Engility Reports Fourth Quarter and Full Year 2013 Results; Establishes 2014 Guidance

  Engility Reports Fourth Quarter and Full Year 2013 Results; Establishes 2014
  Guidance

  *Fourth quarter revenue of $329 million and adjusted diluted EPS of $1.00
  *Adjusted operating margin increases to 9.3% from 8.9% in the prior quarter
  *Fourth quarter 2013 cash flow from operations of $41 million and $151
    million for fiscal year 2013
  *Fourth quarter 2013 book-to-bill ratio of 1.1

Business Wire

CHANTILLY, Va. -- March 13, 2014

Engility Holdings, Inc. (NYSE: EGL) today announced financial results for the
fourth quarter and full year ended December 31, 2013.

Fourth Quarter 2013 Results

Total revenue for the fourth quarter of 2013 was $329 million and operating
income was $19 million. Adjusted operating income for the fourth quarter was
$31 million. Operating margin for the fourth quarter of 2013 was 5.7% and
adjusted operating margin for the same period was 9.3%. Net income
attributable to Engility was $11 million, or $0.60 per diluted share. Adjusted
net income was $18 million, or $1.00 per diluted share. Our adjusted net
income and operating margin excludes $8 million for restructuring costs
primarily related to lease impairments on facilities which are not being
utilized, $1 million of legal and settlement costs, $2 million for a
non-income tax expense, and $1 million in acquisition-related costs.
Information about our use of non-GAAP financial information is provided below
under “Non-GAAP Measures”.

“We had another solid quarter of profitability and cash flow. Our focus on
increasing our profitability and velocity of cash enabled us to achieve
adjusted EPS and cash flow results that were consistent with our guidance,”
said Tony Smeraglinolo, President and CEO of Engility. “Our ability to
generate strong cash flow also facilitated our acquisition of Dynamics
Research Corporation (DRC) in January 2014. This acquisition adds scale to our
business, and expands our addressable markets, customer base and capabilities.
It also further diversifies our portfolio away from in-theater efforts to more
high-end services in areas such as high performance computing, healthcare IT
and financial and regulatory reform. In addition, it is expected to be
accretive to our 2014 earnings and significantly accretive to 2015 earnings
and beyond.”

“2013 was a year of great uncertainty within the government services market,
and we anticipate continued pressure on the Department of Defense and Federal
civilian agency budgets. However, we are optimistic that the Federal
government’s ability to pass the Bipartisan Budget Act of 2013, which sets
fiscal years 2014 and 2015 spending targets for DoD and Federal civilian
agencies, will provide our customers with the fiscal clarity and program
stability they need to make more timely and cost effective purchasing
decisions. We will continue to focus on what we can control to ensure we
optimize our business model to further differentiate ourselves from our
competitors and provide maximum value to our customers and shareholders.”

Key Performance Indicators

  *Funded backlog at the end of the 2013 fourth quarter was $602 million,
    compared to $574 million at the end of the third quarter of 2013.
  *Contract funded orders in the fourth quarter of 2013 were $357 million,
    representing a book-to-bill ratio of 1.1. This compares to contract funded
    orders of $263 million, or a book-to-bill ratio of 0.8, for the third
    quarter of 2013.
  *Days sales outstanding (DSO), net of advanced payments, at the end of the
    2013 fourth quarter was 73 days, compared to 77 days at the end of the
    third quarter of 2013.
  *Cash flow from operations was $41 million for the fourth quarter of 2013
    and $151 million for fiscal year 2013.
  *Our net debt to trailing 12-month adjusted EBITDA leverage ratio was
    approximately 1.2 times as of December 31, 2013 (prior to the closing of
    the DRC acquisition).

Significant Fourth Quarter 2013 Awards and Other Highlights

  *Awarded a prime position on a $4 billion multi-award contract by the
    Defense Threat Reduction Agency (DTRA) to provide technology and
    engineering services to support research and development for combating
    weapons of mass destruction. Under this ten-year contract (five base years
    plus five option years), we will provide a range of work, including
    systems engineering, systems survivability, and weapons of mass
    destruction medical counter measures and physical counter measures. We
    also will provide technical nuclear forensics, nuclear detection, standoff
    detection, treaty and verification technologies and nuclear sensor
    platforms.
  *Awarded a $142 million option year to provide professional, financial and
    legal support to the Department of Justice’s (DOJ) Asset Forfeiture
    Program. This contract was awarded to Forfeiture Support Associates (FSA)
    LLC, a joint venture Engility has with AECOM Government Services Group.
    Under this single-award IDIQ contract, we provide analytical, legal and
    other program and business support services at various DOJ offices that
    are responsible for the administration of Federal Asset Forfeiture
    programs.
  *Awarded a prime position on a $50 million multi-award contract to provide
    a range of engineering and technology support for U.S. Navy anti-submarine
    warfare (ASW) sensor systems. Under this new contract, which was awarded
    by the Naval Air Warfare Aircraft Division based in Patuxent River, MD, we
    will provide technical and scientific research, development, integration,
    analysis, assessment, and test and evaluation of ASW sensor systems. Tasks
    will include work on manned and unmanned platform avionics and sensors
    overseen by the Acoustics Systems Division and the Electro-Optics and
    Special Mission Systems Division.
  *Awarded a $29.6 million single-award contract to provide engineering and
    technology support to the U.S. Navy’s Aircraft Launch and Recovery
    Equipment (ALRE) program. This new contract, which was awarded by the
    Naval Air Warfare Aircraft Division based in Lakehurst, NJ, will
    accommodate incumbent work from other contract vehicles and is also
    expected to create opportunities for additional work. This contract has a
    base period of approximately $9.8 million and two options years that, if
    exercised, will total $29.6 million.
  *Engility was ranked among the top 100 Military Friendly Employers by
    Victory Media, publisher of G.I. Jobs and Military Spouse magazines. This
    designation was based upon a data-driven survey of more than 5,000
    companies and assesses a company's long-term commitment to hiring former
    military personnel, as well as having the presence of special military
    recruitment programs, among other items.

Fiscal Year 2013 Results

For fiscal year 2013, total revenue was $1.4 billion and operating income was
$108 million. Adjusted operating income for fiscal year 2013 was $123 million.
Operating margin for the 2013 full year was 7.7% and adjusted operating margin
for the same period was 8.7%. Net income attributable to Engility was $50
million, or $2.81 per diluted share. Adjusted net income was $61 million, or
$3.45 per diluted share. Our adjusted net income and operating margin excludes
$8 million for restructuring costs primarily related to lease impairments on
facilities which are not being utilized, $4 million of legal and settlement
costs, $2 million for a non-income tax expense, and $1 million in
acquisition-related costs. Information about our use of non-GAAP financial
information is provided below under “Non-GAAP Measures”.

2014 Outlook

The table below summarizes our fiscal year 2014 guidance.

                               
                               2014 Fiscal Year Outlook
Revenue                         $1.45 billion - $1.55 billion
Adjusted Diluted EPS ^(1) ^(2)   $2.70 - $3.20
GAAP Diluted EPS ^(1)            $2.24 - $2.70
Operating cash flow             $95 million - $105 million
                                 

^(1) 2014 GAAP and adjusted diluted EPS guidance assumes weighted-average
outstanding shares of approximately 18.4 million and a full year effective tax
rate of 39.0%. It also includes eleven months of DRC’s expected financial
results since the acquisition closed on January 31, 2014.

^(2) Our adjusted diluted EPS guidance excludes an estimated $5.8 million, or
$0.19 per share, of additional amortization of intangible asset expenses, and
approximately $8.0 to $9.0 million, or $0.27 to $0.30 per share, of estimated
integration costs associated with the DRC acquisition.

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, Adjusted Diluted
EPS and Adjusted Diluted EPS Guidance, 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
charge during 2012, (ii) transaction-related-spin-off costs for the Company’s
July 2012 spin-off from L-3 Communications Holdings, Inc., (iii) realignment
and restructuring costs, (iv) legal and settlement costs, (v) non-income tax
related expenses, (vi) transaction costs and amortization expenses related to
our acquisition of Dynamics Research Corporation, and (vii) the write-off of
bank debt fees associated with the refinancing of our senior secured credit
facility. 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 March 13, 2014, to
discuss the financial results for the fourth quarter and full year 2013.

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 which summarizes
our 2013 fourth quarter and full year results. Listeners should go to the
website at least 15 minutes before the live event to download and install any
necessary audio software.

Listeners also may participate in the conference call by dialing (877)
546-5019 (domestic) or (857) 244-7551 (international) and entering pass code
81293360.

A replay will be available on the company's website approximately two hours
after the conference call and continuing for one year. A telephonic replay
also will be available through March 20, 2014 at (888) 286-8010 (domestic) or
(617) 801-6888 (international) and entering pass code 58982744.

ABOUT ENGILITY CORPORATION

Engility is a pure-play government services contractor providing highly
skilled personnel wherever, whenever they are needed in a cost-effective
manner. Headquartered in Chantilly, Virginia, 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. 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, estimated
integration costs and acquisition related amortization expenses, and business
plans.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” included in our Annual Report on Form 10-K
for the year ended December 31, 2012, and our more recent periodic reports,
which have been filed with the Securities and Exchange Commission (SEC) and
are available on the investor relations section of Engility’s website
(http://www.engilitycorp.com) 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.
CONSOLIDATED AND COMBINED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
                                                                                                      
                 Three Months Ended                        Year Ended
                 December 31,                              December 31,
                 2013        2012         Change        2013          2012           Change
Revenue          $ 329,063     $ 395,684     $ (66,621 )   $ 1,407,372     $ 1,555,310     $ (147,938 )
Revenue from
former            —            —            —            —              100,034        (100,034 )
affiliated
entities
Total revenue      329,063       395,684       (66,621 )     1,407,372       1,655,344       (247,972 )
Costs and
expenses
Cost of            281,707       333,641       (51,934 )     1,214,581       1,315,352       (100,771 )
revenue
Cost of
revenue from
former            —            —            —            —              100,034        (100,034 )
affiliated
entities
Total cost of      281,707       333,641       (51,934 )     1,214,581       1,415,386       (200,805 )
revenue
Selling,
general and        28,501        34,851        (6,350  )     84,635          142,440         (57,805  )
administrative
expenses
Goodwill
impairment        —            —            —            —              426,436        (426,436 )
charge
Total costs       310,208      368,492      (58,284 )    1,299,216      1,984,262      (685,046 )
and expenses
Operating          18,855        27,192        (8,337  )     108,156         (328,918  )     437,074
income (loss)
Interest           2,549         5,830         (3,281  )     21,648          10,857          10,791
expense, net
Other income,     527          188          339          793            136            657
net
Income (loss)
from
continuing         16,833        21,550        (4,717  )     87,301          (339,639  )     426,940
operations
before income
taxes
Provision for     5,240        (19,841 )    (25,081 )    32,584         5,156          27,428
income taxes
Income (loss)
from               11,593        41,391        (29,798 )     54,717          (344,795  )     399,512
continuing
operations
Loss from
discontinued
operations         —             —             —             —               (1,017    )     1,017
before income
taxes
Benefit for       —            —            —            —              (391      )    391
income taxes
Loss from
discontinued      —            —            —            —              (626      )    626
operations
Net income       $ 11,593      $ 41,391      $ (29,798 )   $ 54,717        $ (345,421  )   $ 400,138
(loss)
Less: Net
income
attributable      914          442          472          5,190          4,952          238
to
noncontrolling
interest
Net income
(loss)           $ 10,679      $ 40,949      $ (30,270 )   $ 49,527        $ (350,373  )   $ 399,900
attributable
to Engility
Earnings
(loss) per
share
allocable to
Engility
Holdings, Inc.
common
shareholders –
Basic
Net income
(loss) per
share from
continuing       $ 0.63        $ 2.47        $ (1.84   )   $ 2.94          $ (21.48    )   $ 24.42
operations
less
noncontrolling
interest
Net income
(loss) per
share from         —             —             —             —               (0.04     )     0.04
discontinued
operations
Net income
(loss) per
share            $ 0.63        $ 2.47        $ (1.84   )   $ 2.94          $ (21.52    )   $ 24.46
attributable
to Engility
Earnings
(loss) per
share
allocable to
Engility
Holdings, Inc.
common
shareholders –
Diluted
Net income
(loss) per
share from
continuing       $ 0.60        $ 2.38        $ (1.78   )   $ 2.81          $ (21.48    )   $ 24.29
operations
less
noncontrolling
interest
Net income
(loss) per
share from         —             —             —             —               (0.04     )     0.04
discontinued
operations
Net income
(loss) per
share            $ 0.60        $ 2.38        $ (1.78   )   $ 2.81          $ (21.52    )   $ 24.33
attributable
to Engility
Weighted
average number
of shares
outstanding
Basic              16,928        16,596                      16,873          16,281
Diluted            17,835        17,228                      17,653          16,281

                                                
ENGILITY HOLDINGS, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands)
                                                                             
                                                 December 31,
                                                  2013          2012
ASSETS
Current assets:
Cash and cash equivalents                         $ 29,003       $ 27,021
Receivables, net                                    286,272        366,236
Other current assets                               25,892        34,832
Total current assets                                341,167        428,089
                                                                             
Property, plant and equipment, net                  11,895         11,941
Goodwill                                            477,604        477,604
Identifiable intangible assets, net                 92,205         100,929
Other assets                                       7,183         8,887
Total assets                                      $ 930,054      $ 1,027,450
                                                                             
