Business
DLH Reports Fiscal 2023 Third Quarter Results
Quarterly Revenue Over $100 Million; Active Pipeline of Opportunities to Accelerate Growth in Fiscal 2024 ATLANTA, Aug. 02, 2023 (GLOBE NEWSWIRE) -- DLH
About this update from Dlh Holdings Corp.
[{"type":"text","content":"Quarterly Revenue Over $100 Million; Active Pipeline of Opportunities to Accelerate Growth in Fiscal 2024\nATLANTA, Aug. 02, 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 third quarter ended June 30, 2023. Highlights Third quarter revenue was $102.2 million in fiscal 2023 versus $66.4 million in fiscal 2022; the prior-year period included an adjustment of $(5.1) million related to the short-term FEMA task orders in Alaska, without which revenue was $71.6 million.Operating and net income for the third quarter were $7.1 million and $1.7 million, respectively, as compared to $7.1 million and $4.9 million in the prior-year period. Operating income for the fiscal 2022 quarter included $0.6 million from the FEMA task orders.Earnings before interest, taxes, depreciation and amortization (\"EBITDA\") was $11.4 million for the third quarter as compared to $9.0 million in fiscal 2022. The prior-year period included $0.6 million of EBITDA from the FEMA task orders.Total debt at the end of the third quarter was $195.8 million compared to $204.2 million as of March 31, 2023.Contract backlog was $817.8 million as of June 30, 2023 versus $940.6 million at the end of the fiscal second quarter. Management Discussion\"Third quarter performance once again highlighted the Company's ability to produce strong underlying results,\" said Zach Parker, DLH President and Chief Executive Officer. \"We passed the $100 million revenue run rate, improved margins sequentially from the second quarter, used cash flow to continue paying down debt and successfully accomplished several milestones in the GRSi integration. The contract award environment continues to experience some headwinds, reflecting certain contract protests and extensive procurement cycles. The Company remains in excellent position to capitalize on current market dynamics and execute on new business development initiatives, resulting in an active bid environment. Our expanded health IT suite of solutions — leveraging unique applications and our highly-credentialed staff — provides us access to penetrate new programs within the key government agencies we serve. At the s...