|[February 13, 2013]
NCI Postpones Fourth Quarter and Full Fiscal Year 2012 Earnings Release and Conference Call
RESTON, Va. --(Business Wire)--
NCI, Inc. (NASDAQ: NCIT), a leading provider of information technology
(IT), engineering, logistics, and professional services and solutions to
U.S. Federal Government agencies, today announced that it has postponed
release of its financial results for the fourth quarter and full year
2012 and its conference call to discuss these results originally
scheduled for today at 5:00 p.m. ET. The postponement will allow the
company and its independent auditors to complete their work on the
financial statements and audit.
The company expects to report additional goodwill impairment, which
would represent a non-cash, after-tax accounting charge to the company's
financial statements and will not affect adjusted diluted earnings per
share (EPS), cash flows, liquidity, or future operating activities.
Excluding the anticipated accounting charge and certain other unusual,
infrequent, or non-recurring items, NCI anticipates that full year 2012
revenue and adjusted diluted EPS will meet or exceed previously issued
revenue and EPS guidance ranges of $364 million to $370 million and
At September 30, 2012, the company had remaining goodwill totaling $57.5
million. U.S. generally accepted accounting principles require companies
to perform an annual test for goodwill impairment. As part of the
goodwill impairment analysis initiated in the third quarter of 2012,
resulting in a non-cash, after-tax charge of $55.6 million, the company
and its auditors determined that additional goodwill impairment was
appropriate to be measured-and recorded-in the fourth quarter 2012. The
completion of this analysis will determine the final amount of the
impairment to be recognized.
Due to the delay, NCI will announce and schedule a conference call when
the financial results for the fourth quarter and full fiscal year 2012
About NCI, Inc.:
NCI is a leading provider of information technology (IT) and
professional services and solutions to U.S. Federal Government agencies.
Our award-winning expertise encompasses areas critical to our customers'
mission objectives, including enterprise systems management; network
engineering; cybersecurity and information assurance; software
development and systems engineering; program management, acquisition,
and lifecycle support; engineering and logistics; health IT and
informatics; and training and simulation. Headquartered in Reston, VA,
NCI has approximately 2,300 employees at nearly 100 locations worldwide.
For more information, visit our website at www.nciinc.com
or email email@example.com.
Forward-Looking Statement: Statements and assumptions made in this
news release that do not address historical facts constitute
"forward-looking" statements that NCI believes to be within the
definition in the Private Securities Litigation Reform Act of 1995 and
involve risks and uncertainties, many of which are outside of our
control. Words such as "may," "will," "intends," "should," "expects,"
"plans," "projects," "anticipates," "believes," "estimates," "predicts,"
"potential," "continue," "opportunity," or the negative of these terms
or words of similar import are intended to identify forward-looking
Such statements are subject to factors that could cause actual
results to differ materially from anticipated results. The factors that
could cause actual results to differ materially from those anticipated
include, but are not limited to, the following: our dependence on our
contracts with Federal Government agencies, particularly within the U.S.
Department of Defense, for substantially all of our revenue; a reduction
in the overall U.S. Defense budget; volatility in spending
authorizations for Defense- and Intelligence-related programs by the
Federal Government or a shift in spending to programs in areas in which
we do not currently provide services; Federal Government shutdowns (such
as that which occurred during the Federal Government's 1996 fiscal
year); other potential delays in the Federal Government appropriations
process or budgetary cuts resulting from congressional committee
recommendations or automatic sequestration under the Budget Control Act
of 2011; risk of contract performance or termination; failure to achieve
contract awards in connection with recompetes for present business
and/or competition for new business; adverse results of Federal
Government audits of our Government contracts; Government contract
procurement risks (such as bid protests, small business set asides,
etc.) and termination risks; competitive factors, such as pricing
pressures and competition to hire and retain employees (particularly
those with security clearances); Federal Government agencies awarding
contracts on a technically acceptable/lowest price basis in order to
reduce expenditures; failure to successfully identify and integrate
future acquired companies or businesses into our operations, to realize
any accretive or synergistic effects from such acquisitions, or to
effectively integrate acquisitions appropriate to the achievement of our
strategic plans; general economic conditions in the United States,
including conditions that result from terrorist activities or war; and
material changes in laws or regulations applicable to our businesses,
particularly legislation affecting (i) Government contracts for
services, (ii) outsourcing of activities that have been performed by the
Government, (iii) Government contracts containing organizational
conflict of interest (OCI) clauses, (iv) delays related to
agency-specific funding freezes, (v) competition for task orders under
Government-Wide Acquisition Contracts (GWACs), agency-specific
Indefinite Delivery/Indefinite Quantity (IDIQ) contracts, and/or
schedule contracts with the General Services Administration, and (vi)
our own ability to achieve the objectives of near-term or long-range
business plans, including internal systems failures. These and other
risk factors are more fully discussed in the section titled "Risks
Factors" in NCI's Annual Report on Form 10-K filed with the Securities
and Exchange Commission (SEC (News - Alert)) and, from time to time, in other filings
with the SEC, such as our Current Reports on Form 8-K and Quarterly
Reports on Form 10-Q.
Any projections of revenue, margins, expenses, earnings, tax
provisions, cash flows, benefit obligations, and share repurchases; any
statements of the plans, strategies, and objectives of management for
future operations; and the execution of cost-reduction programs,
restructuring, and integration plans are also subject to factors that
could cause actual results to differ materially from anticipated results.
The forward-looking statements included in this news release are only
made as of the date of this news release, and NCI undertakes no
obligation to publicly update any of the forward-looking statements made
herein, whether as a result of new information, subsequent events or
circumstances, changes in expectations, or otherwise.
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