ManTech International Corporation (MANT) has reported an 1.17 percent fall in profit for the quarter ended Dec. 31, 2016. The company has earned $13.73 million in the quarter, compared with $13.89 million for the same period last year. Revenue during the quarter went down marginally by 2.04 percent to $394.18 million from $402.40 million in the previous year period. Gross margin for the quarter contracted 5 basis points over the previous year period to 14.14 percent. Total expenses were 94.60 percent of quarterly revenues, up from 94.33 percent for the same period last year. That has resulted in a contraction of 26 basis points in operating margin to 5.40 percent.
Operating income for the quarter was $21.30 million, compared with $22.81 million in the previous year period.
ManTech chairman and chief executive officer George J. Pedersen said, "We remain optimistic about the budgetary environment and the prospects for continued growth. In 2016, ManTech experienced strong contract awards, revenue growth and excellent cash flow. Furthermore, the company showed year-over-year improvement on numerous metrics including growth in operating income, net income and EPS, as well as improvement in the respective margins. We also made two targeted acquisitions in the growing markets of cyber and health IT; Oceans Edge Cyber and Edaptive Systems, which enhanced our capabilities and positioning within U.S. Cyber Command and the Centers for Medicare and Medicaid Services, respectively. Together with the strong management team, dedicated and talented employees, our differentiated capabilities and the investments made over the past few years, ManTech is well positioned for success in 2017."
For fiscal year 2017, ManTech International Corporation expects revenue to be in the range of $1,625 million to $1,700 million. The company forecasts net income to be in the range of $55.50 million to $59 million. It company projects diluted earnings per share to be in the range of $1.42 to $1.51.
Operating cash flow drops significantly
ManTech International Corporation has generated cash of $95.76 million from operating activities during the year, down 37.77 percent or $58.12 million, when compared with the last year. The company has spent $72.13 million cash to meet investing activities during the year as against cash outgo of $112.75 million in the last year. It has incurred net capital expenditure of $10.39 million on net basis during the year, up 87.90 percent or $4.86 million from year ago.
The company has spent $0.01 million cash to carry out financing activities during the year as against cash outgo of $23.60 million in the last year period.
Cash and cash equivalents stood at $64.94 million as on Dec. 31, 2016, up 57.18 percent or $23.62 million from $41.31 million on Dec. 31, 2015.
Working capital increases
ManTech International Corporation has recorded an increase in the working capital over the last year. It stood at $229.66 million as at Dec. 31, 2016, up 21.34 percent or $40.38 million from $189.28 million on Dec. 31, 2015. Current ratio was at 2.20 as on Dec. 31, 2016, up from 2.05 on Dec. 31, 2015.
Days sales outstanding went up to 37 days for the quarter compared with 35 days for the same period last year.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
