Exhibit 99.1
(VANGENT LOGO)
     
FOR IMMEDIATE RELEASE   Contact: Eileen Cassidy Rivera
eileen.rivera@vangent.com
VANGENT, INC. ANNOUNCES FIRST QUARTER 2010
FINANCIAL RESULTS
- First Quarter Revenue Increase of 46% Over First Quarter 2009
Driven by Government Group -
- Operating Income Grew 55% Over First Quarter 2009 -
Arlington, VA — May 11, 2010 — Vangent, Inc., a leading global provider of information management and strategic business process services, today announced its first quarter 2010 financial results.
Quarter-to-Quarter Comparison
Vangent reported revenue from continuing operations of $194.2 million for the quarter ended April 3, 2010, an increase of $61.3 million or 46.0% compared to $132.9 million in the year ago period.
The increase in total revenue from continuing operations reflects a $59.5 million or 50% increase in revenue from the Government Group. The increase is primarily attributable to $48.8 million in revenue from Vangent’s 2010 U.S. Census contract. In addition, Vangent had strong year-over-year growth with its core customers, including $5.6 million in increased revenue from contracts with the Centers for Medicare and Medicaid Services and the Centers for Disease Control and Prevention, $3.4 million in revenue from the Military Health System and $3.1 million related to an increase in revenue earned on Vangent’s contract with the Office of Federal Student Aid at the U.S. Department of Education.
Also contributing to higher revenue in the three months ended April 3, 2010 was a $2.1 million increase in International Group revenue driven by the favorable impact of foreign currency exchange rates as well as additional revenue from contracts in the United Kingdom.
The first quarter ended April 3, 2010 was six days longer than the corresponding period in 2009, further contributing to the increase in revenue.
Offsetting the increase in Government and International Group revenue was a 6% decline in Human Capital Group revenue for the quarter ended April 3, 2010. The decline in revenue is due to the substantial completion of Vangent’s contract with the U.S. Air Force to modernize the learning infrastructure of the Royal Saudi Air Force.
Operating income increased 55% to $18.1 million for the quarter ended April 3, 2010 compared to $11.7 million for the quarter ended March 28, 2009. The increase in operating income was primarily due to increase in revenue related to Vangent’s U.S. Census contract.

 

 


The following information was filed by Vangent, Inc. (VANG) on Tuesday, May 11, 2010 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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