. We
expect to see immediate benefits from our combined capabilities in the
Intelligence Community and particularly DIA where we have worked as a
team supporting some of their most important mission-critical
programs. Additionally, MBI brings us a prime position on the DHS
EAGLE contract and other new customers which is consistent with our
strategic plan to broaden our business base into new agencies."
Conference Call
ManTech executive management will hold a conference call today at
10:00 a.m. ET, to discuss the initial 2008 guidance and answer
questions. Interested parties may access the call by dialing (888)
663-2230 (domestic) or (913) 312-0714 (international). The conference
call will be Webcast (listen only) simultaneously via the Internet at
www.mantech.com. Interested parties should dial in or log on
approximately ten minutes prior to the start of the call.
A replay of the call will be available beginning at 2:00 p.m.
today and will remain available through midnight, January 3, 2008. To
access the replay, call (888) 203-1112 (domestic) or (719) 457-0820
(international). The confirmation code for the replay is 1177540. A
replay will also be available on ManTech's Website approximately two
hours after the conclusion of the call.
About ManTech International Corporation:
Headquartered in Fairfax, Virginia with approximately 7,300
professionals, ManTech International Corporation is a leading provider
of innovative technologies and solutions for mission-critical national
security programs for the Intelligence Community; the departments of
Defense, State, Homeland Security and Justice; the Space Community and
other U.S. federal government customers. ManTech's expertise includes
systems engineering, systems integration, technology and software
development, enterprise security architecture, information assurance,
intelligence operations support, network and critical infrastructure
protection, information technology, communications integration and
engineering support. The Company supports the advanced
telecommunications systems that are used in Operation Iraqi Freedom
and in other parts of the world; has developed a secure, collaborative
communications system for the U.S. Department of Homeland Security;
and builds and maintains secure databases that track terrorists. The
Company operates in the United States and 42 countries. In 2007,
ManTech was named one of BusinessWeek.com's fastest growing tech
companies; to Business 2.0 magazine's 100 Fastest Growing Technology
Companies list for the second year in a row; to the Deloitte & Touche
list of the 50 fastest growing technology companies in Virginia; and a
GI Jobs magazine Top Ten Military Friendly Employer. Additional
information on ManTech can be found at www.mantech.com.
Forward-Looking Information:
Statements and assumptions made in this press release, which do
not address historical facts, constitute "forward-looking" statements
that ManTech believes to be within the definition in the Private
Securities Litigation Reform Act of 1995 and involve risks and
uncertainties, many of which are outside of our control. Words such as
"may," "will," "intends," "should," "expects," "plans," "projects,"
"anticipates," "believes," "estimates," "predicts," "potential,"
"continue," or "opportunity," or the negative of these terms or words
of similar import are intended to identify forward-looking statements.
These forward-looking statements are subject to known and unknown
risks and uncertainties, which could cause actual results to differ
materially from those anticipated, including, without limitation:
adverse changes in U.S. government spending priorities; delays in
Department of Defense supplemental appropriations beyond the first
quarter of 2008; failure to retain existing U.S. government contracts,
win new contracts, or win recompetes; adverse results of U.S.
government audits of our government contracts; risks associated with
complex U.S. government procurement laws and regulations; adverse
effect of contract consolidation; risk of contract performance or
termination; failure to obtain option awards, task orders or funding
under contracts; adverse changes in our mix of contract types; failure
to successfully integrate recently acquired companies or businesses
into our operations or to realize any accretive or synergistic effects
from such acquisitions; failure to identify, execute or effectively
integrate future acquisitions; and competition. These and other risk
factors are more fully discussed in the section entitled "Risks
Factors" in ManTech's Annual Report on Form 10-K filed with the
Securities and Exchange Commission on March 9, 2007, and, from time to
time, in ManTech's other filings with the Securities and Exchange
Commission, including among others, its reports on Form 10-Q.
The forward-looking statements included in this news release are
only made as of the date of this news release and ManTech undertakes
no obligation to publicly update any of the forward-looking statements
made herein, whether as a result of new information, subsequent events
or circumstances, changes in expectations or otherwise.
SOURCE: ManTech International Corporation
ManTech International Corporation
Joseph Cormier
Vice President, Corporate Development
703-218-8258
joe.cormier@mantech.com
or
Mark Root
Executive Director, Corporate Communications
703-218-8397; cell: 571-259-1169
mark.root@mantech.com
