BTG announces third quarter financial results.VIENNA, Va.--(BUSINESS WIRE)--Jan. 26, 1996--As 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 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) previously reported on Jan. 3, its FY 1996 third quarter earnings trailed analysts' forecasts, primarily as a result of the shutdowns of the Federal Government during the quarter that ended Dec. 31, 1995. BTG's earnings per share for the quarter were $0.05, compared to $0.20 per share reported for the same quarter last year. The company's revenue totaled $63.5 million for the third quarter and net income was $288,000 compared to revenue of $45.6 million and net income of $994,000 for the same period last year. BTG operates on a fiscal year that ends on March 31. For the first nine months of FY 1996, revenue totaled $153.8 million, up 32% from the $116.6 million reported in the first three quarters of FY 1995. Net income for the nine months was $2.3 million, off 10.8% from the $2.5 million reported for the comparable period of FY 1995. BTG President and Chief Executive Officer 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 a number of federal agencies and cabinet departments with which BTG does business do not have approved budgets for the government's 1996 fiscal year. "The furlough fur·lough n. 1. a. A leave of absence or vacation, especially one granted to a member of the armed forces. b. A usually temporary layoff from work. c. of BTG employees at the Department of Education and reduced contract activity at EPA EPA eicosapentaenoic acid. EPA abbr. eicosapentaenoic acid EPA, n.pr See acid, eicosapentaenoic. EPA, n. and other civilian agencies are having a real impact on BTG," Bersoff said. "While our revenue is higher, we are seeing increased costs because of our furloughed employees and lower gross margins associated with decreased product orders. These have reduced BTG's net after-tax profit. In addition, two contracts which were highly profitable over the last two years are near completion and are no longer generating substantial income." Bersoff said that because of the partial government shutdown  This article or section may deal primarily with the U.S. and may not present a worldwide view. in January and the continuing instability instability /in·sta·bil·i·ty/ (-stah-bil´i-te) lack of steadiness or stability.detrusor instability of federal government budgeting and operations, BTG is also adjusting its fourth quarter estimates. Bersoff added: "While the continuing political stalemate stale·mate n. 1. A situation in which further action is blocked; a deadlock. 2. A drawing position in chess in which the king, although not in check, can move only into check and no other piece can move. tr.v. has had a short term negative impact on our financial results, we remain confident about the future. 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. -- business that we are already contracted to perform -- is at $793 million, its highest level ever. He pointed to recent new contract awards, including the largest in the company's history. BTG was selected in December as one of two winners of the U.S. Air Force's IC41 contract, which has an aggregate value of $929 million over the next five years. In July, the company won the Treasury Department's TDA TDA Texas Department of Agriculture TDA Trade and Development Agency TDA Transportation Development Act TDA Tax Deferred Annuity (commonly known as TSA) TDA Tienda (Spanish: store) 2 award, which has a potential contract capacity of $109 million over two years. BTG is an information technology company specializing in systems engineering, integration and networks, Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the services, manufacturing and the value-added reselling of computer hardware, software and services. The company has 885 employees and offices in 10 states and Europe. Additional information on BTG is available on the Internet at http://www.btg.com/, by e-mail at info@btg.com/, or by calling 703/556-6518. Investors contact: John Graham John Graham, Johnny Graham or Jack Graham may be: In politics and history:
BTG Inc.
Consolidated Statements of Income
(in thousands, except Earnings Per Share)
(Unaudited Results for the three months and nine months ended 12/31/95
Quarter Ended Nine Months Ended
12/31/95 12/31/94 12/31/95 12/31/94
REVENUE $ 63,487 $ 45,554 $153,806 $116,571 COSTS Direct Costs 51,795 35,067 119,313 89,483 Operating Expenses, Amortization and Other, Net 10,291 7,945 28,567 21,300 OPERATING INCOME 1,401 2,542 5,926 5,788 INTEREST EXPENSE (939) (413) (2,090) 971 OTHER INCOME 135 -- 135 -- INCOME BEFORE INCOME TAXES 597 2,129 3,971 4,817 Provision for income taxes (309) (1,135) (1,717) (2,291) NET INCOME $ 288 $ 994 $ 2,254 $ 2,526 Earnings per share $ 0.05 $ 0.20 $ 0.36 $ 0.52 Weighted average common shares outstanding 6,529 5,046 6,215 4,892 CONTACT: BTG Inc., Vienna Investors contact, John Graham, 703/761-6675 Editors contact, Theda Parrish, 703/761-6581 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion