ManTech Reports 2002 Second Quarter Results.Business Editors/Hi-Tech Writers FAIRFAX, Va.--(BUSINESS WIRE)--Aug. 13, 2002 ManTech International Corporation (Nasdaq:MANT) -- Completed Aegis Research Corporation acquisition on August 5, 2002. -- Continued expansion of homeland security work as part of alliance with Parsons Corporation. ManTech is engaged in vulnerability assessment and risk mitigation strategy development for New York City, Miami, and Chicago. Similar projects also underway with government customers in Michigan and Nevada. -- Expanded work for the Army supporting international operations and overseas deployments. -- Expanded security related work for the State Department, including a $53 million GSA delivery order supporting the Diplomatic Security Bureau at the State Department. -- Awarded $31 million contract with long-standing Naval Air Systems Command customer for test and evaluation work. Maintained subcontract positions on other winning contract proposals with the Naval Air Systems Command. -- Awarded delivery orders totaling $6.3M for acoustic engineering, data analysis, and technical program support engineering support of the Naval Systems Warfare Center (NSWC), Carderock Division. -- Awarded Immigration and Naturalization Service (INS) General Services Administration Blanket Purchase Agreement (BPA) for Human Resources and Equal Opportunity Employment Services. Under the contract, ManTech will provide investigative services to INS as part of its effort to ensure that academic institutions with foreign students and exchange visitors comply with recently strengthened reporting requirements as part of new homeland security initiatives. ManTech was one of three companies awarded the BPA, which is expected to have a five year value of $25 million. -- Awarded subcontract by PlanetGov under a DoD Military Health System IT support contract. Under the PlanetGov contract, which includes a base year and four one-year options, ManTech will provide network engineering support and related services. ManTech will focus on the international element of the contract, leveraging its experience in supporting US military operations overseas. ManTech International Corporation (Nasdaq:MANT) today announced its operating results for the second quarter ended June 30, 2002. Revenue for the second quarter was $119.2 million, up from $105.6 million for the same period in 2001, an increase of 12.8%. Income from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the for the period increased 43.7% to $5.7 million, compared with $3.9 in the second quarter of 2001. Net income for the second quarter of 2002 was $4.9 million up from $2.0 million for the same period last year. ManTech's Operating Income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. Return on Sales Return on sales A measurement of operational efficiency equalingnet pre-tax profits divided by net sales expressed as a percentage. return on sales The portion of each dollar of sales that a firm is able to turn into income. was 7.8% for the second quarter, up from 6.6% for the same period last year. After adjusting second quarter 2001 interest income increases, interest expense reductions (net of tax), and shares outstanding for the company's IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. as if it occurred on February 12, 2001 for pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma comparison with the current period, second quarter 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 from continuing operations increased from $0.18 in 2001 to $0.21 in 2002, exceeding the consensus earnings estimate of $0.18 published by analysts who cover ManTech. Fully diluted earnings per share under GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). for the second quarter ending June 30, 2002 were $0.18 compared to $0.11 for the second quarter of 2001. ManTech International Corporation Chairman of the Board, 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. and President, George J. Pedersen commented on the strong results noting, "In the second quarter, solid revenue growth and earnings expansion resulted in another strong quarter. We anticipate that current positive defense and intelligence budget and spending trends will continue into 2003." Pedersen concluded, "ManTech is well positioned to take advantage of expansion opportunities in the national security marketplace: we have the technical expertise, performance experience and, most importantly Adv. 1. most importantly - above and beyond all other consideration; "above all, you must be independent" above all, most especially , teams of qualified cleared personnel necessary to support the Department of Defense and the intelligence community in their technology requirements as they respond to today's national security priorities." Operational Highlights: -- Completed Aegis Research