BTG Reports Record Second Quarter and Six Month Revenue and Income; Revenue Up 27%, Income 28% Higher Than First Half of Last Fiscal Year.(NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :BTGI), an information technology company, today released unaudited results for the second quarter and six month periods of its 1996 fiscal year. Second quarter revenue totaled $50.7 million, up 16.3% from the same period last year; net income was $1.3 million, 31% higher than the second quarter of FY 1995. Earnings per share grew to a record $0.21 for the quarter, even though the number of shares outstanding increased from 4.8 million to 6.2 million, largely as a result of BTG's Initial Public Offering in December 1994. Total revenue for the first six months of BTG's 1996 fiscal year was $90.3 million, up 27.2% from $71.0 million for the first half of 2Y 1995. Net income for the first half of the year was 28.3% percent higher than the same period last year, nearly $2 million compared to $1.5 million. Earnings per share remained the same for the two periods, $0.32 on 6.2 million shares outstanding in FY 1996 and on 4.8 million shares outstanding in FY 1995. Contract backlog -- the amount of business the company is contracted to perform and a significant indicator of financial stability and future growth potential -- was estimated at $255 million at the end of September. Dr. 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. , 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 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. , said both the company's products and systems business contributed to the increases. "Product sales to the federal market were strong this fiscal year. Through September, sales of hardware and software products totaled nearly $62 million, an increase of 24% over the same period last year. BTG's sales of Netscape products were also strong throughout the first six months of our fiscal year." BTG is the authorized reseller to the Federal market of Internet-related products from Netscape Communications. The Netscape Navigator An earlier Web browser for Windows, Macintosh and X Windows from Netscape that provided secure transmission over the Internet. Soon after its introduction in 1994, Navigator, or just "Netscape," as it was commonly called, quickly became the leading browser on the Web. is the most popular browser on the World Wide Web and Netscape's Commerce Servers are widely used for the transmission of information and financial transactions on the Internet. BTG's products business had revenue of $36.6 million for the quarter and $61.8 million for the first half of the fiscal year. BTG systems business, which provides engineering and integration services to government and commercial clients, reported revenue of $14.1 million for the quarter and $28.6 million for the six month period. During the second quarter, BTG reported the following events: -- the planned acquisition of Concept Automation, Inc. a systems integrator and value-added reseller A value-added reseller (VAR) is a company that adds some feature(s) to an existing product(s), then resells it (usually to end-users) as an integrated product or complete "turn-key" solution. in Sterling, Virginia Sterling, Virginia is an unincorporated Washington, D.C. suburb, northwest of Herndon, east of Ashburn, and west of Reston, close to Dulles International Airport in Loudoun County. . CAI (1) (Computer-Assisted Instruction) Same as CBT. (2) See CA. CAI - Computer-Aided Instruction , which employs 200 people, estimates revenue of $84 million for its current fiscal year ending Dec. 31, 1995. BTG expects to finalize the acquisition in October; therefore, CAI's revenue and income are not included in BTG's second quarter and six month results. -- the extension of the Systems Acquisition Support Services support services Psychology Non-health care-related ancillary services–eg, transportation, financial aid, support groups, homemaker services, respite services, and other services (SASS See SAS. ) contract into its first option year. Under this contract, BTG supplies commercial software and related services to the defense intelligence community. SASS has total contract capacity to BTG of $195 million during the base year and four option years. -- award of an $85.9 million school construction management project to a team that includes BTG's Delta Research subsidiary. BTG's potential share of the contract with the Okaloosa County, Florida Okaloosa County is a county located in the state of Florida. As of the 2000 census, the population was 170,498. The U.S. Census Bureau 2005 estimate for the county is 182,172 [1]. Its county seat is Crestview, Florida. school district is estimated at nearly $16 million over four years. -- the award of three major projects to BTG Internet Services. These include a contract with the World Bank Group's Multilateral Investment Guarantee Agency Multilateral Investment Guarantee Agency (MIGA), specialized agency of the United Nations. Formed in 1988, with headquarters in Washington, D.C., it is a member of the World Bank Group (see International Bank for Reconstruction and Development) and membership