Thursday, Stanley, Inc. (SXE), a provider of information technology services and solutions to U.S. government, announced that its profit for the third quarter increased from the prior year quarter.
The company recorded net income for the quarter of $11.8 million versus $9.7 million for the third quarter of last fiscal year, an increase of 22%. Earnings per share for the quarter were $0.49, compared with $0.41 for the third quarter of last fiscal year.
On average, 10 analysts polled by Thomson Reuters expected the company to report a profit of $0.47 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues for the quarter increased to $227.0 million from $203.6 million a year ago, an increase of 12%. Analysts expected revenues of $216.34 million for the quarter. Stanley's revenue growth in the third quarter of fiscal year 2010 was attributed to increased cybersecurity and IT infrastructure protection programs for the Defense Information Systems Agency ; IT support services for the U.S. Marine Corps ; military intelligence training and operations support for the U.S. Army; biometrics software development, training and support; additional task orders under the FIRST indefinite-delivery, indefinite-quantity contract; and added production and engineering services performed for the Navy's Space and Naval Warfare Systems Command.
Contract backlog at December 25, 2009, was $2.1 billion, essentially flat with contract backlog at December 26, 2008.
Net income for the first nine months of fiscal year 2010 was $34.3 million, up 28% over $26.7 million last year. Earnings per share were $1.42, compared with $1.12 in the year ago period. Nine-month revenues increased 15% to $652.9 million from $567.2 million for the same period in the prior fiscal year.
The company expects fourth-quarter revenues in the range of $215 million to $223 million. Earnings per share is expected to be in the range of $0.46 to $0.48.
Analysts expect the company to earn $0.47 per share on revenues of $220.90 million for the fourth quarter.
For fiscal 2010, the company expects revenues in the range of $868 million to $876 million. Earnings per share is expected to be in the range of $1.87 to $1.89.
Analysts anticipate the company to post earnings of $1.88 per share on revenues of $860.50 million for the full year.
SXE closed Thursday's regular trading at $27.34 down $0.75 or 2.67% on the NYSE. However, in the after hour trading the stock price increased to $27.42 up $0.08 or 0.29%.
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