Corporation acquisition on August 5, 2002. -- Continued expansion of homeland security work as part of alliance with Parsons Corporation. ManTech is engaged in vulnerability assessment and risk mitigation strategy development for New York City, Miami, and Chicago. Similar projects also underway with government customers in Michigan and Nevada. -- Expanded work for the Army supporting international operations and overseas deployments. -- Expanded security related work for the State Department, including a $53 million GSA delivery order supporting the Diplomatic Security Bureau at the State Department. -- Awarded $31 million contract with long-standing Naval Air Systems Command customer for test and evaluation work. Maintained subcontract positions on other winning contract proposals with the Naval Air Systems Command. -- Awarded delivery orders totaling $6.3M for acoustic engineering, data analysis, and technical program support engineering support of the Naval Systems Warfare Center (NSWC), Carderock Division. -- Awarded Immigration and Naturalization Service (INS) General Services Administration Blanket Purchase Agreement (BPA) for Human Resources and Equal Opportunity Employment Services. Under the contract, ManTech will provide investigative services to INS as part of its effort to ensure that academic institutions with foreign students and exchange visitors comply with recently strengthened reporting requirements as part of new homeland security initiatives. ManTech was one of three companies awarded the BPA, which is expected to have a five year value of $25 million. -- Awarded subcontract by PlanetGov under a DoD Military Health System IT support contract. Under the PlanetGov contract, which includes a base year and four one-year options, ManTech will provide network engineering support and related services. ManTech will focus on the international element of the contract, leveraging its experience in supporting US military operations overseas. Key Performance Metrics Performance metrics are measures of an organizations activities and performance. Performance metrics should support a range of stakeholder needs from customers, shareholders to employees [1]. : At June 30, 2002, the company's 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. was $1,096 million, of which $202 million was funded. On the same date in 2001, the company's backlog was $755 million of which $220 million was funded. In addition, the company's GSA (1) (Global mobile Suppliers Association, Sawbridgeworth, U.K., www.gsacom.com) A membership organization of suppliers of GSM products and services. Its goal is to promote GSM as the worldwide mobile communications standard. See GSM Association and GSM. schedule contract value on June 30, 2002 was $939 million, up from $246 million on the same date in 2001, an increase of 282%. This represents a total June 30, 2002 backlog, combined with GSA schedule contract value, of $2,035 million, an increase over 2001 of $1,035 million or 103.4%. The company determines its GSA schedule contract value by multiplying mul·ti·ply 1 v. mul·ti·plied, mul·ti·ply·ing, mul·ti·plies v.tr. 1. To increase the amount, number, or degree of. 2. Mathematics To perform multiplication on. the average monthly amount of funded work that it has been awarded under each of its GSA schedule contracts over the past 12 months, by the number of months remaining in the term of those contracts, including existing options, except that it does not take into account remaining contract terms of more than 72 months. ManTech derived approximately 39.6% of its revenues for the quarter ended June 30, 2002 from work under GSA schedule contracts, compared with approximately 30.9% for 2001. For the quarter ended June 30, 2002, ManTech derived over 96% of its revenue from Federal Government contracts on which it served as either prime or subcontractor One who takes a portion of a contract from the principal contractor or from another subcontractor. When an individual or a company is involved in a large-scale project, a contractor is often hired to see that the work is done. , consistent with the level for the same period in 2001. Revenue from the Department of Defense and the intelligence community accounted for approximately 86.4% of revenue for the second quarter ending June 30, 2002, up from 84.5% for the same period in 2001. Revenue from secure systems and infrastructure solutions accounted for approximately 55.5% of revenue in the second quarter compared with 48.1% in 2001. Information technology solutions represented approximately 19.2% of revenue for the quarter, compared with 20.8% for the same period in 2001. Systems engineering accounted for approximately 25.3% of second quarter revenue, compared with 31.1% in 2001. Commenting on the results, ManTech Executive Vice President and CFO See Chief Financial Officer. , John