BTG Reports 1st Quarter Financial Results; Company Again Meets Consensus Expectations.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)--July 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 announced unaudited financial results for its fiscal year 2002 first quarter, which ended June June: see month. 30, 2001. Revenue from the company's core information systems and technical services business increased 14%, from $56.6 million in last year's first quarter to $64.6 million for this quarter. Total revenue for this quarter was $65.4 million, a 9% increase over the $59.9 million reported in the same period last year. Net income was $1.3 million, compared to $1.4 million in last year's first quarter. 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 for the quarter were $0.15, compared to $0.16 reported in the same quarter of fiscal 2001. Gross profit was $22.9 million, up 18% from the $19.4 million reported last year. Earnings before interest, taxes, depreciation, and amortization Earnings before interest, taxes, depreciation, and amortization (EBITDA) A financial measure defined as revenues less cost of goods sold and selling, general, and administrative expenses. were $3.4 million, or a 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. cash-flow-per-share of $0.38. On April 1, 2001, BTG adopted Statements of Financial Accounting Standard No. 141 and No. 142, which relate to business combinations and the amortization of goodwill. In compliance with these recently issued accounting pronouncements, BTG recorded no amortization expense on its goodwill during the quarter ended June 30, 2001. BTG President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Edward H. Bersoff Edward H. Bersoff is the President, CEO and founder of BTG, Inc. Prior to founding BTG in 1982, Bersoff was President of CTEC, Inc. Previously, as an officer in the U.S. Army, he was assigned to the NASA Electronics Research Center in Cambridge, Massachusetts. said he was very pleased with the company's first quarter financial results. "The strategy of expanding our higher margin core information and technical services business is succeeding. Services revenue increased 13% and total revenue 11% from the fourth quarter of last year. Concurrently con·cur·rent adj. 1. Happening at the same time as something else. See Synonyms at contemporary. 2. Operating or acting in conjunction with another. 3. Meeting or tending to meet at the same point; convergent. , our 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 $37 million and our bid-and-proposal backlog was up $135 million from the previous quarter. Our goal for this year is to continue improving our financial results incrementally, quarter by quarter. We are encouraged by our progress and optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about the remainder of fiscal 2002." Bersoff said that during the first quarter of fiscal 2002, the company began integrating its newest acquisition, Research Planning, Inc. (RPI RPI - Rockwell Protocol Interface ), a professional services (job) professional services - A department of a supplier providing consultancy and programming manpower for the supplier's products. firm with more than 400 employees, the majority of whom hold security clearances An administrative determination by competent authority that an individual is eligible, from a security stand-point, for access to classified information. required by our government customers. RPI's primary areas of business are emergency preparedness pre·par·ed·ness n. The state of being prepared, especially military readiness for combat. Noun 1. preparedness - the state of having been made ready or prepared for use or action (especially military action); "putting them , range technology and base support, and defense programs. In addition to the RPI acquisition, Bersoff said highlights of the quarter included the announcement of several major contract wins and other significant events: -- A $60 million, seven-year contract to develop the Integrated Broadcast Service (IBS) for the Department of Defense. BTG's team won a year-long competition for the IBS program, which will integrate four existing intelligence broadcasts into a single service that will disseminate to U.S. military commanders time-critical information about allied and enemy forces. -- The award to BTG of a Department of Justice contract to help prepare state and local officials to respond to possible chemical or biological terrorist attacks. Revenue to BTG is estimated at $11.2 million over the three-year term of the contract. -- The announcement of BTG's selection as a subcontractor to Anteon Corporation for U.S. Army battle simulation services. The prime contract is valued at $47 million over nine years, assuming all options are exercised, with revenue to BTG estimated at $6 million over its term. -- A contract to provide Geographic Information Systems (GIS) support to Air Force installations in Alaska, Hawaii, and Guam. The $1.4 million contract is in addition to the $12 million in new GIS contracts announced by the company last fiscal year. -- The selection of BTG as a member of a team led by EG&G and Raytheon to provide range technology and base support to Air Force and Navy training ranges. The total estimated value of the contract to BTG during its 15-year period of performance, including all option years, is $85 million. -- The announcement of a