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DLH Reports Fiscal 2023 Fourth Quarter Results
Company Finishes Fiscal 2023 Positioned for Growth and Further Debt Reduction in Year Ahead ATLANTA, Dec. 06, 2023 (GLOBE NEWSWIRE) -- DLH Holdings Corp.
About this update from Dlh Holdings Corp.
[{"type":"text","content":"Company Finishes Fiscal 2023 Positioned for Growth and Further Debt Reduction in Year Ahead\nATLANTA, Dec. 06, 2023 (GLOBE NEWSWIRE) -- DLH Holdings Corp. (NASDAQ: DLHC) (“DLH” or the “Company”), a leading provider of science research and development, systems engineering and integration, and digital transformation and cyber security solutions to federal agencies, today announced financial results for its fourth quarter and fiscal year ended September 30, 2023. Fourth Quarter Highlights Fourth quarter revenue was $101.5 million in fiscal 2023 versus $67.2 million in fiscal 2022, primarily reflecting the impact from the Company's December 2022 acquisition as well as net organic growth in the business.Reflecting the previously announced non-cash impairment charge of $7.7 million, earnings were $(2.6) million, or $(0.18) per diluted share, for the fiscal 2023 fourth quarter versus $3.4 million, or $0.24 per diluted share, for the fourth quarter of fiscal 2022. Adjusted Net Income and Adjusted Diluted Earnings Per Share (\"EPS\") were $2.3 million, or $0.16 per diluted share, versus $3.7 million, or $0.26 per diluted share, respectively, for the fiscal 2023 fourth quarter and the prior-year period.Earnings before interest, taxes, depreciation and amortization (\"EBITDA\") were $4.4 million for the fiscal 2023 fourth quarter as compared to $6.6 million in the fiscal 2022 fourth quarter. Adjusted EBITDA for the same periods were $12.1 million and $7.0 million, respectively. Full Year Highlights Fiscal year 2023 revenue was $375.9 million compared to revenue of $395.2 million in fiscal year 2022, which included $125.8 million of revenue from the previously announced short term FEMA contracts to support Alaska. Excluding revenue attributable to the short-term FEMA contracts, revenue grew from $269.4 million in fiscal 2022 to $375.9 million in fiscal 2023, reflecting the impact of the Company’s December 2022 acquisition as well as net organic growth in the business.Reflecting the previously announced non-cash impairment charge of $7.7 million, earnings for the full year were $1.5 million, or $0.10 per diluted share for fiscal 2023 as compared to earnings of $23.3 million, or $1.64 per diluted share, in fiscal 2022. Adjusted Net Income and Adjusted Diluted EPS were $7.9 million, or $0.55 per diluted share, versus $14.4 million, or $1.01 pe...