Accretive Acquisition Strengthens U.S. Army Presence
FAIRFAX, Virginia, January 19, 2010 — ManTech International Corporation (Nasdaq:MANT) announced today that on January 15, 2010, it completed the acquisition of Sensor Technologies Inc. (STI) for $242 million in cash. Headquartered in Red Bank, NJ and founded in 1991, STI is a leading provider of mission-critical systems engineering and Command, Control, Communications, Computers, Intelligence, Surveillance and Reconnaissance (C4ISR) services and solutions to the Department of Defense. STI’s largest customer is the U.S Army through several contracts, including its prime position on the S3 Indefinite Delivery/Indefinite Quantity contract, on which it has received more than $2.5 billion in task orders to date.
Lawrence B. Prior, III, ManTech President and Chief Operating Officer said, "On behalf of George Pedersen and our Board of Directors, I’d like to formally welcome Michael Gualario and the entire STI family to the ManTech team. Together, we can offer more support, innovation and value to our Army customer. Under Lou Addeo’s leadership, the Technical Services Group has begun integrating this strategic acquisition and has hired nearly 400 people on our recent $286 million win at the U.S. Army Electronic Proving Grounds, which position us for excellent growth in 2010."
The Company expects that the acquisition will add about $450 million to its revenue and at least $31 million to its earnings before interest, taxes, depreciation and amortization (EBITDA) in fiscal year 2010, excluding the cash tax deferral associated with the 338(h)(10) election. The Company expects the acquisition to be accretive to its earnings per share in 2010 and will provide annual guidance for revenue, net income and earnings per share on its next earnings conference call, which is scheduled for February 24, 2010.
About ManTech International Corporation:
Headquartered in Fairfax, Virginia with approximately 8,500 professionals, ManTech International Corporation is a leading provider of innovative technologies and solutions for mission-critical national security programs for the Intelligence Community; the departments of Defense, State, Homeland Security and Justice; and other U.S. federal government customers. ManTech’s expertise includes systems engineering, systems integration, software development services, enterprise architecture, cyber security, information assurance, intelligence operations and analysis support, network and critical infrastructure protection, information operations and information warfare support, information technology, communications integration, global logistics and supply chain management, and service oriented architectures. The company operates in the United States and 40 countries. In 2008, BusinessWeek magazine chose ManTech for its `InfoTech 100′ listing representing the best performing tech companies in the world; Forbes.com named ManTech as one of the 400 Best Big Companies in the nation; and A-Space, a Web 2.0 enhanced collaboration tool that ManTech developed for the Intelligence Community was named one of the Top 50 Inventions of the Year by Time magazine. Also in 2008, GI Jobs magazine named ManTech a Top Ten Military Friendly Employer for the third year in a row. Additional information on ManTech can be found at www.mantech.com.