Exhibit 99.1

 

 

FOR IMMEDIATE RELEASE

 

Contact: Eileen Cassidy Rivera

eileen.rivera@vangent.com

 

VANGENT ANNOUNCES FOURTH QUARTER AND YEAR-END 2007 FINANCIALS

 

Arlington, VA, March 13, 2008 - Vangent, Inc., a leading global provider of information management and strategic business process outsourcing services, today announced its fourth quarter and year-end 2007 results.

 

“We made tremendous progress over the course of the year in building a foundation for growth by transforming our management team and streamlining our operations,” said Mac Curtis, President and Chief Executive Officer of Vangent.

 

Mr. Curtis continued, “The business performed well in the fourth quarter, achieving sequential revenue and Adjusted EBITDA growth, building a strong cash position and maintaining a strong backlog. Importantly, these successes came as many of our largest contracts hit peak levels. With this groundwork in place, we look forward to further success in 2008 and beyond.”

 

Financial Summary

(Dollars in Millions)

 

 

 

Three Months Ended December 31, 2007

 

 

 

 

 

Revenue

 

$

147.6

 

 

 

 

 

Adjusted EBITDA (1)

 

$

24.3

 

 

 

 

 

Long Term Debt

 

$

428.2

 

 

 

 

 

Cash and Cash Equivalents

 

$

26.1

 

 

 

 

 

Contract Backlog

 

$

1,769.9

 

 

 

 

 

Firm Contract Backlog

 

$

408.4

 

 

 

 

 

Twelve Months Ended December 31, 2007

 

 

 

 

 

Revenue

 

$

510.1

 

 

 

 

 

Adjusted EBITDA (1)

 

$

71.2

 

 

 

 

 

LTM Credit Agreement Adjusted EBITDA (2)

 

$

77.1

 

 

 


The following information was filed by Vangent, Inc. (VANG) on Thursday, March 13, 2008 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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