BTG Announces 2nd Quarter and Six-Month Financial Results.Business Editors FAIRFAX Fairfax, city (1990 pop. 19,622), historic seat of Fairfax co., NE Va., a residential suburb of Washington, D.C.; inc. 1892, as a city 1961 (at which time it became independent and no longer included in a county). There is some light manufacturing. , Va.--(BUSINESS WIRE)--Oct. 24, 2001 BTG BTG BIT (Built-In Test) Target Generator BTG Bridging the Gap BTG British Technology Group BtG Betreuungsgesetz (Germany) BTG Biomass Technology Group BV BTG Begbies Traynor Group , Inc. (Nasdaq: BTGI), an information systems and technical services company, today released unaudited financial results for its fiscal year 2002 second quarter, which ended September September: see month. 30, 2001. For the quarter, total revenue was $63.1 million, up from $54.8 million reported in last year's second quarter. Net income was $41,000, compared to $1.3 million for the same quarter last year. Fully diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of were $0.01, versus fully diluted earnings per share of $0.14 last year. Included in the financial results for the quarterly and six month periods ended September 30, 2001 was a charge of $1.5 million associated with the cost of terminated subtenant sub·ten·ant n. One that rents property, such as land or a house, from a tenant. sub·ten  an·cy n. leases,
the Chapter 11 bankruptcy bankruptcy, in law, settlement of the liabilities of a person or organization wholly or partially unable to meet financial obligations. The purposes are to distribute, through a court-appointed receiver, the bankrupt's assets equitably among creditors and, in most filing of subtenant Teligent (Teligent, Inc., Herndon, VA, www.teligent.com) A telecommunications company founded in 1996 to provide fixed wireless services for the "last mile." Its SmartWave service used digital microwave technology to transmit voice and data to businesses in more than 40 markets across the country , Inc., and
significant merger and acquisition related expenses.
On September 20, 2001, BTG announced that it had entered into a definitive agreement to be acquired by Titan Titan, in astronomy Titan (tī`tən), in astronomy, the largest of the named moons, or natural satellites, of Saturn. Also known as Saturn VI (or S6), Titan is 3,200 mi (5,150 km) in diameter, orbits Saturn at a mean distance of Corporation (NYSE NYSE See: New York Stock Exchange : TTN TTN Technology Transfer Network TTN Titin TTN Transient Tachypnea of the Newborn TTN Technology Transfer Node TTN Trenton, NJ, USA - Mercer County (Airport Code) TTN Total Traffic Network ) for $13.35 per BTG share or approximately $141.9 million, payable in both Titan common stock and cash. The transaction is expected to close by the end of 2001. For the first six months of fiscal 2002, total revenue was $128.5 million, up from $114.7 million reported in the same period last year. Net income for the first half of BTG's fiscal 2002 was $1.4 million, and fully diluted earnings per share were $0.15, compared to $2.7 million of net income and fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. of $0.30 for the first six months of fiscal 2001. Total debt as of September 30, 2001 was $29.4 million, down from $36.8 million reported on June 30, 2001. Net receivables Net Receivables A company's accounts receivable (money owed to the company) minus bad debts. Notes: If a company estimates that 2% of its sales are never going to be paid, then net receivables equals 98% (100% - 2%) of the accounts receivable. decreased $4.9 million during the quarter, and days sales outstanding In accountancy, Days Sales Outstanding is a company's average collection period. A low figure indicates that the company collects its outstanding receivables quickly. Typically it is looked at either quarterly or yearly (90 or 365 days). in accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying were 83 days, down from 89 days at the end of the first quarter, and 99 days a year ago. BTG's contract backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. increased $18 million to $561 million, and the bid and proposal backlog remained strong at $610 million as of September 30, 2001. BTG is an information systems and technical services firm that provides computer-based solutions for clients in the private sector and in federal, state, and local governments. Additional information about BTG is available on the web at www.btg.com, by e-mail at info@btg.com, or by calling 703-383-8140. "SAFE HARBOR Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and OF 1995: The statements contained in this release that are not historical facts are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that are subject to risks and uncertainties that could cause actual results to different materially from those set forth in or implied by forward-looking statements. These risks and uncertainties include the amount of work actually to be awarded under any contract or subcontract sub·con·tract n. A contract that assigns some of the obligations of a prior contract to another party. intr. & tr.v. sub·con·tract·ed, sub·con·tract·ing, sub·con·tracts , the Company's entry into new commercial businesses, dependence on continued funding of U.S. government programs, government contract procurement The fancy word for "purchasing." The procurement department within an organization manages all the major purchases. and termination risks, including risks associated with protests, and other risks described in the Company's Securities and Exchange Commission filings. For past press releases, visit this company's Corporate News On the Net site at http://www.businesswire.com/cnn .
