ManTech Reports First Quarter 2009 Financial Results

* Operating income of $40.4 million, up 17% over first quarter 2008
* Net Income of $24.5 million, up 23% over first quarter 2008
* Diluted earnings per share of $0.68, up 19% over first quarter 2008
* Contract awards of $502 million in the first quarter
* Updates 2009 Full Year Revenue and EPS Guidance

FAIRFAX, Va.--(Business Wire)--
ManTech International Corporation (NASDAQ: MANT) today announced results for the
first quarter of 2009. ManTech reported revenue of $449.6 million for the first
quarter of 2009, up $24.5 million, or 6%, compared to $425.1 million for the
same period in 2008.

Operating income in the first quarter was $40.4 million (9.0% of revenue) up 17%
compared to $34.6 million (8.1% of revenue) for the same period in 2008. Net
Income in the first quarter was $24.5 million up 23% compared to $19.9 million
for the same period in 2008. Diluted earnings per share were $0.68 for the first
quarter, up 19% compared to $0.57 for the same period in 2008.

First quarter revenue was reduced due to deferred or delayed procurements on
some of our Army programs, such as countermine/JERRV and pass-through
requirements on other defense contracts including our regional support centers
(RSC).

Contract Awards & Backlog

ManTech had contract awards of $502 million in the first quarter with 67% of the
awards coming from new or add-on business.

As a result of the contract awards received in the first quarter of 2009,
ManTech`s reported backlog as of March 31, 2009 was $4.07 billion, an 18%
increase from $3.44 billion as of March 31, 2008. Funded backlog was a $1.10
billion as of March 31, 2009, a 16% increase from $949 million as of March 31,
2008.

DDK Technology Group Acquisition Completed

ManTechclosed the acquisition of DDK Technology Group, Inc. (DDK) on March 13,
2009. DDK is a rapidly growing provider of cyber security to the DoD, with
particular focus on the Naval Criminal Investigative Service (NCIS).
Headquartered in Lanham, MD, DDK is a highly-specialized company providing cyber
intelligence analysis, computer and network forensics and counterterrorism/
counterintelligence support and analysis globally. All of DDK`s over 50
employees have high-level clearances.

Cyber Security and Comprehensive National Cyber Initiative (CNCI) Update

The White House`s 60-day federal government cyber security review has been
completed, which will now allow the government to focus on execution of its
cyber security strategy. This will drive increased procurement and spending in
the second half of 2009 related to core ManTech cyber security customers. As a
leading provider of cyber security solutions, ManTech contributed to the
Intelligence and National Security Alliance`s (INSA) submission for the cyber
security 60-day review.

"Given ManTech`s unique position with leading cyber security agencies and
customers, across the Intelligence, DoD and DHS agencies, we see expanding
opportunities that will lead to strong growth in our cyber security segment of
the business," said George J. Pedersen, Chairman & Chief Executive Officer,
ManTech International Corporation.

During the quarter, the Company renewed and significantly increased the scope of
one of its cyber security contracts. Additionally, other existing cyber security
contracts have seen expansion during the quarter.

Cash Flow and Balance Sheet Information

Days Sales Outstanding of accounts receivable, or DSOs, were 89 days as of March
31, 2009 and net debt was approximately $86 million.

"The first quarter`s cash collections were negatively impacted by several large
receivable collections that did not occur until early April. We anticipate our
cash flow from operations conversion versus net income will be at least 75% for
the year based on a mid-70 day DSO level," said Kevin M. Phillips, Executive
Vice President and Chief Financial Officer, ManTech International Corporation.

Company Guidance

The Company`s initial second quarter and updated full year 2009 guidance is
summarized in the table below. ManTech`s guidance does not include future
acquisitions or divestitures.

(Dollars in millions, except earnings per share amounts)
2nd Quarter 2009 Full Year 2009
Revenue $480 - $510 $2,000 - $2,075
Net Income $25.7 - $26.7 $105.5 - $108.9
Diluted Earnings Per Share $0.71 - $0.74 $2.91 - $3.01
Weighted Average Shares Outstanding 36.15 million 36.20 million

Key Guidance Assumptions

* Countermine/JERRV revenues of $105 million in the second quarter and at least
$410 million for full year 2009
* Net interest expense of $150,000 in the second quarter and $450,000 for the
full year
* Tax rate of 39.2% for the second quarter and for full year 2009
* Increasing requirements and funding on existing cyber security contracts and
programs as well as growth in the cyber security business development pipeline

The guidance reflects current visibility on the stated programs above. The
passage of DoD supplemental appropriations of $83 billion (of which $45 billion
is for the Army) anticipated in late May 2009 may support additional mission
requirements for ManTech`s business base.

