Business
DLH Reports Fiscal 2024 Third Quarter Results
Debt Reduction Continues as Company Sees Increased Bid Activity to Close Out Fiscal 2024 ATLANTA, July 31, 2024 (GLOBE NEWSWIRE) -- DLH Holdings Corp.
About this update from Dlh Holdings Corp.
[{"type":"text","content":"Debt Reduction Continues as Company Sees Increased Bid Activity to Close Out Fiscal 2024\nATLANTA, July 31, 2024 (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 health IT and readiness agencies, today announced financial results for its fiscal third quarter ended June 30, 2024. Third Quarter Highlights Third quarter revenue was $100.7 million in fiscal 2024 versus $102.2 million in fiscal 2023, reflecting growth in our Department of Health and Human Services portfolio offset by small business set-aside contract conversions.Earnings were $1.1 million, or $0.08 per diluted share, for the third quarter of fiscal 2024 versus $1.7 million, or $0.12 per diluted share, for the third quarter of fiscal 2023.Earnings before interest, taxes, depreciation and amortization (\"EBITDA\") were $10.0 million for the third quarter of fiscal 2024 as compared to $11.4 million for the third quarter of fiscal 2023.Total debt was $166.5 million as of June 30, 2024 versus $170.8 million as of March 31, 2024.Contract backlog was $670.5 million as of June 30, 2024 versus $736.2 million as of March 31, 2024. Management Discussion \"The third quarter results depict the dynamic nature of our Company, with growth in key markets being offset by some of our contracts transitioning to small businesses, impacting our top line,\" said Zach Parker, DLH President and Chief Executive Officer. \"New business revenue for fiscal 2024 has been delayed due to the government evaluation process. However, strong cash flow has allowed us to reduce debt and lower interest expenses. Our broad capabilities have allowed us to increase the pursuit of new business. Despite the complexity and delays of federal procurement, our robust pipeline of qualified new business continues to offer substantial growth opportunities in our core markets for the future.\" Results for the Three Months Ended June 30, 2024 Revenue for the third quarter of fiscal 2024 was $100.7 million versus $102.2 million in fiscal 2023, reflecting growth across the Company's key strategic programs — primarily in public health and IT services — offset by certain contracts converting to small business set-aside contracts. Incom...