A. Moore Moore, city (1990 pop. 40,761), Cleveland co., central Okla., a suburb of Oklahoma City; inc. 1887. Its manufactures include lightning- and surge-protection equipment, packaging for foods, and auto parts. , Jr. said, "In the second quarter, ManTech delivered strong organic top-line growth and margin improvement as we expanded work on existing programs in our fastest growing service areas, secure systems and information technology solutions." Aegis Research Corporation Acquisition: ManTech completed its acquisition of Aegis Research Corporation on August 5, 2002, the company's first acquisition after its IPO in February 2002. Aegis Research now operates as ManTech Aegis Research Corporation under the National Security Solutions Group, ManTech's largest group, led by Executive Vice President, Evan Hineman, former CIA CIA: see Central Intelligence Agency. (1) (Confidentiality Integrity Authentication) The three important concerns with regards to information security. Encryption is used to provide confidentiality (privacy, secrecy). Deputy Director for Science and Technology. Hineman will serve as the new company's president while long time Aegis Research Corporation executive and former CIA Executive Director, Robert M. (Rae) Huffstutler will continue to manage day-to-day operations as Executive Vice President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. . Commenting on the transaction, George J. Pedersen again affirmed af·firm v. af·firmed, af·firm·ing, af·firms v.tr. 1. To declare positively or firmly; maintain to be true. 2. To support or uphold the validity of; confirm. v.intr. the strategic importance of the acquisition stating, "Aegis Research expands significantly ManTech's presence in key DoD and intelligence community customer programs, and positions us well to take advantage of growth in this marketplace. The combined strength of ManTech and Aegis Research will increase the number of our employees with Top Secret security clearances to approximately 1500, over 1000 of whom will have Sensitive Compartmented Information All information and materials bearing special community controls indicating restricted handling within present and future community intelligence collection programs and their end products for which community systems of compartmentation have been or will be formally established. (SCI (Scalable Coherent Interface) An IEEE standard for a high-speed bus that uses wire or fiber-optic cable. It can transfer data up to 1GBytes/sec. (hardware) SCI - 1. Scalable Coherent Interface. 2. UART. ) access. We continue to see this large base of cleared professionals as an important asset and discriminator dis·crim·i·na·tor n. 1. One that discriminates. 2. Electronics A device that converts a property of an input signal, such as frequency or phase, into an amplitude variation, depending on how the signal differs from a for our company given our sharp focus on supporting priority national security programs." ManTech estimates Aegis Research's 2002 revenue to be approximately $60.0 million, of which ManTech expects to recognize $26.7 million in 2002, $8.9 million in the third quarter and $17.8 million in the fourth. Aegis Research has demonstrated strong organic revenue growth in the recent past, achieving a CAGR CAGR See: Compound Annual Growth Rate of 22% since 1998. Aegis Research's Operating Income Return on Sales is expected to be 8% for 2002. ManTech stated that the new entity will be accretive to ManTech's earnings immediately. Additional financial guidance is provided below. As reported previously, using proceeds from its IPO, ManTech paid approximately $69.1 million for Aegis Research Corporation. The price of the transaction equates to approximately 14x Aegis Research's 2002 estimated EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become . The purchase price does not reflect tax treatment related to the deduction deduction, in logic, form of inference such that the conclusion must be true if the premises are true. For example, if we know that all men have two legs and that John is a man, it is then logical to deduce that John has two legs. of goodwill which will result in a cash benefit to ManTech of $24.4 million over 15 years. In response to questions regarding the purchase price, John A. Moore, Jr., stated, "We are very comfortable with the purchase price of this transaction based on Aegis Research's strong organic growth and track record of profitability; this company occupies a unique market niche which has significant growth potential." Aegis Research supports key customers and programs within the Department of Defense (DoD) and national intelligence community, including the National Reconnaissance Office Noun 1. National Reconnaissance Office - an intelligence agency in the United States Department of Defense that designs and builds and operates space