Engility Reports Fourth Quarter and Full Year 2012 Results; Establishes 2013 Guidance
Engility Reports Fourth Quarter and Full Year 2012 Results; Establishes 2013
Guidance
* Fourth quarter 2012 revenue of $396 million and adjusted diluted EPS of
$0.77 exceeds guidance
* Fiscal year 2012 revenue of $1.66 billion and adjusted diluted EPS of
$4.06 exceeds guidance
* Fourth quarter funded orders of $461 million and funded backlog of $856
million increase from prior quarter
* Fourth quarter book-to-bill ratio of 1.2
* Cost reduction initiatives completed ahead of schedule
Business Wire
CHANTILLY, Va. -- March 12, 2013
Engility Holdings, Inc. (NYSE: EGL), a global provider of technical and
professional services for the U.S. Government, today announced financial
results for the fourth quarter and full year ended December 31, 2012.
Fourth Quarter 2012 Results
Total revenue for the fourth quarter was $396 million and operating income for
the quarter was $27 million. Adjusted operating income for the fourth quarter
was $28 million. Net income attributable to Engility was $41 million, or $2.38
per diluted share. Adjusted net income was $13 million, or $0.77 per diluted
share. Information about Engility’s use of non-GAAP financial information is
provided below under “Non-GAAP Measures.”
“Our fourth quarter was very solid, as we exceeded our internal top and bottom
line targets and won key IDIQ awards that will provide opportunities for 2013
and beyond,” said Tony Smeraglinolo, President and CEO of Engility. “These
achievements reflect the strength of our business model and validate that
Engility is well positioned to meet the challenges of today’s budget
constrained environment. During the fourth quarter, we also completed our
significant cost reduction initiatives ahead of schedule. This, along with the
organizational realignment we implemented on January 1^st, enhances our
competitive position in the market.”
“The federal government market remains challenging given current budget
uncertainties. Nevertheless, our long-standing success in supporting our
customers’ missions, combined with our enhanced operating efficiencies and
disruptive pricing model is differentiating us from our competition. These
characteristics also are enabling us to provide the mission critical services
our customers require at prices that can ease their budget constraints. As we
enter fiscal year 2013, we will remain focused on our pure-play services
strategy and leveraging our strong current pipeline of opportunities to
further increase shareholder value.”
Key Performance Indicators
* Funded backlog as of December 31, 2012 was $856 million, compared to $788
million as of the end of the September 2012 quarter.
* Contract funded orders in the fourth quarter of 2012 were $461 million,
representing a book-to-bill ratio of 1.2.
* Contract funded orders for the full year 2012 were $1.7 billion,
representing a book-to-bill ratio of 1.0.
* Days sales outstanding at the end of the 2012 fourth quarter were 84 days,
compared to 82 days at the end of the September 2012 quarter.
Significant Fourth Quarter 2012 Awards
Key indefinite delivery/indefinite quantity (IDIQ) awards won during the
fourth quarter of 2012, which highlight the breadth of our value-added service
offerings, include:
* A prime position on a $900 million multiple-award IDIQ contract for new
work to provide Production, Installation, and In-Service Support (PII)
services to the Space and Naval Warfare Systems Center (SPAWARSYSCEN)
Atlantic, Charleston, SC. Under this five year contract, we will provide a
wide array of services, including design, acquisition, production,
integration, testing, installation, lifecycle support, and configuration
management of certified Command, Control, Communications, Computers,
Combat Systems, Intelligence, Surveillance, and Reconnaissance (C5ISR)
capabilities.
* A prime position on a $750 million multiple-award IDIQ contract for new
work to support the Space and Naval Warfare Systems Center (SPAWARSYSCEN)
Atlantic, Charleston, S.C. Under this five year contract, we will provide
Command, Control, Communications, Computers, Intelligence, Surveillance
and Reconnaissance (C4ISR) and Information Technical (IT) expertise in
support of customers in Charleston, central Europe and other locations
outside the continental United States.
