EXHIBIT 99.1
(VANGENT LOGO)
     
11/16/10
FOR IMMEDIATE RELEASE
  Contact: Eileen Cassidy Rivera
eileen.rivera@vangent.com
VANGENT, INC. ANNOUNCES THIRD QUARTER 2010
FINANCIAL RESULTS
- Third Quarter Revenue Increased 23% Over Third Quarter 2009 to $176.4 Million -
- Operating Income Grew 90% to $13.8 Million and Adjusted EBITDA Grew 45% to
$22.7 Million in Third Quarter 2010 -
- Closed Acquisition of Buccaneer Computer Systems and Service, Inc. -
- Completed Sale of Mexico and Argentina Businesses -
Arlington, VA — November 16, 2010 — Vangent, Inc., a leading global provider of information management and strategic business process services, today announced its third quarter 2010 financial results.
Quarter-to-Quarter Comparison
Vangent reported revenue from continuing operations of $176.4 million for the quarter ended October 2, 2010, an increase of $32.9 million or 23% compared to $143.5 million in the year ago period.
The increase in total revenue from continuing operations reflects a $32.8 million or 26% increase in revenue from the Government Group, primarily attributable to $33.2 million in revenue from Vangent’s 2010 U.S. Census contract.
Also contributing to higher revenue in the three months ended October 2, 2010 was a $1.7 million increase in International Group revenue primarily driven by the start-up of a new contract in the United Kingdom and the favorable impact of foreign currency exchange rates.
Offsetting the increase in Government and International Group revenue was a $2.3 million decline in Human Capital Group revenue for the quarter ended October 2, 2010 compared to the year ago period. The decline in revenue is due to the completion of work on the contract with the U.S. Air Force to modernize the learning infrastructure of the Royal Saudi Air Force.
Operating income increased 90% to $13.8 million for the quarter ended October 2, 2010 compared to $7.3 million for the quarter ended September 26, 2009. The increase in operating income was primarily due to an increase in revenues related to Vangent’s U.S. Census contract.
Vangent reported net income of $4.0 million for the three months ended October 2, 2010 compared to a net loss of $5.3 million in the prior year quarter. Adjusted EBITDA increased $7.1 million to $22.7 million for the third quarter of 2010, compared to $15.7 million for the prior year quarter. The increase in Adjusted EBITDA was primarily attributable to the increase in Government Group operating income.

 

 


The following information was filed by Vangent, Inc. (VANG) on Tuesday, November 16, 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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