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DRS Tech 4Q Profit Up on Acquisitions Print

Associated Press - ll Associated Press News - 12.5.2006

PARSIPPANY, N.J. (AP) - Military contractor DRS Technologies Inc. said Friday fiscal fourth-quarter earnings rose 70 percent, bolstered by revenue and income from newly acquired companies.

DRS, which makes ship communications systems and weapon sensor systems, said net income in the three months ended March 31 rose to $28.8 million, or 79 cents per share, from $17 million, or 58 cents per share, a year ago.

Revenue advanced 79 percent to $645.7 million from $361.2 million last year, helped by two months of added sales from military equipment maker Engineered Support Systems, which was acquired Jan. 31.

Wall Street expected, on average, earnings of 75 cents per share and revenue of $595 million.

Full-year earnings rose 34 percent to $81.5 million, or $2.67 per share, versus $60.7 million, or $2.09 in the year ago period. Revenue rose 33 percent to $1.74 billion from $1.31 billion a year ago. That beat the company's forecasts and came in ahead of Wall Street's forecast for earnings of $2.60 per share and revenue of $1.69 billion.

Order backlog -- an indication of future revenue -- rose to $2.4 billion from $1.31 billion last year.

Looking ahead, DRS expects the acquisitions and strong order backlog to boost fiscal 2007 earnings. The company projects income between $3.05 and $3.10 per share on revenue of $2.9 billion, slightly below Street forecasts for $3.13 per share and $2.92 billion.

For the first quarter, DRS expects revenue between $600 million and $625 million per share, with net income in the range of 49 cents to 51 cents per share. Analysts expect 64 cents per share and $663 million.

In electronic premarket trading, DRS shares added a penny to $57.30. 

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