Exhibit 99.1
(VANGENT LOGO)
     
FOR IMMEDIATE RELEASE   Contact: Eileen Cassidy Rivera
    eileen.rivera@vangent.com
VANGENT, INC. ANNOUNCES FOURTH QUARTER AND
FULL YEAR 2010 FINANCIAL RESULTS
- Full Year 2010 Highlights -
Revenue Increased 30% Over 2009 to $761.8 Million
Operating Income Grew to $51.9 Million and Adjusted EBITDA Grew 36% to
$95.1 Million
- Fourth Quarter 2010 Highlights -
Revenue Increased 2% to $176.4 Million
Operating Income Grew to $4.6 Million and Adjusted EBITDA Increased 9% to
$21.3 Million
Arlington, VA — March 23, 2011 — Vangent, Inc., a leading global provider of information management and strategic business process services, today announced results for the fourth quarter and year ended December 31, 2010.
Full Year 2010 Results and Highlights
Total revenue from continuing operations for the year ended December 31, 2010 was $761.8 million, an increase of $177.9 million or 30% over the prior year.
Revenue growth for the full year 2010 was primarily attributable to Vangent’s work on the U.S. Census contract, the acquisition of Buccaneer Computer Systems and Services, Inc. and contracts with the U.S. Department of Education, which are reflected in the Government Group results, plus the ramp-up of a contract in the International Group.
Operating income for the year ended December 31, 2010 increased 117% to $51.9 million compared to $23.9 million in the prior year. The strong growth in operating income was primarily due to increased revenue from Vangent’s contracts with the U.S. Census and the U.S. Department of Education as well as the acquisition of Buccaneer.
Vangent reported net income of $40.0 million for the year ended December 31, 2010 compared to a net loss of $34.0 million in the prior year. The change is primarily due to the strong year-over-year operating income results and the reversal in the fourth quarter of 2010 of a tax valuation allowance related to deferred tax assets.
Adjusted EBITDA increased 36% to $95.1 million for the full year ended December 31, 2010 compared to $70.1 million for 2009. The increase in Adjusted EBITDA was primarily attributable to the increase in operating income.

 

 


The following information was filed by Vangent, Inc. (VANG) on Wednesday, March 23, 2011 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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