Exhibit 99.1
(VANGENT LOGO)
FOR IMMEDIATE RELEASE
Contact: Eileen Cassidy Rivera
eileen.rivera@vangent.com
VANGENT, INC. ANNOUNCES FOURTH QUARTER
AND FULL YEAR 2008 RESULTS
—Full Year 2008 Revenue Up 9.5% over 2007—
Arlington, VA, March 10, 2009 — Vangent, Inc., a leading global provider of information management and strategic business process outsourcing services, today announced its fourth quarter and full year 2008 results.
Vangent reported revenue of $558.3 million for the full year ended December 31, 2008, up $48.2 million or 9.5% compared to $510.1 million at year end 2007. For the fourth quarter ended December 31, 2008 revenue grew $9.9 million, or 6.7% to $157.5 million, compared with $147.6 million in the fourth quarter of 2007. Increased revenue primarily reflects growth in the Government Group, which for the full year increased 12.6% or $50.6 million over 2007.
Vangent’s net loss was $26.5 million for the year ended December 31, 2008 compared to a net loss of $22.4 million for the comparable period a year ago. The increase of $4.1 million in the net loss for 2008 reflects the goodwill impairment charge of $16.8 million for 2008 related to the Human Capital and International segments. Adjusted EBITDA increased 2.5% to $73 million for the full year 2008, compared with $71.2 million at year end 2007. On a quarterly basis, Adjusted EBITDA was $20.8 million compared with $24.3 million in the fourth quarter of 2007.
“Despite an unprecedented challenging economic environment, 2008 was a successful year for Vangent,” said Mac Curtis, President and Chief Executive Officer of Vangent. “We continued to execute our strategic plan and delivered solid revenue growth. As we look ahead, we believe we are well positioned for continued success in 2009, especially as we identify and capitalize on significant opportunities with the new Administration, and as we continue to build on our successes in healthcare, education and international businesses.”
Contract Awards, Backlog & Operational Highlights
Vangent booked $253.4 million of new business in the fourth quarter. For the full year ended December 31, 2008, Vangent booked $545 million in new awards – the highest in the Company’s history. The Company’s current new business pipeline stands at a robust $3.2 billion.
Vangent’s total contract backlog, which is the amount of revenue the company expects to realize over the remaining term of the contracts, including the base period and all option years, was $1.7 billion at December 31, 2008. Vangent’s funded backlog, which is the portion for which funding has been authorized, was $522.8 million at the end of 2008.
During the fourth quarter, Vangent completed its most successful open enrollment period with the Centers for Medicare & Medicaid Services (“CMS”) customer. In addition, Vangent won several key contracts:
    $64 million contract with Mexico’s Social Security agency to design, build and operate a full biometric identity management system;

 

 


The following information was filed by Vangent, Inc. (VANG) on Tuesday, March 10, 2009 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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