FOR IMMEDIATE RELEASE
||Contact: Eileen Cassidy Rivera
VANGENT, INC. ANNOUNCES THIRD QUARTER 2010
- 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 -
November 16, 2010 Vangent, Inc., a leading global provider of information
management and strategic business process services, today announced its third quarter 2010
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
Vangents 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 Vangents 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.