reconnaissance systems to detect trouble spots worldwide and to monitor arms control agreements and environmental (NRO NRO See not reoffered (NRO). ), the United States Air Force United States Air Force (USAF) Major component of the U.S. military organization, with primary responsibility for air warfare, air defense, and military space research. It also provides air services in coordination with the other military branches. U.S. , The Joint Strike Fighter Program The Joint Strike Fighter (JSF) became synonymous with the later F-35 Lightning II, however until 2001 the term was applied to the competition between the Boeing X-32 and Lockheed Martin X-35. Office, and the Counterintelligence Field Activity Counterintelligence Field Activity (CIFA) is a United States Department of Defense (DoD) agency whose size and budget are classified. The CIFA was created by a directive from the Secretary of Defense (Number 5105.67) on February 19, 2002 [1]. Program under the DoD. Aegis Research also supports numerous other classified customers on special access programs. Aegis Research provides expert technical support services support services Psychology Non-health care-related ancillary services–eg, transportation, financial aid, support groups, homemaker services, respite services, and other services in the following core areas: information operations Actions taken to affect adversary information and information systems while defending one's own information and information systems. Also called IO. See also defensive information operations; information; offensive information operations; operation. (policy, strategy, analysis); information security (computer forensics The investigation of a computer system believed to be involved in cybercrime. Forensic software provides a variety of tools for investigating a suspect PC. Such programs may include a function that copies the entire hard drive to another system for inspection, allowing the original to , intrusion analysis, penetration testing A test of a network's vulnerabilities by having an authorized individual actually attempt to break into the network. The tester may undertake several methods, workarounds and "hacks" to gain entry, often initially getting through to one seemingly harmless section, and from there, , and network simulation In computer network research, network simulation is a technique where a program models the behavior of a network either by calculating the interaction between the different network entities (hosts/routers, data links, packets, etc) using mathematical formulas, or actually capturing ); threat analysis, characterization A rather long and fancy word for analyzing a system or process and measuring its "characteristics." For example, a Web characterization would yield the number of current sites on the Web, types of sites, annual growth, etc. , countermeasures That form of military science that, by the employment of devices and/or techniques, has as its objective the impairment of the operational effectiveness of enemy activity. See also electronic warfare. and risk management; mission planning and simulation; security implementation and operations security A process of identifying critical information and subsequently analyzing friendly actions attendant to military operations and other activities to: a. identify those actions that can be observed by adversary intelligence systems; b. ; enterprise protection planning; and security awareness Security awareness is the knowledge and attitude members of an organization possess regarding the protection of the physical and, especially, information assets of that organization. and training. Discontinued Operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. : ManTech's discontinued operations include three foreign and two domestic commercial businesses. As reported previously, as of April 30, 2002, negotiations for the sale of the U.S.-based Environmental consulting Environmental consulting is often a form of compliance consulting, in which the consultant ensures that the client maintains an appropriate measure of compliance with environmental regulations. business, the China-based consulting business and the U.S.