strategic alliance with SAS, the leading firm in e-intelligence and decision-support software. BTG and SAS will deliver end-to-end business intelligence technology and consulting services to customers in the intelligence community, federal, state and local governments, and K-12 education markets. BTG will be the exclusive new initiative integrator of SAS(R) solutions to the intelligence community. BTG is an information systems and technical services firm that provides computer-based solutions for government and commercial clients. The company's areas of expertise include Systems Engineering and Integration, Solutions Development, Enterprise Management, Modeling and Simulation The mathematical representation of the interaction of real-world objects. See scientific application and simulator. Simulation A broad collection of methods used to study and analyze the behavior and performance of actual or theoretical systems. , Technology in Schools, Geographic Information Systems geographic information system (GIS) Computerized system that relates and displays data collected from a geographic entity in the form of a map. The ability of GIS to overlay existing data with new information and display it in colour on a computer screen is used primarily to , Client Care Services, Emergency Management, Data Mining, Information and Network Security, Network Design and Architecture, and Airborne airborne /air·borne/ (ar´born) suspended in, transported by, or spread by air. airborne, adj carried through the air. In health care settings, viruses or bacteria may become airborne, e.g. Surveillance and Reconnaissance  This article or section needs copy editing for grammar, style, cohesion, tone and/or spelling.You can assist by [ editing it] now. . 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 which 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 differ materially from those set forth in or implied Inferred from circumstances; known indirectly. In its legal application, the term implied is used in contrast with express, where the intention regarding the subject matter is explicitly and directly indicated. 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 , 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 The point where a line, channel or circuit ends. See SCSI termination and hybrid. risks, including risks associated with protests, and other risks described in the Company's Securities and Exchange Commission filings.
BTG, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(In thousands, except Per Share Data)
Three Months Ended
----------------------------------------
June 30, June 30,
2001 2000
---------------- -----------------
Revenues:
Contract revenue $ 64,637 $ 56,626
Product sales 746 3,297
---------------- -----------------
65,383 59,923
Direct costs:
Contract costs 41,764 37,286
Cost of product sales 746 3,211
---------------- -----------------
42,510 40,497
Indirect, general and
administrative expenses 19,453 15,413
Depreciation expense 583 372
Amortization expense - 255
---------------- -----------------
62,546 56,537
---------------- -----------------
Operating income $ 2,837 $ 3,386
Interest expense, net (626) (822)
Loss on sales of investments - (50)
---------------- -----------------
Income before income taxes $ 2,211 $ 2,514
Provision for income taxes 862 1,069
---------------- -----------------
Net income(1) $ 1,349 $ 1,445
================ =================
Basic earnings per share $ 0.15 $ 0.16
================ =================
Diluted earnings per share(1) $ 0.15 $ 0.16
================ =================
Weighted average shares
outstanding (used in the
calculation of basic
earnings per share) 8,911 8,988
================ =================
Weighted average shares
outstanding (used in the
calculation of diluted
earnings per share) 9,014 9,110
================ =================
(1)Had Statement of Financial Accounting Standard No. 142 been
adopted on April 1, 2000, net income and diluted earnings per share
would have been $1,665 and $0.18, respectively, for the quarter ended
June 30, 2000.
BTG, Inc. and Subsidiaries
CONSOLIDATED BALANCE SHEETS
(In thousands)
June 30, March 31,
2001 2001
----------------- -----------------
(Unaudited) (Audited)
ASSETS
Receivables, net $ 64,532 $ 58,503
Inventory, net 265 -
Prepaid expenses and other 3,253 2,640
Note receivable 1,000 1,000
----------------- -----------------
Total current assets $ 69,050 $ 62,143
----------------- -----------------
Property and equipment, net 8,693 8,291
Goodwill 29,226 23,224
Investments, at cost 3,000 2,000
Other 1,892 1,042
----------------- -----------------
$ 111,861 $ 96,700
================= =================
LIABILITIES AND SHAREHOLDERS' EQUITY
Current maturities of
long-term debt $ 2,727 $ -
Accounts payable 16,009 18,141
Accrued expenses 13,969 11,682
Other 1,072 512
----------------- -----------------
Total current liabilities 33,777 30,335
Line of credit 31,851 23,913
Long-term debt, excluding
current maturities 2,250 -
Other 392 354
----------------- -----------------
Total liabilities $ 68,270 $ 54,602
----------------- -----------------
Common stock 53,738 53,584
Accumulated deficit (10,069) (11,418)
Other (78) (68)
----------------- -----------------
Total shareholders' equity $ 43,591 $ 42,098
----------------- -----------------
$ 111,861 $ 96,700
================= =================
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