Press release
Kratos Reports First Quarter 2020 Financial Results
First Quarter 2020 Revenues of $168.9 Million Increase 5.3% over First Quarter 2019 Revenues First Quarter Bookings of $213.1 Million and a Book-to-Bill Ratio
About this update from Kratos Defense & Security Solutions, Inc.
[{"type":"text","content":"First Quarter 2020 Revenues of $168.9 Million Increase 5.3% over First Quarter 2019 Revenues\n First Quarter Bookings of $213.1 Million and a Book-to-Bill Ratio of 1.3 to 1.0 First Quarter 2020 Unmanned Systems Revenues of $42.0 MillionIncrease 20.3% over First Quarter 2019 Revenues Unmanned Systems Book-to-Bill Ratio for the First Quarter of 2020 of 1.5 to 1.0 SAN DIEGO, May 07, 2020 (GLOBE NEWSWIRE) -- Kratos Defense & Security Solutions, Inc. (Nasdaq:KTOS), a leading National Security Solutions provider, today reported its first quarter 2020 financial results. For the first quarter of 2020, Kratos reported Revenues of $168.9 million, a 5.3% increase over the first quarter of 2019, and first quarter 2020 Adjusted EBITDA of $16.3 million, a 6.9% decrease over the first quarter of 2019, reflecting increased research and development investments of approximately $1.8 million, primarily in the Company’s space and satellite communications business related to investments in new software-based and open space platforms and technologies. Operating Income of $4.7 million for the first quarter of 2020 includes an increase in non-cash stock based compensation expense of $2.1 million and an increase in depreciation expense of $0.8 million. First quarter 2020 Cash Flow generated from Operations was $4.0 million, and Free Cash Flow from Operations was a use of $2.4 million after the funding of $6.4 million of capital expenditures. Cash used to fund strategic acquisitions was $14.2 million. Adjusted EPS* was $0.09 for the first quarter of 2020, compared to $0.11 for the first quarter of 2019. Kratos reported a first quarter 2020 Net Loss of $0.2 million, and GAAP EPS was a loss of $0.00 for the first quarter of 2020. For the first quarter of 2020, Kratos’ Unmanned Systems Segment (KUS) reported Revenues of $42.0 million, an increase of $7.1 million, or 20.3%, over the first quarter of 2019, and Adjusted EBITDA of $2.3 million, an increase of 15.0%, over first quarter 2019 Adjusted EBITDA of $2.0 million. KUS’s book-to-bill ratio for the first quarter of 2020 was 1.5 to 1.0 and for the last twelve months ended March 29, 2020 was 1.2 to 1.0. Total backlog for KUS at the end of the first quarter of 2020 was $174.4 million. For the first quarter of 2020, Kratos’ Government Solutions Segment (KGS) reported Revenues of $126.9 million, up from $125.5...