Exhibit 99.1
(VANGENT LOGO)
     
FOR IMMEDIATE RELEASE   Contact: Eileen Cassidy Rivera
    eileen.rivera@vangent.com
VANGENT, INC. ANNOUNCES FIRST QUARTER 2011
FINANCIAL RESULTS
- Non-Census Revenue Grew 22% Over First Quarter of 2010 -
- Cash Increased $18.9 Million since December 31, 2010 Due to Increased Cash Flow from Operations -
- New Business Bookings Totaled $108.9 Million in First Quarter of 2011 -
Arlington, VA — May 17, 2011 — Vangent, Inc., a leading global provider of information management and strategic business process services, today announced its first fiscal quarter 2011 financial results.
First Quarter 2011 Results
Vangent reported revenue from continuing operations of $175.8 million for the quarter ended April 2, 2011, a decrease of $18.3 million or 9% compared to $194.2 million in the year ago period. The decrease is primarily attributable to the completion of the U.S. 2010 Census contract which contributed $50.0 million in revenue for the first quarter of 2010. Adjusting for the U.S. 2010 Census contract, revenue increased 22% in the quarter ended April 2, 2011 compared to the prior year period, driven by an increase of $32.1 million in revenue from the acquisition of Buccaneer.
Operating income was $13.4 million for the three months ended April 2, 2011 compared to $18.1 million in the year ago period. The decrease in operating income was primarily due to the completion of the U.S. 2010 Census contract.
Vangent reported net income of $2.1 million for the three months ended April 2, 2011, a decrease of $3.5 million compared to the prior year period. The decrease in net income is attributable to the completion of the U.S. 2010 Census contract plus a $1.6 million tax charge in the first quarter of 2011 increasing the Company’s tax provision related to the expiration of the Company’s interest rate hedge.
Adjusted EBITDA was $23.9 million for the first quarter of 2011, compared with $27.0 million for the prior year period. The decrease in Adjusted EBITDA was primarily attributable to the completion of the U.S. 2010 Census contract.

 

 


The following information was filed by Vangent, Inc. (VANG) on Tuesday, May 17, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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