Press release
Kratos Reports First Quarter Financial Results
First Quarter Revenues of $194.2 Million, Increased 15.0 percent over First Quarter 2020 First Quarter Unmanned Systems Segment Revenues of $55.9 Million,
About this update from Kratos Defense & Security Solutions, Inc.
[{"type":"text","content":" First Quarter Revenues of $194.2 Million, Increased 15.0 percent over First Quarter 2020 First Quarter Unmanned Systems Segment Revenues of $55.9 Million, Increased 33.1 percent over First Quarter 2020 First Quarter Cash Flow from Operations of $22.7 Million First Quarter 2021 Book to Bill Ratio of 0.8 to 1Last Twelve Months March 2021 Book to Bill Ratio of 1.3 to 1 SAN DIEGO, May 05, 2021 (GLOBE NEWSWIRE) -- Kratos Defense & Security Solutions, Inc. (Nasdaq:KTOS), a leading National Security Solutions provider, today reported its first quarter 2021 financial results. For the first quarter of 2021, Kratos reported Revenues of $194.2 million, Operating Income of $4.9 million, Net Income of $1.9 million and Adjusted EBITDA of $18.1 million. First Quarter 2021 Revenues of $194.2 million increased 15.0 percent, as compared to Revenues of $168.9 million in the first quarter of 2020, reflecting organic growth in Kratos’ Unmanned Systems, Space and Satellite, C5ISR, Microwave Products, Rocket Support Systems and Turbine Technology businesses, offset partially by certain reductions, including in our Training Solutions business, primarily resulting from a previously disclosed reduction in scope of certain international training contracts. Excluding the impact of the ASC Signal, TDI and 5D acquisitions, revenue grew organically 8.9 percent in the first quarter of 2021 as compared to the first quarter of 2020. Revenue grew organically 11.6 percent in the first quarter of 2021 on a proforma basis, excluding the impact of the acquisitions and the reduction of the international training contracts. Operating Income of $4.9 million in the first quarter of 2021 increased from $4.7 million in the first quarter of 2020, with first quarter 2021 Operating Income including increases in non-cash stock-based compensation expense of $1.5 million and R&D of $2.3 million over the first quarter of 2020. First Quarter 2021 Adjusted EBITDA of $18.1 million increased 11.0 percent, as compared to $16.3 million in the first quarter of 2020, primarily reflecting the increase in revenues. First quarter 2021 Cash Flow generated from Operations was $22.7 million, and Free Cash Flow Generated from Operations was $13.1 million, after funding $9.6 million of capital expenditures. Cash on hand at March 28, 2021 was $383.6 million. Kratos reported first quarter 2021 Ne...