Delta Tucker Holdings, Inc. provides aviation solutions, law enforcement training and support, base and logistics operations, intelligence training, rule of law development, construction management, international development, ground vehicle support, counter-narcotics aviation, platform services, and operations and linguist services in the United States and internationally. The company operates in three segments: DynAviation, DynLogistics, and DynGlobal. The DynLogistics segment provides support solutions, including conventional and contingency logistics, operations and maintenance support, platform modification and upgrades, supply chain management and training, security, and intelligence mi...
1700 Old Meadow Road
McLean, VA 22102
Founded in 1946
Delta Tucker Holdings, Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 27, 2014; Provides Impairment of Goodwill, Intangibles and Long Lived Assets for the Second Quarter Ended June 27, 2014; Revises Earnings Guidance for the Full Year of Fiscal 2014
Aug 11 14
Delta Tucker Holdings, Inc. reported unaudited consolidated earnings results for the second quarter and six months ended June 27, 2014. For the quarter, the company reported revenue of $590,966,000, operating loss of $79,999,000, loss before income taxes of $97,131,000, LBITDA of $67,437,000, net income attributable to company of $82,072,000 against revenue of $876,522,000, operating income of $36,454,000, income before income taxes of $14,087,000, EBITDA of $45,450,000, net income attributable to company of $8,342,000 a year ago. Adjusted EBITDA was $29,728,000 against $48,624,000 a year ago. Revenue decrease was primarily driven by the continued drawdown in Afghanistan and delays in new business awards. The decrease in revenue was primarily driven by the continued drawdown in Afghanistan and delays in new business awards. Net loss attributable to the company, largely due to the revenue declines discussed above and a non-cash charge of $90.7 million for an impairment of goodwill. The company announced free cash flow was very strong in the second quarter at $81.8 million.
For the six months, the company reported revenue of $1,203,725,000, operating loss of $62,961,000, loss before income taxes of $97,341,000, EBITDA of $38,587,000, net income attributable to company of $82,839,000 against revenue of $1,808,630,000, operating income of $78,491,000, income before income taxes of $39,076,000, EBITDA of $100,680,000, net income attributable to company of $23,343,000 a year ago. Adjusted EBITDA was $64,291,000 against $101,923,000 a year ago. Net cash provided by operating activities was $54,085,000 against $50,911,000 a year ago. Purchase of property and equipment was $6,448,000 against $1,220,000 a year ago. Free cash flow was $46,783,000 against $47,301,000 a year ago. Net debt reduced to $518.9 million.
For the quarter, the company reported impairment of goodwill, intangibles and long lived assets of $91,759,000.
The company revised earnings guidance for the full year of fiscal 2014. The company announced that its previous 2014 guidance forecasted revenues to be off about 19%, consistent with what the company saw in 2013. But based on the continued delays in the company’s new business cycle, the aggressive drawdown in Afghanistan and the loss of 2 large contracts that the company was pursuing the quarter, it now expects 2014 revenues to decline 30% at the midpoint from 2013 levels. In addition, the company expects adjusted EBITDA margins to come in at the lower end of the range, 5%, based on the performance of loss contracts in the Aviation segment.
Delta Tucker Holdings, Inc. Announces Executive Changes, Effective August 8, 2014
Aug 8 14
The Board of Directors of Delta Tucker Holdings. Inc. appointed board member James E. Geisler as interim Chief Executive Officer (CEO), effective August 8, 2014. This appointment follows the departure of S. Gordon Walsh as the company's CEO on August 8, 2014. A Search Committee within the Board of Directors has been created, which will oversee the process for the identification and selection of a permanent CEO. Mr. Geisler, 48, has been a Director of the company as well as a member of the company's Audit Committee and Business, Ethics and Compliance Committee since September 2012. In June 2014, Mr. Geisler joined Cerberus Operations and Advisory Company, LLC. Prior to joining Cerberus, Mr. Geisler was the Chief Operating Officer and Chief Financial Officer at CreoSalus.