ATS Corporation Announces Financial Results for the Second Quarter Ended June 30, 2011
MCLEAN, Va. July 25, 2011
- $23.1 million
- $3.2 million
- $2.6 million $1.6 million
- $0.07
- $271.1 million
- $7.9 million June 30, 2011
- June 30, 2011
June 30, 2011
Second Quarter Results
$23.1 million $6.1 million $29.2 million $2.1 million $1.9 million $3.7 million $18.7 million $330,000 $2.5 million
$2.6 million $1.6 million $0.07 $2.2 million $1.1 million $0.05 $3.2 million $2.8 million
June 30, 2011 $271.1 million $31.1 million $236.1 million December 31, 2010 $202.1 million June 30, 2010
June 30, 2011 $7.9 million $60.8 million
January 7, 2011
Six-Month Results
$47.9 million $11.8 million $59.8 million $3.1 million $4.3 million $8.4 million $38.1 million $268,000 $5.6 million
$2.9 million $1.7 million $0.08 $4.3 million $2.2 million $0.10 $4.2 million $5.4 million $6.0 million $5.5 million
Second Quarter Highlights and Management Comments
$72.1 million
- $46 million
- $30 million $20.4 million
John Hassoun $271 million June 30, 2010 $6.1 million $3.7 million $72 million
Pamela Little March 31
Conference Call
Monday, July 25, 2011 5:00 p.m. ET www.atsc.com )
About ATS Corporation
McLean, Virginia
February 17, 2011 July 25, 2011 July 25, 2011
(1) EBITDA is a non-GAAP measure that is defined as GAAP net income plus other expense, interest expense, income taxes, depreciation and amortization. We have provided EBITDA because we believe it is a commonly used measure of financial performance in comparable companies and is provided to help investors evaluate companies on a consistent basis, as well as to enhance an understanding of our operating results. EBITDA is not a recognized term under U.S. GAAP and does not purport to be an alternative to net income as a measure of operating performance or the cash flows from operating activities as a measure of liquidity. Please refer to the table following the Consolidated Statements of Income in this release which reconciles GAAP net income to EBITDA.
(2) Adjusted EBITDA is defined as EBITDA adjusted (i) in 2010 for one-time other income from the adjustment of seller notes associated with the acquisition of Number Six Software and (ii) in 2011 for expenses related to severance and the Company’s strategic evaluation, neither of which are expected to be reflected in the ongoing performance of ATSC. Please refer to the table following the Consolidated Statements of Income in this release which reconciles GAAP net income to adjusted EBITDA.
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ATS Corporation Consolidated Statements of Income (unaudited) |
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Three Months Ended June 30, |
Six Months Ended June 30, |
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2011 (unaudited) |
2010 (unaudited) |
2011 (unaudited) |
2010 (unaudited) |
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|
Revenue |
$ |
23,104,756 |
$ |
29,246,328 |
$ |
47,933,582 |
$ |
59,758,311 |
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|
Operating costs and expenses |
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|
Direct costs |
16,050,520 |
20,503,390 |
33,953,487 |
41,919,002 |
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|
Selling, general and administrative expenses |
3,870,097 |
5,908,910 |
9,795,865 |
12,312,131 |
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|
Depreciation and amortization |
629,994 |
636,332 |
1,268,462 |
1,277,169 |
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|
Total operating costs and expenses |
20,550,611 |
27,048,632 |
45,017,814 |
55,508,302 |
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|
Operating income |
2,554,145 |
2,197,696 |
2,915,768 |
4,250,009 |
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Other (expense) income |
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Interest, net |
(53,381) |
(356,887) |
(118,045) |
(1,178,042) |
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|
Other income |
— |
3,892 |
— |
503,892 |
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|
Income before income taxes |
2,500,764 |
1,844,701 |
2,797,723 |
3,575,859 |
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|
Income tax expense |
946,012 |
707,675 |
1,060,875 |
1,332,265 |
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|
Net income |
$ |
1,554,752 |
$ |
1,137,026 |
$ |
1,736,848 |
$ |
2,243,594 |
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|
Weighted average number of shares outstanding |
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|
–basic |
22,894,660 |
22,472,993 |
22,829,843 |
22,504,568 |
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|
–diluted |
23,129,005 |
22,590,473 |
23,041,956 |
22,617,016 |
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Net income per share |
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|
–basic |
$ |
0.07 |
$ |
0.05 |
$ |
0.08 |
$ |
0.10 |
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|
–diluted |
$ |
0.07 |
$ |
0.05 |
$ |
0.08 |
$ |
0.10 |
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Reconciliation of GAAP Net Income to EBITDA (1) and Adjusted EBITDA (2) |
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|
Net income |
$ |
1,554,752 |
$ |
1,137,026 |
$ |
1,736,848 |
$ |
2,243,594 |
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Adjustments |
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|
Depreciation and amortization |
629,994 |
636,332 |
1,268,462 |
1,277,169 |
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|
Interest |
53,381 |
356,887 |
118,045 |
1,178,042 |
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Taxes |
946,012 |
707,675 |
1,060,875 |
1,332,265 |
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EBITDA (1) |
3,184,139 |
2,837,920 |
4,184,230 |
6,031,070 |
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Net Settlements |
— |
— |
— |
(495,000) |
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Severance |
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