BTG, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except Per Share Data)
Quarter Quarter Six Months Six Months
Ended Ended Ended Ended
9/30/01 9/30/00 9/30/01 9/30/00
-------- -------- --------- ---------
Revenues $ 63,125 $ 54,753 $ 128,508 $ 114,676
Direct costs 41,081 35,569 83,462 76,067
-------- -------- --------- ---------
22,044 19,184 45,046 38,609
-------- -------- --------- ---------
Indirect, general and
administrative
expenses 19,289 15,350 38,871 30,763
Depreciation expense 591 418 1,174 789
Amortization expense - 296 - 551
Costs related to
terminated subtenant
space leases 630 - 630 -
Merger and acquisition
costs 904 - 904 -
------ ------ ------- -------
Operating income $ 630 $ 3,120 $ 3,467 $ 6,506
Interest expense, net 563 929 1,188 1,751
Loss on sale of
investments - - - 50
------ ------ ------- -------
Income before income taxes $ 67 $ 2,191 $ 2,279 $ 4,705
Provision for income taxes 26 931 889 2,000
---- ------- ------- -------
Net income /a $ 41 $ 1,260 $ 1,390 $ 2,705
==== ======= ======= =======
Basic earnings per share $ 0.01 $ 0.14 $ 0.16 $ 0.30
======= ======= ======== =======
Diluted earnings per share
/a $ 0.01 $ 0.14 $ 0.15 $ 0.30
======= ======== ======== =======
Weighted average shares
outstanding (used in
the calculation of basic
earnings per share) 8,936 9,005 8,921 8,997
======= ======== ========= =======
Weighted average shares
outstanding (used in
the calculation of diluted
earnings per share) 9,228 9,129 9,117 9,119
======= ======== ========= =======
/a Had Statement of Financial Accounting Standards No. 142 been
adopted on April 1, 2000, net income and diluted earnings per share
would have been $1,504 and $0.16, respectively, for the quarter ended
September 30, 2000 and $3,170 and $0.35, respectively for the six
months ended September 30, 2000.
BTG, Inc. and Subsidiaries
CONSOLIDATED BALANCE SHEETS
September 30, 2001 and March 31, 2001
(In thousands)
September 30, March 31,
2001 2001
------------ ---------
(Unaudited)
ASSETS
Investments, at fair value $ 50 $ 53
Receivables, net 59,609 58,503
Prepaid and other 2,949 3,587
------ ------
Total current assets 62,608 62,143
------ ------
Property and equipment, net 8,481 8,291
Goodwill, net 29,388 23,224
Investments, at cost 3,000 2,000
Other 1,875 1,042
--------- --------
$ 105,352 $ 96,700
========= ========
LIABILITIES AND SHAREHOLDERS'
EQUITY
Current maturities of long-term
debt $ 1,462 $ -
Accounts payable 15,604 18,141
Accrued expenses 15,013 11,682
Other 836 512
--------- --------
Total current liabilities 32,915 30,335
--------- --------
Line of credit 25,877 23,913
Long-term debt, excluding current
maturities 2,063 -
Other 403 354
--------- --------
Total liabilities 61,258 54,602
--------- --------
Common stock 54,191 53,584
Accumulated deficit (10,028) (11,418)
Unrealized holding losses on
investments, net of income taxes (69) (68)
--------- --------
Total shareholders' equity 44,094 42,098
--------- --------
$ 105,352 $ 96,700
========= ========
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