-based application hosting business have concluded. On August 8, 2002, ManTech completed a transaction to sell the United Kingdom-based banking IT business which resulted in an additional loss (net of tax) of approximately $795 thousand dollars. The unanticipated additional loss is primarily the result of terms and conditions in the business sale agreement related to contract contingencies Contingencies (ISSN 1048-9851) is the bimonthly magazine of the American Academy of Actuaries, providing a large and diverse readership with general interest and technical articles on a wide range of issues related to the actuarial profession. and employee severance The act of dividing, or the state of being divided. The term severance has unique meanings in different branches of the law. Courts use the term in both civil and criminal litigation in two ways: first, when dividing a lawsuit into two or more parts, and second, when payments, required by UK law. With the completion of this transaction, the sole remaining discontinued operation discontinued operation A segment of a business that has been abandoned or sold or for which plans for one or another of these actions have been approved. See also continuing operations. for disposition is the Australia-based software solutions and IT consulting business. ManTech expects to complete a transaction to sell this business during calendar year 2002. The reason for delay from the previous guidance remains a deteriorating de·te·ri·o·rate v. de·te·ri·o·rat·ed, de·te·ri·o·rat·ing, de·te·ri·o·rates v.tr. To diminish or impair in quality, character, or value: market for the sale of commercial technology businesses in Australia. Despite the adjustment to the estimated closing date, no additional charges are anticipated to discontinued operations at this time. Company Guidance: ManTech has revised its fiscal year 2002 and 2003 earnings guidance based on the positive business prospects described above and the acquisition of Aegis Research Corporation. The projected results do include the effects on operations and shares outstanding from the acquisition of Aegis Research Corporation, but do not reflect any future acquisition transactions:
Financial Guidance
(Dollars in Millions except per share amounts)
-------------------------- -----------------------
Core ManTech International ManTech Aegis Research
Corporation Corporation
-------------------------- ----------------------
Full Full Full Full
Q3 Year Year Q3 Year Year
2002 2002 2003 2002 2002 2003
---- ---- ---- ---- ---- ----
Revenue 121.4 474.7 522.0 8.9 26.7 69.0
Income
From
Continuing
Operations 5.6 21.4 24.6 0.3 0.9 3.1
Fully
Diluted
Earnings
Per Share 0.21 0.83 0.91 0.01 0.03 0.12
Weighted
Average
Shares
Outstanding 26,771 25,793 27,000 26,771 25,793 27,000
Revenue
Growth %
Period over
Period 15.0% 10.0% 10.0%
Operating
Income
ROS % 8.0% 7.7% 8.0% 8.0% 8.0% 9.3%
EBITDA % 8.6% 8.3% 8.5% 8.8% 8.7% 9.8%
-----------------------------------
Consolidated
----------------------------------
Q3 Full Year Full Year
2002 2002 2003
---- ---- ----
Revenue 130.3 501.4 591.0
Income
From
Continuing
Operations 5.9 22.3 27.7
Fully
Diluted
Earnings
Per Share 0.22 0.86 1.03
Weighted
Average
Shares
Outstanding 26,771 25,793 27,000
Revenue
Growth %
Period over
Period 23.5% 16.2% 17.9%
Operating
Income
ROS % 8.0% 7.7% 8.2%
EBITDA % 8.6% 8.3% 8.7%
Summary Financial Tables Follow
MANTECH INTERNATIONAL CORPORATION
Summary - Financial Tables
(Dollars in Thousands except per share amounts)
Three Months Ended Six Months Ended
June 30, June 30,
------------------ ----------------
2002 2001 2002 2001
---- ---- ---- ----
REVENUES $119,168 $105,627 $227,302 $210,708
COST OF SERVICES 97,280 86,623 185,890 173,056
----------- ----------- ----------- -----------
GROSS PROFIT 21,888 19,004 41,412 37,652
----------- ----------- ----------- -----------
ROS % 18.4% 18.0% 18.2% 17.9%
COST AND EXPENSES 12,573 12,085 24,494 23,347
----------- ----------- ----------- -----------
INCOME FROM
OPERATIONS 9,315 6,919 16,918 14,305
ROS % 7.8% 6.6% 7.4% 6.8%
Interest expense
(income) (14) 771 203 1,578
Other income (225) (749) (522) (1,192)
----------- ----------- ----------- -----------
INCOME BEFORE
PROVISION FOR INCOME
TAXES AND MINORITY
INTEREST 9,554 6,897 17,237 13,919
Provision for income
taxes (3,896) (2,953) (7,004) (5,959)
Minority interest (1) (7) (3) (14)
----------- ----------- ----------- -----------
INCOME FROM
CONTINUING OPERATIONS 5,657 3,937 10,230 7,946
Loss from discontinued
operations - net (795) (1,907) (795) (4,268)
----------- ----------- ----------- -----------
NET INCOME $4,862 $2,030 $9,435 $3,678
=========== =========== =========== ===========
ROS% 4.1% 1.9% 4.2% 1.8%
BASIC EARNINGS (LOSS)
PER SHARE:
Income from
continuing
operations $0.21 $0.21 $0.42 $0.43
Loss from
discontinued
operations (0.03) (0.10) (0.03) (0.23)
----------- ----------- ----------- -----------
$0.18 $0.11 $0.39 $0.20
----------- ----------- ----------- -----------
Weighted average
shares
outstanding 26,373,719 18,558,589 24,553,641 18,558,589
=========== =========== =========== ===========
DILUTED EARNINGS (LOSS)
PER SHARE:
Income from
continuing
operations $0.21 $0.21 $0.41 $0.42
Loss from
discontinued
operations (0.03) (0.10) (0.03) (0.22)
----------- ----------- ----------- -----------
$0.18 $0.11 $0.38 $0.20
----------- ----------- ----------- -----------
Weighted average
shares
outstanding 26,697,911 18,718,210 24,838,112 18,718,210
=========== =========== =========== ===========
PROFORMA EARNINGS
from continuing
operations(a) $5,657 $4,830 $10,230 $9,223
