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GTEC Reports Full Year and Fourth Quarter 2010 Financial Results

MCLEAN, Va. Feb. 24, 2011 Global Defense Technology & Systems, Inc . mission-critical

http://photos.prnewswire.com/prnh/20110214/MM48186LOGO

Full Year and Fourth Quarter 2010 Results – Strong Profitability in Fourth Quarter

$232.7 million $212.8 million $105.6 million $127.1 million $24.1 million $9.7 million $1.6 million $14.4 million $0.96

$82.2 million $55.8 million December 18, 2009 December 31, 2009 $31.3 million $50.9 million $28 million

$8.8 million $2.1 million $0.4 million $6.7 million $0.39

John Hillen

Business Highlights – Contract Awards Momentum

$307 million

  • $47 million
  • $48 million
  • $50 million
  • $63 million
  • $30 billion $99 million

$3 billion $900 million

Contract Backlog – Significant Growth in 2010 Aids 2011 Visibility

December 31, 2010 $791 million $162 million December 31, 2009

Balance Sheet Metrics – 2011 Cash Collections Off to a Strong Start

December 31, 2010 $0.6 million $79.6 million $29 million

Completion of Zytel and SGS Acquisitions in Fourth Quarter 2010 – Immediately Accretive

October 1, 2010 $26.8 million $18 million Maryland

December 18, 2010 $52.5 million Herndon, Virginia $37 million Northern Virginia Maryland

$100 million $140 million

December 10, 2010 $100 million December 10, 2013 $40 million $50 million February 2010

Forward Guidance – Solid Organic Growth Outlook

GTEC’s first quarter 2011 and full year 2011 guidance is summarized in the table below. GTEC’s guidance does not include the assumption of any future acquisitions.

Joseph Cormier

1st Quarter 2011

Full Year 2011

Revenue

$80 – $83 million

$315 – $325 million

Diluted EPS

$0.31 – $0.33

$1.23 – $1.33

Weighted Average Shares Outstanding – Diluted

9.23 million

9.27 million

Other Key Guidance Assumptions

  • $175 million $140 million
  • TIS 2011 segment margin of at least 11% and FMMS segment margin of 10%
  • $4.5 million
  • $3.15 million
  • Tax rate of 40.0% for full year 2011

Conference Call

5:00 p.m. ET www.gtec-inc.com.

8:00 p.m. ET midnight ET March 10, 2011 Investor Relations

About Global Defense Technology & Systems, Inc.

www.gtec-inc.com.  

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this announcement other than historical data and information constitute forward-looking statements that involve risks and uncertainties. A number of factors could cause our actual results, performance, achievements or industry results to differ materially from the results, performance or achievements expressed or implied by such forward-looking statements. Some of these factors include, but are not limited to, the risk factors set forth in Global Defense Technology & Systems, Inc.’s (GTEC) Annual Report on Form 10-K, and such other filings that GTEC makes with the Securities and Exchange Commission from time to time. Due to such uncertainties and risks, readers are cautioned not to place undue reliance on such forward-looking statements.  All forward-looking statements speak only as of the date hereof and GTEC undertakes no obligation to update such forward-looking statements in the future except as required by law.

Investor Relations:

Joseph Cormier

t: +1.703.883.2771

e: [email protected]

Media Contact :

Lauren Peduzzi

t:  +1.703.738.2861

e: [email protected]

GLOBAL DEFENSE TECHNOLOGY & SYSTEMS, INC.

CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

(in thousands, except share and per share amounts)

As of December 31,

2010

2009

Assets

Current assets

Cash and cash equivalents

$        566

$            7

Accounts receivable, net

85,769

50,691

Due from affiliates

501

1,109

Prepaid expenses and other current assets

1,250

1,238

Deferred tax assets

552

324

Income taxes receivable

3,543

Total current assets

88,638

56,912

Property and equipment, net

3,917

3,441

Intangible assets, net

31,215

21,268

Goodwill  

83,593

24,373

Deferred tax assets

4,406

6,295

Indemnification asset

1,686

Other assets

808

222

Total assets

$ 214,263

$ 112,511

Liabilities and Stockholders’ Equity

Current liabilities

Accounts payable

$   25,192

$   13,040

Accrued expenses

10,836

9,521

Advance payments on contracts

515

517

Income taxes payable

419

Interest rate swap liability

106

Total current liabilities

36,962

23,184

Deferred rent

307

289

Uncertain tax position

1,686

Bank loans, net of current

79,605

3,686

Total liabilities

118,560

27,159

Stockholders’ Equity

Common stock, par value $0.01 per share, 90,000,000 shares
  authorized and 9,146,812 and 9,051,812 shares issued and
  outstanding, respectively

91

91

Additional paid-in capital

89,776

88,178

Retained earnings (accumulated deficit)

5,836

(2,917)

Total stockholders’ equity

95,703

85,352

Total liabilities and stockholders’ equity

$ 214,263

$ 112,511

GLOBAL DEFENSE TECHNOLOGY & SYSTEMS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

(in thousands, except share and per share amounts)

Three Months Ended December 31,

Year Ended December 31,

2010

2009

2010

2009

Revenue

Products

$   50,916

$   30,330

$ 127,078

$     122,457

Services

31,259

25,447

105,591

90,388

Total revenue

82,175

55,777

232,669

212,845

Operating costs and expenses

Cost of revenue – products

43,237

24,693

104,764

100,165

Cost of revenue – services

25,624

21,396

88,042

75,066

Selling, general and administrative expenses

5,753

9,510

21,726

24,861

Amortization of intangible assets

904

2,089

3,754

8,356

Total operating costs and expenses

75,518

57,688

218,286

208,448

Operating income (loss)

6,657

(1,911)

14,383

4,397

Other income (expense)

Interest income

1

1

12

7

Interest expense

(376)

(355)

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