Dyncorp Fourth-Quarter Profit Falls 48 Percent
From the Associated Press
DynCorp International said fiscal fourth-quarter profit sank 48 percent, to $9.8 million (17 cents a share) from $18.9 million (33 cents) in the comparable period a year earlier, mostly on revenue lost from a joint venture. Revenue at the Falls Church-based contractor rose 4 percent, to $572.9 million.
Dyncorp blamed the quarterly earnings decline on a loss related to a linguist and translation services contract awarded to Global Linguist Solutions, the company's majority-owned joint venture. Dyncorp said the joint venture had an operating loss of $6.7 million after a protest was filed by the contractor and work was stopped on the order. The loss includes $3.3 million related to other companies' stakes in the joint venture.
For the full year, Dyncorp earned $48 million (84 cents), compared with $27 million (49 cents) in the previous fiscal year. Revenue rose to $2.14 billion from $2.08 billion.
The company also issued an earnings prediction for fiscal 2009 below Wall Street's current expectations. For the fiscal year ending in March 2009, the company expects to earn $1.25 to $1.35 per share on sales of $2.83 billion to $2.93 billion.
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