=========== =========== =========== ===========
PROFORMA DILUTED
EARNINGS PER SHARE
from continuing
operations(a) $0.21 $0.18 $0.41 $0.37
=========== =========== =========== ===========
PROFORMA WEIGHTED
AVERAGE SHARES 26,697,911 26,654,797 24,838,112 24,816,215
=========== =========== =========== ===========
(a) Earnings and weighted average shares for 2001 have been adjusted
to reflect an IPO closing on February 12th of that year for
comparability. Earnings for 2001 were adjusted for net of tax
interest expense reductions and interest income increases
MANTECH INTERNATIONAL CORPORATION
Summary - Financial Tables
(Dollars in Thousands except per share amounts)
Three Months Six Months
Ended Ended
June 30, June 30,
------------ ---------------
2002 2001 2002 2001
---- ---- ---- ----
Total Depreciation &
Amortization (in
thousands) 885 1,325 1,749 2,640
Earnings Before
Interest, Taxes,
Depreciation and
Amortization (in
thousands) (EBITDA) 10,200 8,244 18,667 16,945
EBITDA ROS% 8.6% 7.8% 8.2% 8.0%
Condensed Balance Sheet (in thousands):
June 30, December 31,
2002 2001
--------- ---------
Unaudited
Current Assets 214,678 147,883
Current Liabilities 65,684 80,261
Working Capital 148,994 67,622
Total Debt 26,104 70,343
Stockholders' Equity 143,511 22,557
Total Assets 254,895 186,242
Revenue from Continuing Operations by Customer Type:
Three Months Ended Six Months Ended
June 30, June 30,
------------------ ----------------
2002 2001 2002 2001
---- ---- ---- ----
DoD/Intelligence Agencies 86.4% 84.5% 86.1% 84.0%
Federal Civilian Agencies 9.8% 11.9% 10.3% 11.8%
Commercial/State & Local 3.8% 3.6% 3.6% 4.2%
Total 100% 100% 100% 100%
About ManTech International Corporation: Headquartered in Fairfax, Virginia Fairfax is an independent city forming an enclave within the confines of Fairfax County, in the Commonwealth of Virginia. Although politically independent of the surrounding county, the City of Fairfax is nevertheless its county seatGR6. , ManTech International Corporation delivers a broad array of information technology and technical services solutions to U.S. federal government customers, focusing primarily on critical national defense programs for the intelligence community and Department of Defense. ManTech designs, develops, procures, implements, operates, tests and maintains mission-critical, enterprise information technology and communication systems and infrastructures for federal government customers in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and 28 countries worldwide. Additional information can be found at www.mantech.com or by calling 703/218-8200. Statements made in this press release which do not address historical facts could be interpreted to be 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. . Such statements are subject to factors that could cause actual results to differ materially from anticipated results. The factors that could cause actual results to differ materially from those anticipated include, but are not limited to the following: failure to successfully integrate Aegis Research into the company's operations or realize any accretive effects from the acquisition; changes to the tax laws relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the treatment and deductibility of goodwill or any change in tax rates; additional costs associated with compliance with the Sarbanes-Oxley Act See SOX. of 2002, any revised NASDAQ listing standards, SEC rule changes or other corporate governance Corporate Governance The relationship between all the stakeholders in a company. This includes the shareholders, directors, and management of a company, as defined by the corporate charter, bylaws, formal policy, and rule of law. issues; failure to experience continued positive defense and intelligence budget and spending trend; failure of government customers to exercise options under contracts; funding decisions of U.S. Government projects; government contract procurement The fancy word for "purchasing." The procurement department within an organization manages all the major purchases. (such as bid protest) and termination risks; competitive factors such as pricing pressures and/or competition to hire and retain employees; material changes in laws or regulations applicable to the company's businesses and other risk factors discussed in the company's Registration Statement on Form S-1, filed with the SEC on February 7, 2002 and the company's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. filed with the SEC on April 1, 2002. The statements in this press release are made as of August 13, 2002, and the Company undertakes no obligation to update any of the forward looking statements made herein, whether as a result of new information, future events, changes in expectations or otherwise. www.mantech.com |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion