Business
DLH Reports Fiscal 2023 First Quarter Results
Completed Acquisition of GRSi; Revenue of $72.7 million; Debt Reduction Underway ATLANTA, Feb. 08, 2023 (GLOBE NEWSWIRE) -- DLH Holdings Corp. (NASDAQ: DLHC)
About this update from Dlh Holdings Corp.
[{"type":"text","content":"Completed Acquisition of GRSi; Revenue of $72.7 million; Debt Reduction Underway\nATLANTA, Feb. 08, 2023 (GLOBE NEWSWIRE) -- DLH Holdings Corp. (NASDAQ: DLHC) (“DLH” or the “Company”), a leading provider of research and development, systems engineering and integration, and digital transformation solutions to federal agencies, today announced financial results for its fiscal first quarter ended December 31, 2022. Highlights First quarter revenue was $72.7 million in fiscal 2023 versus $152.8 million in fiscal 2022. The prior year period included $91.1 million from the short-term FEMA contract in Alaska.First quarter revenue included $6.9 million from the acquisition of Grove Resource Solutions (\"GRSi\"). Adjusted revenue1 for the quarter was $65.9 million, indicating healthy growth from adjusted revenue of $61.7 million in the prior-year period.On a GAAP basis, earnings were $1.5 million, or $0.11 per diluted share, for the fiscal 2023 first quarter versus $7.8 million, or $0.55 per diluted share, for the first quarter of fiscal 2022. Adjusted net income1 was $3.6 million for the fiscal 2023 first quarter versus $3.1 million for the prior-year period.Adjusted diluted earnings per share1 were $0.25 for the fiscal 2023 first quarter versus $0.22 for the prior-year period.Total debt at closing of the GRSi acquisition was $207.6 million, which was reduced to $203.4 million at December 31, 2022, reflecting strong cash flow to close the fiscal quarter.Contract backlog was $942.7 million as of December 31, 2022, including approximately $492.9 million from GRSi, versus $482.5 million at the beginning of the fiscal year.To assist in year-over-year comparisons of results, the Company is providing additional non-GAAP measures at the end of this earnings release. Management Discussion\"I'm pleased to say that we're off to a great start for what promises to be a transformational year at DLH, having completed a game-changing acquisition that we are confident sets the stage for continued growth and solid results going forward,\" said Zach Parker, DLH President and Chief Executive Officer. \"The GRSi transaction has greatly enhanced our technology capabilities, added hundreds of highly credentialed staff to the Company, and expanded our business in cloud-based enterprise modernization and cyber security solutions to civilian and military agenci...