* A prime position on a $350 million multiple-award IDIQ contract for the
U.S. Agency for International Development’s (USAID) Clean Energy contract
for Non-Critical Priority Countries. Under this five year contract, we
will provide a range of critical activities, from energy sector reform to
increasing human resource capacity related to energy services and
fostering private sector participation and investment. This new work
represents an expansion of energy support services that our highly skilled
team of professionals has been providing on USAID’s behalf for the past 34
years; and
* A prime position on four domain areas of a multi-million dollar contract
to support the Joint Program Executive Office for Chemical and Biological
Defense (JPEO-CBD). The potential value of this six-domain IDIQ five year
contract is $495 million. For this new work award, we were selected to
provide services in the fields of engineering and technical support,
business and analytical assistance, information technology and logistics.
Fiscal Year 2012 Results
For fiscal year 2012, the Company reported total revenue of $1.66 billion and
a GAAP operating loss of $329 million. Fiscal year 2012 adjusted operating
income was $129 million, which excludes a total of $458 million before tax in
spin-off related transaction costs, realignment costs, legal and settlement
costs, and a non-cash goodwill impairment charge. GAAP net loss attributable
to Engility was $350 million, or $21.52 per diluted share. Excluding the above
charges, adjusted net income attributable to Engility was $67 million, or
$4.06 per diluted share. We exceeded the revenue and adjusted diluted earnings
per share guidance we issued on November 13, 2012, primarily as a result of
stronger than expected revenue, lower overall costs, and a lower than
anticipated share count. Information about Engility’s use of non-GAAP
financial information is provided below under “Non-GAAP Measures.”
2013 Outlook
Our guidance for fiscal year 2013 does not reflect the potential impact of
sequestration since it remains uncertain how the current mandated budget cuts
may be implemented. However, our guidance does reflect the challenging
environment we have experienced over the last several months leading up to the
March 1, 2013 sequester deadline. The table below summarizes our fiscal year
2013 guidance.
2013 Fiscal Year Outlook
Revenue $1.45 billion to $1.55 billion
GAAP Diluted EPS $3.25 - $3.55 *
Operating cash flow $80 million to $100 million
* 2013 GAAP diluted EPS guidance assumes a weighted-average share count of
approximately 17.5 million shares and a full year effective tax rate of 40%.
Interest expense in 2013 is expected to be approximately $22 million,
negatively impacting diluted EPS by approximately $0.38 compared to 2012.
Discontinued Operations
The Global Security Solutions business unit, which historically had been
managed by Engility under the Professional Support Services segment, was
retained by L-3 Communications Holdings, Inc. in connection with the spin-off
and is shown as discontinued operations in Engility’s financial statements.
Non-GAAP Measures
The tables under “Engility Holdings, Inc., Reconciliation of Non-GAAP
Measures” present Adjusted Operating Income, Adjusted Operating Margin,
Earnings before Interest, Taxes, Depreciation, and Amortization (EBITDA),
Adjusted EBITDA, EBITDA Margin, Adjusted EBITDA Margin, Adjusted Net Income
and Adjusted Diluted EPS, reconciled to their most directly comparable GAAP
measure. These financial measures are calculated and presented on the basis of
methodologies other than in accordance with U.S. generally accepted accounting
principles (“Non-GAAP Measures”). Engility has provided these Non-GAAP
Measures to adjust for the impact of (i) goodwill impairment, (ii)
transaction-related-spin-off costs for the Company’s July 2012 spin-off from
L-3 Communications Holdings, Inc., (iii) severance and other costs related to
the Company’s strategic realignment announced in September 2012 and (iv) legal
settlement costs. These items have been adjusted because they are not
considered core to the Company’s business or otherwise not considered
operational or because these charges are non-cash or non-recurring. The
Company presents these Non-GAAP Measures because management believes that they
are meaningful to understanding Engility’s performance during the periods
presented and the Company’s ongoing business. Non-GAAP Measures are not
prepared in accordance with GAAP and therefore are not necessarily comparable
to the financial results of other companies. These Non-GAAP Measures should be
considered a supplement to, not a substitute for, or superior to, the
corresponding financial measures calculated in accordance with GAAP.
CONFERENCE CALL INFORMATION
Engility will host a conference call at 5 P.M. ET on Tuesday, March 12, 2013,
to discuss the financial results for the fourth quarter and full year 2012.
Listeners may access a webcast of the live conference call from the Investor
Relations section of the company's website at http://www.EngilityCorp.com.
Listeners may also access a slide presentation on the website that will be
utilized during the call. Listeners should go to the website at least 15
minutes before the live event to download and install any necessary audio
software.
