Critical software services provider ManTech International Corporation (MANT) recently procured a $16-million worth time and materials (T&M) contract from the Department of Justice's (DOJ) Civil Division to provide the requisite IT support, strategic planning and training services to end users.
The Civil Division of DOJ represents Members of Congress, Cabinet Officers and other federal employees in any civil or criminal matter within its scope of responsibility. Its primary responsibilities include ensuring the uniformity of the Federal Government’s voice in its view of the law, preserving the intent of Congress and credibility of the government before the courts.
According to the agreement, ManTech will provide a 24/7 service desk in addition to software development, training, and administration services to the end users to ensure easy accessibility of information. The company has a long-standing business association with DOJ and the current contract reinforces this mutual relationship.
Over the years, ManTech has a steady stream of contract awards (bookings). Bookings aggregated $306 million in first quarter 2013, representing a book-to-bill ratio of 0.5. With a significant number of awards, the company had a healthy backlog of business worth $6.1 billion by the end of the quarter. At quarter-end, ManTech had $172 million in cash and cash equivalents.
With strong liquidity position and robust business backlogs, ManTech is poised to register solid revenue growth in 2013. The company envisages continuous recruitment initiatives to fulfill its order backlogs. We also remain encouraged by the positive developments in the industry.
ManTech presently carries a Zacks Rank #3 (Hold). Other players in the industry worth reckoning include Syntel, Inc. (SYNT), NeoPhotonics Corporation (NPTN) and TriQuint Semiconductor, Inc. (TQNT), each carrying a Zacks Rank #2 (Buy).
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