LIABILITIES AND EQUITY
Current liabilities:
Current portion of long-term debt                 $ 10,000       $ 50,250
Accounts payable, trade                             28,286         16,861
Accrued employment costs                            49,582         63,278
Accrued expenses                                    63,843         77,457
Advance payments and billings in excess of          19,087         27,530
costs incurred
Deferred income taxes, current and income taxes     10,693         10,607
payable
Other current liabilities                          17,928        19,310
Total current liabilities                           199,419        265,293
                                                                             
Long-term debt                                      187,500        284,750
Income tax payable                                  77,494         68,725
Other liabilities                                  22,487        20,371
Total liabilities                                   486,900        639,139
Commitments and contingencies
Equity:
Preferred stock, par value $0.01 per share,
25,000 shares authorized, none issued or            —              —
outstanding as of December 31, 2013 or December
31, 2012
Common stock, par value $0.01 per share,
175,000 shares authorized, 17,238 and 16,703        172            168
shares issued and outstanding as of December
31, 2013 and 2012, respectively
Additional paid in capital                          761,119        755,638
Accumulated deficit                                 (330,911 )     (380,438  )
Non-controlling interest                           12,774        12,943
Total equity                                       443,154       388,311
                                                                             
Total liabilities and equity                      $ 930,054      $ 1,027,450

                                                 
ENGILITY HOLDINGS, INC.
CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS
(in thousands)
                                                                             
                                                   Year Ended December 31,
                                                   2013          2012
Operating activities:
Net income (loss)                                  $ 54,717       $ (345,421 )
Less: income (loss) from discontinued               —             (626     )
operations, net of tax
Income (loss) from continuing operations             54,717         (344,795 )
Goodwill impairment charge                           —              426,436
Share-based compensation                             8,691          7,487
Depreciation and amortization                        12,106         16,410
Amortization of bank debt fees                       6,264          1,662
Deferred income tax benefit                          (1,377   )     (63,375  )
Changes in operating assets and liabilities,
excluding acquired amounts:
Receivables                                          79,964         28,606
Other assets                                         7,590          (122     )
Accounts payable, trade                              11,425         (32,574  )
Accrued employment costs                             (13,696  )     (9,263   )
Accrued expenses                                     (13,614  )     3,351
Advance payments and billings in excess of costs     (8,443   )     1,944
incurred
Other liabilities                                   7,213         (1,783   )
Net cash provided by operating activities from       150,840        33,984
continuing operations
Investing activities:
Capital expenditures                                 (3,336   )     (2,164   )
Proceeds from sale of property, plant, and          —             680
equipment
Net cash used in investing activities from           (3,336   )     (1,484   )
continuing operations
Financing activities:
Gross borrowings from issuance of long-term debt     200,000        335,000
Repayments of long term debt                         (337,500 )     —
Gross borrowings from revolving credit facility      196,000        30,690
Repayments of revolving credit facility              (196,000 )     (30,690  )
Debt issuance costs                                  (2,493   )     (11,005  )
Distributions to non-controlling interest member     (5,359   )     (2,374   )
Proceeds from share-based payment arrangements       936            1,225
Payment of employee withholding taxes on             (1,106   )     (1,778   )
share-based compensation
Dividend to prior parent company                     —              (335,000 )
Net transfers to prior parent company               —             (5,235   )
Net cash used in financing activities from           (145,522 )     (19,167  )
continuing operations
Discontinued Operations:
Net cash provided by operating activities            —              25,952
Net cash provided by (used in) financing             —              (25,974  )
activities
Cash balance of discontinued operations             —             22
Net cash provided by (used in) discontinued         —             —
operations
Net increase in cash and cash equivalents            1,982          13,333
Cash and cash equivalents, beginning of the year    27,021        13,688
Cash and cash equivalents, end of the year         $ 29,003       $ 27,021
                                                                             
Supplemental cash flow disclosure:
Cash paid for taxes                                $ 31,503       $ 15,972
Cash paid for interest                             $ 14,623       $ 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).