Listeners may also participate in the conference call by dialing (800)
901-5231 (domestic) or (617) 786-2961 (international) and entering pass code
51672805.
Approximately two hours after the conference call, a replay will be available
on the company's website. A telephonic replay will also be available for one
year at (888) 286-8010 (domestic) or 617-801-6888 (international) and entering
pass code 11907854.
ABOUT ENGILITY CORPORATION
Engility is a “pure-play” government services contractor providing
highly-skilled personnel wherever and whenever they are needed, in a cost
effective manner. Headquartered in Chantilly, Va., Engility is a leading
provider of specialized technical consulting, program and business support
services, engineering and technology lifecycle support, information technology
modernization and sustainment, supply chain services and logistics management,
and training and education for the U.S. government with approximately 7,800
employees worldwide and sales of $1.66 billion in fiscal year 2012. To learn
more about Engility, please visit www.engilitycorp.com.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995, including statements
regarding Engility’s future prospects, projected financial results, business
plans, and our strategic realignment completed in the first quarter of 2013.
Words such as “may,” “will,” “should,” “likely,” “anticipates,” “expects,”
“intends,” “plans,” “projects,” “believes,” “estimates” and similar
expressions are also used to identify these forward-looking statements. These
statements are based on the current beliefs and expectations of Engility’s
management and are subject to significant risks and uncertainties. Actual
results may differ from those set forth in the forward-looking statements.
Factors that could cause Engility’s actual results to differ materially from
those described in the forward-looking statements can be found under the
heading “Risk Factors” in the Information Statement included in our
Registration Statement on Form 10, as amended, and Quarterly Report on Form
10-Q for the quarter ended September 28, 2012, which have been filed with the
Securities and Exchange Commission (SEC) and are available on Engility’s
website (http://www.engilitycorp.com/investor-relations.html) and on the SEC’s
website (www.sec.gov). Forward-looking statements are made only as of the date
hereof, and we undertake no obligation to update or revise the forward-looking
statements, whether as a result of new information, future events or
otherwise, except as required by law. In addition, historical information
should not be considered as an indicator of future performance.
ENGILITY HOLDINGS, INC.
UNAUDITED CONSOLIDATED AND COMBINED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
Three Months Ended Twelve Months Ended
December December December 31, December
31, 31, Change 31, Change
2012
2012 2011 2011
Revenue $ 395,684 $ 427,127 $ (31,443 ) $ 1,555,310 $ 1,903,370 $ (348,060 )
Revenue from
former - 47,909 (47,909 ) 100,034 167,411 (67,377 )
affiliated
entities
Total revenue 395,684 475,036 (79,352 ) 1,655,344 2,070,781 (415,437 )
Costs and
expenses
Cost of revenue 333,641 369,685 (36,044 ) 1,315,352 1,618,421 (303,069 )
Cost of revenue
from former - 47,909 (47,909 ) 100,034 167,411 (67,377 )
affiliated
entities
Total cost of 333,641 417,594 (83,953 ) 1,415,386 1,785,832 (370,446 )
revenue
Selling,
general and 34,851 23,316 11,535 142,440 115,908 26,532
administrative
expenses
Goodwill
impairment - 76,600 (76,600 ) 426,436 76,600 349,836
charge
Total costs and 368,492 517,510 (149,018 ) 1,984,262 1,978,340 5,922
expenses
Operating 27,192 (42,474 ) 69,666 (328,918 ) 92,441 (421,359 )
income (loss)
Interest (5,830 ) - (5,830 ) (10,857 ) - (10,857 )
expense
Other income 188 (36 ) 224 136 148 (12 )
(expense), net
Income (loss)
from continuing
operations 21,550 (42,510 ) 64,060 (339,639 ) 92,589 (432,228 )
before income
taxes
Provision
(benefit) for (19,841 ) 13,978 (33,819 ) 5,156 66,562 (61,406 )
income taxes
Income (loss)
from continuing 41,391 (56,488 ) 97,879 (344,795 ) 26,027 (370,822 )
operations
Income (loss)
from
discontinued - (759 ) 759 (1,017 ) 5,735 (6,752 )
operations
before income
taxes
Provision
(benefit) for - 249 (249 ) (391 ) 2,777 (3,168 )
income taxes
Income (loss)
from
discontinued - (1,008 ) 1,008 (626 ) 2,958 (3,584 )
operations, net
of tax
Net income $ 41,391 $ (57,496 ) $ 98,887 $ (345,421 ) $ 28,985 $ (374,406 )
(loss)
Less: Net
income
attributable to 442 96 346 4,952 3,126 1,826
non-controlling
interest
Net income
(loss) $ 40,949 $ (57,592 ) $ 98,541 $ (350,373 ) $ 25,859 $ (376,232 )
attributable to
Engility
Earnings (loss)
per share
allocable to
Engility
Holdings, Inc.
