|FOR IMMEDIATE RELEASE
||Contact: Eileen Cassidy Rivera
VANGENT, INC. ANNOUNCES FIRST QUARTER 2010
- First Quarter Revenue Increase of 46% Over First Quarter 2009
Driven by Government Group -
- Operating Income Grew 55% Over First Quarter 2009 -
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.
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 Vangents 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 Vangents contract with the Office of Federal Student Aid at the U.S. Department
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 Vangents 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 Vangents U.S. Census contract.