At the end of the period, Anteon had increased its cash position to $9.41m from $4.27m at the end of January 2002. Revenue was boosted by an additional $4m worth of business for war accelerated systems and services that it had expected to receive in the second quarter.
At the same time, the company announced that CFO Carlton Crenshaw would be retiring after seven years in the position, to be replaced by Charles Ream, former senior VO and CFO of Newport News Shipbuilding.
Anteon said it had signed $458m worth of new business during the first quarter, and had a backlog of contracts worth $1.1bn. Among major projects signed were a $82m contract with the US Navy to provide it with training, systems integration and transformation programs; a $55m project with the US Navy Aegis Combat System Integration Program; two US Army contracts worth $18m to support combat training systems in Kuwait and Afghanistan; and a $220m project with several Department of Defense organizations for engineering, logistics and IT services.
Last month, Anteon announced its intention to acquire defense contractor Information Spectrum Inc for $90.7m in cash. ISI employs 1,200 people and made revenue of $130.5m in its last fiscal year to November 2002. As a result, Anteon increased projections for full-year 2003 to between $1.02bn and $1.037bn, based on ISI providing additional revenue of between $73m and $76m in the second half of 2003. For the second quarter, Anteon expects revenue to grow to between $234m and $241m, based on additional revenue from ISI of between $6m and $11m in the quarter.
Source: Computerwire