common
shareholders
Basic $ 2.47 $ (3.57 ) $ 6.04 $ (21.52 ) $ 1.60 $ (23.12 )
Diluted $ 2.38 $ (3.57 ) $ 5.95 $ (21.52 ) $ 1.60 $ (23.12 )
Engility
Holdings, Inc.
weighted
average common
shares
outstanding
Basic 16,596 16,118 16,281 16,118
Diluted 17,228 16,118 16,281 16,118
ENGILITY HOLDINGS, INC.
UNAUDITED CONSOLIDATED AND COMBINED BALANCE SHEETS
(in thousands, except per share data)
December 31, 2012 December 31, 2011
Assets:
Current assets:
Cash and cash equivalents 27,021 13,688
Receivables, net 366,236 394,842
Other current assets 30,658 23,114
Income taxes 4,174 -
Total current assets 428,089 431,644
Property, plant and equipment, net 11,941 12,629
Goodwill 477,604 904,040
Identifiable intangible assets, 100,929 114,035
net
Other assets 8,887 5,473
Assets related to discontinued - 35,426
operations
Total assets $ 1,027,450 $ 1,503,247
Liabilities and Equity:
Current liabilities:
Current portion of long-term debt $ 50,250 $ -
Accounts payable, trade 20,725 53,299
Accrued employment costs 63,278 72,541
Accrued expenses 76,955 73,604
Advance payments and billings in 24,855 26,273
excess of costs incurred
Deferred income taxes, current and 10,607 26,750
income taxes payable
Other current liabilities 19,311 19,170
Total current liabilities 265,981 271,637
Long-term debt 284,750 -
Deferred income taxes - 41,636
Income tax payable 68,725 58,288
Other liabilities 19,683 29,710
Liabilities related to - 8,373
discontinued operations
Total liabilities 639,139 409,644
Commitments and contingencies
Equity:
Preferred stock, par value $0.01
per share, 25,000 shares
authorized, none issued or - -
outstanding as of December 31,
2012 and 2011.
Common stock, par value $0.01 per
share, 175,000 shares authorized,
16,703 shares issued and
outstanding as of December 31, 168 -
2012 and 0 shares issued and
outstanding as of December 31,
2011
Additional paid in capital 755,638 -
Accumulated deficit (380,438 ) -
Prior parent company investment - 1,083,237
Non-controlling interest 12,943 10,366
Total equity 388,311 1,093,603
Total liabilities and equity $ 1,027,450 $ 1,503,247
ENGILITY HOLDINGS, INC.
UNAUDITED CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS
(in thousands)
Twelve Months Ended
December 31, 2012 December 31, 2011
Operating activities:
Net income (loss) $ (345,421 ) $ 28,985
Less: net income (loss) from (626 ) 2,958
discontinued operations
Income (loss) from continuing $ (344,795 ) $ 26,027
operations
Goodwill impairment charge 426,436 76,600
Share-based compensation 7,487 -
Depreciation and amortization 18,001 22,594
Deferred income tax benefit (63,375 ) (20,814 )
Losses on asset retirements 71 -
Changes in operating assets and
liabilities
Receivables 28,606 45,159
Other assets (193 ) 7,400
Accounts payable, trade (32,574 ) (4,070 )
Accrued employment costs (9,263 ) (16,609 )
Accrued expenses 3,351 2,109
Advance payments and billings in (1,418 ) 9,335
excess of costs incurred
Other liabilities (128 ) 12,700
Net cash provided by operating $ 32,206 $ 160,431
activities
Investing activities:
Capital expenditures (2,164 ) (4,795 )
Proceeds from sale of property, 680 -
plant, and equipment
Other investing activities - 1,000
Net cash used in investing $ (1,484 ) $ (3,795 )
activities
Financing activities:
Borrowings from issuance of 335,000 -
long-term debt
Dividend paid to prior parent (335,000 ) -
Borrowings from revolving credit 30,690 -
facility
Repayments of revolving credit (30,690 ) -
facility
Debt issuance costs (11,005 ) -
Proceeds from share-based payment 1,225 -
arrangements
Net transfers to prior parent (5,235 ) (161,800 )
Distributions to non-controlling (2,374 ) (1,546 )
interest member
Other financing activities - 300
Net cash used in financing $ (17,389 ) $ (163,046 )
activities
Discontinued Operations:
Net cash provided by operating 25,952 4,023
activities
Net cash provided by (used in) (25,974 ) 535
financing activities
Cash balance of discontinued 22 (22 )
operations
Net cash provided by discontinued $ - $ 4,536
operations
Net increase (decrease) in cash $ 13,333 $ (1,874 )
and cash equivalents
Cash and cash equivalents, $ 13,688 $ 15,562
beginning of period
Cash and cash equivalents, end of $ 27,021 $ 13,688
period
Supplemental information
Taxes paid $ 15,973 $ -
Interest paid $ 9,167 $ -
ENGILITY HOLDINGS, INC.