in the to develop an international electronic investment marketplace. The Investment Promotion Agency Network (IPAnet) was launched on Oct. 7 at the annual meetings of the World Bank and the International Monetary Fund. For Strong Mutual Funds, BTG is developing a site on the World Wide Web that will provide an interactive source for mutual fund investment information. BTG also was selected as one of the contractors for the National Institutes of Health Electronic Computer Store. Managers and scientists within the U.S. Department of Health and Human Services Noun 1. Department of Health and Human Services - the United States federal department that administers all federal programs dealing with health and welfare; created in 1979 Health and Human Services, HHS will be able to shop electronically at the store for computer-related products. The multiple-award contract has a ceiling amount of $96.8 million. -- the addition of BTG's AXP The brand name Digital gave to its first family of Alpha-based computers. In 1998, Digital was acquired by Compaq. See Alpha. 275 computer workstations to the Navy Facilities Engineering Command's CAD-2 contract. BTG's AXP275 custom computer, based on the 64-bit 275 megahertz One million cycles per second. See MHz. MegaHertz - (MHz) Millions of cycles per second. The unit of frequency used to measure the clock rate of modern digital logic, including microprocessors. microprocessor from Digital Equipment Corporation, is one of the fastest available anywhere. -- the election to the BTG Board of Directors of two new members -- James W. Kimsey, founder of America Online, and Ronald L. Turner Ronald L. Turner was the Chairman and chief executive officer of Ceridian Corporation. Turner joined Ceridian in 1993 as President of Computing Devices International. He was appointed Executive Vice President of Operations for Ceridian Corporation in 1997 and President and Chief , President of Computing Devices International. Bersoff said the quarter's highlights demonstrate the company's continuing expansion beyond its defense-related business base. Using expertise gained on defense and intelligence projects, BTG is solving information technology challenges for civilian agencies and commercial clients. He pointed to three growing markets in which BTG is a leader: -- product integration -- combining an organization's existing hardware and software with off-the-shelf products to produce more efficient and cost-effective computer systems. These include the Joint Deployable Intelligence Support System A transportable workstation and communications suite that electronically extends a joint intelligence center to a joint task force or other tactical user. Also called JDISS. , which BTG developed for all four U.S. armed forces, using commercial hardware and software to connect military communications and intelligence centers around the world. -- Internet services -- applying BTG's experience with networking, security architecture and software development to help clients such as the World Bank and Strong Mutual Funds conduct electronic commerce on the Internet. -- construction management -- designing systems that help clients plan facilities, prepare budgets, manage costs, and monitor progress on public and private construction projects. In addition to the Okaloosa project, BTG's current efforts include managing a $75 million engineering and environmental support contract at Tyndall Air Force Base Tyndall Air Force Base is a base of the United States Air Force in Bay County, Florida, United States. The population was 2,757 at the 2000 census. The base is operated by the 325th Fighter Wing. in Florida. BTG is an information technology company providing complete solutions to a broad spectrum of systems and product needs of Government and other customers, combining systems development, integration and engineering with value-added reselling of hardware, software and integrated systems. BTG is headquartered in Northern Virginia, with 650 employees in six states and Europe. -0-
BTG, Inc.
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except Earnings Per Share)
Unaudited results for the three months and six months ended 9/30/95
3 Months 3 Months 6 Months 6 Months
Ended Ended Ended Ended
9/30/95 9/30/94 9/30/95 9/30/94
REVENUE $50,730 $43,617 $90,319 $71,017
------- ------- ------- -------
COSTS
Direct Costs 38,885 34,273 67,518 54,416
Operating Expenses,
Amortization and
Other, Net 9,038 7,311 18,276 13,355
------- ------- ------- -------
OPERATING INCOME 2,807 2,033 4,525 3,246 INTEREST EXPENSE 598 287 1,151 558
INCOME BEFORE
INCOME TAXES 2,209 1,746 3,374 2,688
Provision for
income taxes (914) (763) (1,408) (1,156)
------- ------- ------- -------
NET INCOME $ 1,295 $ 983 $ 1,966 $ 1,532
======= ======= ======= =======
EARNINGS PER SHARE $0.21 $0.20 $0.32 $0.32 Weighted average common shares outstanding 6,208 4,814 6,196 4,814 CONTACT: BTG Inc., Vienna Investor Relations Investor relations The process by which the corporation communicates with its investors. , 703/761-6675 investor@btg.com Theda Parrish, 703/761-6581 (editorial) |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion