Press release
Kratos Reports Second Quarter 2020 Financial Results
Second Quarter 2020 Revenues of $170.4 Million Book to Bill Ratio of 1.2 to 1 SAN DIEGO, Aug. 04, 2020 (GLOBE NEWSWIRE) -- Kratos Defense & Security
About this update from Kratos Defense & Security Solutions, Inc.
[{"type":"text","content":"Second Quarter 2020 Revenues of $170.4 Million Book to Bill Ratio of 1.2 to 1\n SAN DIEGO, Aug. 04, 2020 (GLOBE NEWSWIRE) -- Kratos Defense & Security Solutions, Inc. (Nasdaq:KTOS), a leading National Security Solutions provider, today reported its second quarter 2020 financial results. For the second fiscal quarter of 2020, Kratos reported Revenues of $170.4 million and Adjusted EBITDA of $15.3 million. Second Quarter 2020 Revenues of $170.4 million, as compared to $187.9 million in the second quarter of 2019, reflect a reduction of approximately $17.0 million in the KGS segment, resulting primarily from a reduction of $12.1 million in the Company’s Training Solutions business, which reduction was principally related to the previously disclosed reduction in scope of certain international contracts. Second Quarter 2020 Adjusted EBITDA was $15.3 million, as compared to $19.2 million in the second quarter of 2019, primarily reflecting the reduced revenues from the second quarter of 2019, and increased 2020 research and development (R&D) investments of approximately $1.5 million, primarily in the Company’s space and satellite communications business. Operating Income of $2.9 million for the second quarter of 2020 includes an increase in non-cash stock-based compensation expense of $2.0 million, an increase in depreciation expense of $0.2 million and the increase in R&D of $1.5 million. Second quarter 2020 Cash Flow generated from Operations was $6.8 million, and Free Cash Flow used in Operations was $0.9 million after the funding of $7.7 million of capital expenditures. Cash used to fund acquisitions was $1.3 million. Cash on hand at June 28, 2020 was $397.2 million, which includes approximately $240.5 million of net proceeds raised in the Company’s equity offering that closed on June 23, 2020. Net cash balance after deducting debt balances was $101.3 million. Adjusted EPS* was $0.08 for the second quarter of 2020, compared to $0.11 for the second quarter of 2019. Kratos reported a second quarter 2020 Net Loss of $0.7 million, and GAAP EPS was a loss of $0.01 for the second quarter of 2020. For the second quarter of 2020, Kratos’ Unmanned Systems Segment (KUS) reported Revenues of $42.0 million as compared to $42.5 million in the second quarter of 2019, and Adjusted EBITDA of $3.0 million as compared to second quarter 2019 Adjusted...