RECONCILIATION OF NON-GAAP MEASURES
The following tables set forth a reconciliation of each of these Non-GAAP
Measures to the most directly comparable GAAP measure for the periods
presented (in thousands, except for ratio and per share amounts).
ENGILITY HOLDINGS, INC.
Adjusted Operating Income and Adjusted Operating Margin
(dollars in thousands)
Three Months Ended Twelve Months Ended
December 31, December December 31, December
2012 31, 2011 2012 31, 2011
Operating
income $ 27,192 $ (42,474 ) $ (328,918 ) $ 92,441
(loss)
Adjustments
Goodwill
impairment - 76,600 426,436 76,600
charge
Transaction
related - 5,400 17,300 9,100
spin-off
costs
Realignment 662 - 8,222 -
costs
Legal and
settlement 272 - 5,552 -
cost
934 82,000 457,510 85,700
Adjusted
operating $ 28,126 $ 39,526 $ 128,592 $ 178,141
income
Operating 6.9 % -8.9 % -19.9 % 4.5 %
margin
Adjusted
operating 7.1 % 8.3 % 7.8 % 8.6 %
margin
ENGILITY HOLDINGS, INC.
Adjusted Earnings Per Share
(in thousands except per share data)
Three Months Ended Twelve Months Ended
December December December 31, December
31, 2012 31, 2011 2012 31, 2011
Adjusted
operating $ 28,126 $ 39,526 $ 128,592 $ 178,141
income
Other items
Interest (5,830 ) - (10,857 ) -
expense
Other income 188 (36 ) 136 148
Income (loss)
from - (1,008 ) (626 ) 2,958
discontinued
operations
Net income
attributable to (442 ) (96 ) (4,952 ) (3,126 )
non-controlling
interest
Adjusted net
income before $ 22,042 $ 38,386 $ 112,293 $ 178,121
provision for
income taxes
Estimated
provision for 8,817 15,354 44,917 71,248
taxes (1)
Adjusted net $ 13,225 $ 23,032 $ 67,376 $ 106,873
income
GAAP Earnings
per share
Net income
(loss) $ 40,949 $ (57,592 ) $ (350,373 ) $ 25,859
attributable to
Engility
Earnings (loss)
per share
allocable to
Engility
Holdings, Inc.
common
shareholders
Basic $ 2.47 $ (3.57 ) $ (21.52 ) $ 1.60
Diluted $ 2.38 $ (3.57 ) $ (21.52 ) $ 1.60
Engility
Holdings, Inc.
weighted
average common
shares
outstanding
Basic 16,596 16,118 16,281 16,118
Diluted 17,228 16,118 16,281 16,118
Adjusted
earnings per
share
Basic $ 0.80 $ 1.43 $ 4.14 $ 6.63
Diluted $ 0.77 $ 1.43 $ 4.06 $ 6.63
Weighted
averages shares
outstanding
Basic 16,596 16,118 16,281 16,118
Diluted 17,228 16,118 16,577 16,118
(1) The estimated provision for taxes assumes a 40% tax rate.
ENGILITY HOLDINGS, INC.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) and
Adjusted EBITDA
(dollars in thousands)
Three Months Ended Twelve Months Ended
December December December 31, December
31, 2012 31, 2011 2012 31, 2011
Income from
continuing $ 41,391 $ (56,488 ) $ (344,795 ) $ 26,027
operations
Interest,
taxes,
depreciation,
and
amortization
Interest 5,830 - 10,857 -
expense
Provision
(benefit) for (19,841 ) 13,978 5,156 66,562
income taxes
Depreciation
and 5,158 5,103 18,001 22,594
amortization
EBITDA $ 32,538 $ (37,407 ) $ (310,781 ) $ 115,183
Adjustments
to EBITDA
Goodwill
Impairment - 76,600 426,436 76,600
charge
Transaction
related - 5,400 17,300 9,100
spin-off
costs
Realignment 662 - 8,222 -
costs
Legal and
settlement 272 - 5,552 -
costs
934 82,000 457,510 85,700
Adjusted $ 33,472 $ 44,593 $ 146,729 $ 200,883
EBITDA
EBITDA Margin 8.2 % -7.9 % -18.8 % 5.6 %
Adjusted 8.5 % 9.4 % 8.9 % 9.7 %
EBITDA Margin
ENGILITY HOLDINGS, INC.
Segment Information
(in thousands)
Three Months Ended December Year Ended December 31,
31,
2012 2011 2012 2011
Revenue
Professional $ 212,438 $ 264,943 $ 905,320 $ 1,102,430
Support Services
Mission Support 193,000 212,408 772,928 978,106
Services
Elimination of
intercompany (9,754 ) (2,315 ) (22,904 ) (9,755 )
revenue
Total $ 395,684 $ 475,036 $ 1,655,344 $ 2,070,781
Operating income
Professional $ 8,438 $ 23,768 $ (331,550 ) $ 90,461
Support Services
Mission Support 12,870 (60,842 ) 26,837 11,081
Services
Elimination of
intercompany
income and 5,884 (5,400 ) (24,205 ) (9,101 )
corporate
allocations
Segment total $ 27,192 $ (42,474 ) $ (328,918 ) $ 92,441
Spin-off-related
transaction,
costs, goodwill, 934 82,000 457,510 85,700
realignment, and
legal and
settlement costs
Total $ 28,126 $ 39,526 $ 128,592 $ 178,141
ENGILITY HOLDINGS, INC.
Revision to Costs and Expenses
(in thousands)
For the For the
Three Twelve
Month Month
Period Period
For the Three Month Period For the Three Month Period For the Three Month Period
Ending March 30, 2012 Ending June 29, 2012 Ending September 28, 2012 Ending Ending
December December
31, 31,
2012 2012
Reported Adjustment Revised Reported Adjustment Revised Reported Adjustment Revised Actual Actual
Costs and
expenses
Cost of 326,666 (2,498 ) 324,168 307,674 (2,195 ) 305,479 354,147 (2,084 ) 352,063 333,642 1,315,352
revenue
Cost of
revenue from 48,733 - 48,733 46,413 - 46,413 4,888 - 4,888 - 100,034
affiliated
entities
Total cost of 375,399 (2,498 ) 372,901 354,087 (2,195 ) 351,892 359,035 (2,084 ) 356,951 333,642 1,415,386
revenue
Selling,
general and 30,729 2,498 33,227 33,471 2,195 35,666 36,612 2,084 38,696 34,851 142,440
administrative
expenses
Goodwill
impairment - - - - - - 426,436 - 426,436 - 426,436
charge
Total costs 406,128 2,498 406,128 387,558 2,195 387,558 822,083 2,084 822,083 368,493 1,984,262
and expenses
Impact of the
revision on - - - - - - - - - - -
cost and
expenses
Note - During the process of finalizing the year end financial statements, the
Company determined during the first three quarters of 2012 we improperly
classified certain amounts in cost of revenue that were selling, general and
administrative in nature. We have assessed the impact of the adjustments on
the statements of operations and determined that the periods were not
materially misstated. These changes did not impact the balance sheet or
statements of cash flows. All periods presented in this release have been
revised to reflect this correction.
Contact:
Engility Holdings, Inc.
Corporate Communications and Media:
Eric Ruff, 703-375-6463
eric.ruff@engilitycorp.com
or
Investor Relations:
Dave Spille, 703-375-4221
dave.spille@engilitycorp.com
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