Business
DLH Reports Second Quarter Fiscal Year 2020 Results
Steady Business Execution; Solid Outlook in Face of COVID-19 ATLANTA, May 06, 2020 (GLOBE NEWSWIRE) -- DLH Holdings Corp. (NASDAQ: DLHC) (“DLH” or the
About this update from Dlh Holdings Corp.
[{"type":"text","content":"Steady Business Execution; Solid Outlook in Face of COVID-19\nATLANTA, May 06, 2020 (GLOBE NEWSWIRE) -- DLH Holdings Corp. (NASDAQ: DLHC) (“DLH” or the “Company”), a leading provider of innovative healthcare services and solutions to federal agencies, today announced financial results for its fiscal second quarter ended March 31, 2020. \n Highlights Revenue was $54.8 million for the second quarter versus $33.8 million for the prior-year periodOperating income was $3.8 million for the second quarter versus $2.3 million for the prior-year periodEarnings were $2.1 million, or $0.16 per diluted share, for the second quarter of fiscal 2020 versus $1.3 million, or $0.10 per diluted share, for the prior-year period; earnings before interest, tax, depreciation and amortization (\"EBITDA\") was $5.6 million for the second quarter of fiscal 2020 versus $2.9 million for the prior-year periodThe Department of Veteran Affairs (\"VA\") cancelled the procurement activity requiring the nine pharmacy contracts be awarded to a small business service disabled bidder. As the VA develops its new procurement strategy, the Company expects to continue providing these services Management Discussion“The world has clearly changed drastically since the beginning of 2020, but DLH posted solid results in the face of challenging economic times,” stated DLH President and Chief Executive Officer Zach Parker. “Revenue rose to $54.8 million, operating income reached $3.8 million, and we generated $3.5 million in cash from operations during the second quarter. “We have taken necessary steps to safeguard our employees and customers since the onset of the COVID-19 pandemic, and our healthcare-related services and solutions are now more important than ever. We have experienced an uptick in demand by certain agencies and are busy assisting our customers in many areas to assess and react to the current pandemic. As we adapt to the current environment, DLH stands as a steady provider of data analytics, telehealth solutions, and technology-enabled applications to help our country – and its people – prepare for better days ahead.” Update on Major Contract RecompeteDuring the quarter, the government canceled the previously-issued request for proposal (“RFP”) for VA pharmacy contracts. The RFP included a requirement that the prime contractor be a service-disabled veteran ow...