ManTech International Corporation
) recently disclosed its intention to continue its hiring spree
in 2013, despite a 10.1% year-over-year decrease in revenue in
2012. The company intends to increase its employee strength
mostly in the cybersecurity and technical services divisions as
it anticipates a turnaround in fortunes in the current year with
solid revenue growth based on current programs.
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In Jun 2012, the company had won a $2.85 billion contract as
Contractor Logistics Sustainment and Support from the U.S. Army.
This has reportedly led to an addition of 500 employees in 2012
and is likely to further add 200 more in 2013. ManTech also won a
contract for the Army's Strategic Services Sourcing procurement
program, for which it would require additional workforce.
In fourth quarter 2012, ManTech received a three-year, $72
million contract for Naval Air Systems Command Warfare Modeling,
Simulation, and Analysis Support, whereby it would continue to
support the Warfare Analysis and Integration Department of the
Naval Air Systems Command.
Contract awards (bookings) aggregated $222 million in fourth
quarter 2012, representing a book-to-bill ratio of 0.4. For full
year 2012, contract awards totaled a record $4.8 billion for a
book-to-bill ratio of 1.9. With a significant number of awards,
the company had a healthy backlog of business worth $6.5 billion
by the end of the year. At year-end 2012, the company had $135
million in cash and cash equivalents, up from $114 million in the
With strong liquidity position and robust business backlogs,
ManTech is poised to register solid revenue growth in 2013. The
company envisages continuous recruitment initiatives to fulfill
its order backlogs. We also remain encouraged by the positive
developments in the industry.
However, the company needs to be wary of significant competition
from other players in the industry such as
Lionbridge Technologies Inc.
) that carries a Zacks Rank #1 (Strong Buy), and
Computer Sciences Corporation
) - each carrying a Zacks Rank #2 (Buy). ManTech presently
carries a Zacks Rank #5 (Strong Sell).