The KEYW Holding Corp. (NASDAQ: KEYW) said its first quarter 2014 revenue was USD63.8m, a decrease of 18 percent versus last year´s firstquarter.
GAAP loss per share was USD0.08 in the first quarter of 2014 versus a GAAP loss per share of USD0.06 in the first quarter of 2013. Adjusted EBITDA for the first quarter of 2014 was USD2.4m, or four percent of the first quarter of 2014 revenue, as compared to USD6.8m in adjusted EBITDA for the first quarter of 2013, or nine percent of the first quarter of 2013 revenue. Although consolidated adjusted EBITDA margin for the first quarter of 2014 declined versus last year, adjusted EBITDA margin for KEYW´s government solutions segment in the first quarter of 2014 was a solid 14 percent as compared to 11 percent in the first quarter of 2013. In the first quarter of 2014, KEYW was awarded new funding actions of USD72.1m and ended the quarter with 1,081 employees.
In KEYW´s government Solutions segment, revenue decreased 19 percent in Q1 2014 to USD61.3m with the largest drivers of the decrease attributed to sequestration-related cuts and severe Q1 2014 weather in the DC area. However, Q1 2014 gross margin improved versus last year from 30 percent to 32 percent due primarily to a mix shift away from lower-margin subcontractor revenue. An improved mix of higher gross margin revenue and cost reductions in the government Solutions segment increased the EBITDA margin for the government Solutions segment from 11 percent in Q1 2013 to 14 percent in Q1 2014.
KEYW provides agile cyber superiority, cybersecurity, and geospatial intelligence solutions for US government intelligence and defense customers and commercial enterprises. Its website is at www.keywcorp.com.