                                                      
Adjusted Operating Income and Adjusted Operating Margin
(in thousands)
                                                                                  
                               Three Months Ended        Year Ended
                               December 31,              December 31,
                               2013        2012         2013         2012
Operating income               $ 18,855     $ 27,192     $ 108,156     $ (328,918 )
Adjustments
Goodwill impairment charge       —            —            —             426,436
Transaction-related-spin-off     —            —            —             17,300
costs
Restructuring costs (1)          7,939        662          7,939         8,222
Legal and settlement costs       1,065        272          4,293         5,552
Non-income tax expense           1,769        —            1,769         —
Acquisition-related expenses    903         —           903          —
Total adjustments               11,676      934         14,904       457,510
Adjusted operating income      $ 30,531     $ 28,126     $ 123,060     $ 128,592
                                                                                  
Operating margin                 5.7    %     6.9    %     7.7     %     (19.9    )%
Adjusted operating margin        9.3    %     7.1    %     8.7     %     7.8      %

    
      Restructuring costs for 2013 include $7.5 million in lease impairment
(1)   costs and $0.4 million in severance costs. Restructuring costs for 2012
      are primarily severance costs related to our strategic realignment.

                                                
ENGILITY HOLDINGS, INC.
Adjusted Earnings Per Share
(in thousands, except per share data)
                                                                             
                          Three Months Ended        Year Ended
                          December 31,              December 31,
                          2013       2012         2013        2012
Adjusted operating        $ 30,531     $ 28,126     $ 123,060     $ 128,592
income
Other items
Interest expense, net       2,549        5,830        21,648        10,857
Other income, net           527          188          793           136
Adjustment to operating
income
Bank fees previously
capitalized and            —           —           3,684        —
included in interest
expense
Adjusted income from
continuing operations       28,509       22,484       105,853       117,871
before income tax
Provision for income       9,724       8,817       39,727       44,917
taxes (1)
Adjusted income from        18,785       13,667       66,126        72,954
continuing operations
Loss from discontinued      —            —            —             (626     )
operations
Net income attributable
to non-controlling         914         442         5,190        4,952
interest
Adjusted net income
attributable to           $ 17,871     $ 13,225     $ 60,936      $ 67,376
Engility Holdings, Inc.
                                                                             
GAAP earnings per share
Net income (loss)
attributable to           $ 10,679     $ 40,949     $ 49,527      $ (350,373 )
Engility Holdings, Inc.
Earnings (loss) per
share attributable to
Engility Holdings, Inc.
common shareholders
Basic                     $ 0.63       $ 2.47       $ 2.94        $ (21.52   )
Diluted                   $ 0.60       $ 2.38       $ 2.81        $ (21.52   )
                                                                             
Weighted average common
shares outstanding
Basic                       16,928       16,596       16,873        16,281
Diluted                     17,835       17,228       17,653        16,281
Adjusted earnings per
share attributable to
Engility Holdings, Inc.
common shareholders
Basic                     $ 1.06       $ 0.80       $ 3.61        $ 4.14
Diluted                   $ 1.00       $ 0.77       $ 3.45        $ 4.06
                                                                             
Weighted average number
of shares outstanding
Basic                       16,928       16,596       16,873        16,281
Diluted                     17,835       17,228       17,653        16,577

    
      Current period end tax provision is calculated at the associated actual
(1)   period end effective tax rate. For the fourth quarter and full year
      2013, the tax provision was adjusted by $849,000 to remove a favorable
      foreign income tax settlement.

                                                       
ENGILITY HOLDINGS, INC.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) and Adjusted
EBITDA
(in thousands)
                                                                                   
                               Three Months Ended         Year Ended
                               December 31,               December 31,
                               2013        2012          2013         2012
Income (loss) from             $ 11,593     $ 41,391      $ 54,717      $ (344,795 )
continuing operations
Interest, taxes,
depreciation, and
amortization
Interest expense                 2,549        5,830         21,648        10,857
Provision for income taxes       5,240        (19,841 )     32,584        5,156
Depreciation and                3,051       4,045        12,106       16,410
amortization
EBITDA                         $ 22,433     $ 31,425      $ 121,055     $ (312,372 )
Adjustments to EBITDA
Goodwill impairment charge       —            —             —             426,436
Transaction-related-spin-off     —            —             —             17,300
costs
Restructuring costs              7,939        662           7,939         8,222
Legal and settlement costs       1,065        272           4,293         5,552
Non-income tax expense           1,769        —             1,769         —
Acquisition-related costs       903         —            903          —
Total adjustments               11,676      934          14,904       457,510
Adjusted EBITDA                $ 34,109     $ 32,359      $ 135,959     $ 145,138
                                                                                   
EBITDA Margin                    6.8    %     7.9     %     8.6     %     (18.9    )%
Adjusted EBITDA Margin           10.4   %     8.2     %     9.7     %     8.8      %

Contact:

Corporate Communications and Media:
Engility Holdings, Inc.
Eric Ruff, 703-375-6463
eric.ruff@engilitycorp.com
or
Investor Relations:
Engility Holdings, Inc.
Dave Spille, 703-375-4221
dave.spille@engilitycorp.com
 
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