ICF International, Inc., a technology contractor and public relations consultant for government and commercial organizations reported solid overall increases at key areas of its income statement.
Revenue increased 6.9 percent to $213.4 Million in the second quarter ended June 30, 2011 for the Fairfax, Va based company versus $199.6 Million in 2010. Sudhakar Kesavan, chairman and chief executive officer of ICF International remarked, "First half 2011 revenue growth was 9.1 percent, operating income increased 27.1 percent, and net income was up 32.2 percent, indicative of ICF's significant operating leverage,"
Net income also rose 24.5% to $9.0 Million ($0.45 cents per diluted share) for the second quarter compared to a $7.2 Million ($0.37 cents per diluted share) for the same period in 2010.
Another high-note was the total value of contracts awarded during the second quarter of 2011. A 29% increase in contracts amounted to $209 Million, a significant jump from $162 Million last year. The company showed diversity in its contract wins, with the top three coming from Energy, where it won a U.S. Department of Energy contract to modernize an electric grid.
A Health Information Technology contract won from the Center for Disease Control and Prevention was worth $25.9 Million to help reduce AIDS transmission and an Information Technology Management contract from the National Institutes of Health in the Office of the Chief Information Officer (CIO) was issued for help with IT market research, executive program and communications services, and other technical support services.
ICF International had a total backlog of contracts valued at $1.3 Billion by the end of the second quarter with $579 Million funded.
"ICF's strong second quarter 2011 performance demonstrates the advantages of our diversified business mix. Domestic commercial business revenues increased 52.3 percent year-over-year, led by significant growth in energy efficiency work and infrastructure project management, as well as a pickup in energy-related transaction activity," proclaimed Kesavan "We continue to achieve significant growth in profitability driven by the strength of our commercial business and success in managing costs."
ICF International has a market capitalization of approximately $470 Million, the stock closed at $23.90 August 1, 2011, its 52-week high was $28.13.