Exhibit 99.1
(VANGENT LOGO)
     
FOR IMMEDIATE RELEASE   Contact: Eileen Cassidy Rivera
    eileen.rivera@vangent.com
    703-284-5674
VANGENT, INC. ANNOUNCES SECOND QUARTER 2010
FINANCIAL RESULTS
    Second Quarter Revenue Increased 59% to $214.8 Million over Second Quarter 2009 Driven by Government Group
    Operating Income Grew 193% to $15.4 Million and Adjusted EBITDA Grew 69% to $24.1 Million in Second Quarter 2010
    Definitive Agreement Signed to Acquire Buccaneer Computer Systems and Service, Inc., a Leading Provider of Health IT and Data Analytics for Government Healthcare Market
Arlington, VA — August 6, 2010 — Vangent, Inc., a leading global provider of information management and strategic business process services, today announced its second quarter 2010 financial results.
Quarter-to-Quarter Comparison
Vangent reported revenue from continuing operations of $214.8 million for the quarter ended July 3, 2010, an increase of $79.7 million or 59% compared to $135.1 million in the quarter ended June 27, 2009.
The increase in total revenue from continuing operations reflects an $83.0 million or 72% increase in revenue from the Government Group. The increase is primarily attributable to $85.9 million in revenue from Vangent’s 2010 U.S. Census contract. Vangent also had growth with its core government customers, including $2.1 million in increased revenue from contracts with the Office of Federal Student Aid at the U.S. Department of Education and the U.S. State Department.
Offsetting the increase in Government Group revenue was a $4.5 million decline in Human Capital Group revenue for the quarter ended July 3, 2010. The decline in revenue is due to the first quarter 2010 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 193% to $15.4 million for the quarter ended July 3, 2010 compared to $5.3 million for the quarter ended June 27, 2009. The increase in operating income was primarily due to an increase in revenue related to Vangent’s U.S. Census contract.
Net income from continuing operations improved to $8.0 million for the three months ending July 3, 2010 compared to a net loss of $3.2 million in the year ago period. Including the impact of discontinued operations, Vangent reported a net loss of $8.1 million for the three months ended July 3, 2010, an increase of $2 million compared to the prior year quarter. The increase in the Company’s net loss reflects a $15.3 million non-cash charge to increase the provision for an expected loss on the disposal of the Latin America business.

 

 


The following information was filed by Vangent, Inc. (VANG) on Friday, August 6, 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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