Conference Call

ManTech executive management will hold a conference call today at 5 p.m. ET, to
discuss first quarter 2009 results and answer questions. Interested parties may
access the call by dialing (888) 797-2996 (domestic) or (913) 312-0829
(international). The conference call will be Webcast (listen only)
simultaneously via the Internet at www.mantech.com. Interested parties should
dial in or log on approximately ten minutes prior to the start of the call.

A replay of the call will be available beginning at 9 p.m. today and will remain
available through midnight, May 13, 2009. To access the replay, call (888)
203-1112 (domestic) or (719) 457-0820 (international). The confirmation code for
the replay is 8146922. A replay will also be available on ManTech`s website
approximately two hours after the conclusion of the call.

About ManTech International Corporation:

Headquartered in Fairfax, Virginia with approximately 8,000 professionals,
ManTech International Corporation is a leading provider of innovative
technologies and solutions for mission-critical national security programs for
the Intelligence Community; the departments of Defense, State, Homeland Security
and Justice; the Space Community and other U.S. federal government customers.
ManTech`s expertise includes systems engineering, systems integration, software
development services, enterprise architecture, cyber security, information
assurance, intelligence operations and analysis support, network and critical
infrastructure protection, information operations and information warfare
support, information technology, communications integration, global logistics
and supply chain management, and service oriented architectures. The company
supports the advanced telecommunications systems that are used in Operation
Iraqi Freedom and in other parts of the world; has developed a secure,
collaborative communications system for the U.S. Department of Homeland
Security; and builds and maintains secure databases that track terrorists. The
company operates in the United States and approximately 40 countries. In 2008,
BusinessWeek magazine chose ManTech for its `InfoTech 100` listing representing
the best performing tech companies in the world; Forbes.com named ManTech as one
of the 400 Best Big Companies in the nation; and A-Space, a Web 2.0 enhanced
collaboration tool that ManTech developed for the Intelligence Community was
named one of the Top 50 Inventions of the Year by Time magazine. Also in 2008,
GI Jobs magazine named ManTech a Top Ten Military Friendly Employer for the
third year in a row. Additional information on ManTech can be found at
www.mantech.com.

Forward-Looking Information:

Statements and assumptions made in this press release, which do not address
historical facts, constitute "forward-looking" statements that ManTech 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," or "opportunity," or the negative of these terms or words of similar
import are intended to identify forward-looking statements.

These forward-looking statements are subject to known and unknown risks and
uncertainties, which could cause actual results to differ materially from those
anticipated, including, without limitation: adverse changes in U.S. government
spending priorities; failure to retain existing U.S. government contracts, win
new contracts, or win recompetes; adverse results of U.S. government audits of
our government contracts; risks associated with complex U.S. government
procurement laws and regulations; adverse effect of contract consolidations;
risk of contract performance or termination; failure to obtain option awards,
task orders or funding under contracts; adverse changes in our mix of contract
types; failure to successfully integrate recently acquired companies or
businesses into our operations or to realize any accretive or synergistic
effects from such acquisitions; failure to identify, execute or effectively
integrate future acquisitions; risks of financing, such as increases in interest
rates and restrictions imposed by our credit agreement; and competition. These
and other risk factors are more fully discussed in the section entitled "Risks
Factors" in ManTech's Annual Report on Form 10-K filed with the Securities and
Exchange Commission on February 27, 2009, and, from time to time, in ManTech's
other filings with the Securities and Exchange Commission, including among
others, its reports on Form 10-Q.

The forward-looking statements included in this news release are only made as of
the date of this news release and ManTech 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.

MANTECH INTERNATIONAL CORPORATION
CONSOLIDATED BALANCE SHEETS
(Dollars in Thousands Except Per Share Amounts)

(unaudited)
March 31, December 31,
2009 2008
ASSETS
CURRENT
ASSETS:
Cash and cash $ 9,598 $ 4,375
equivalents
Receivables 445,398 407,248
-net
Prepaid 8,866 14,200
expenses and
other
Total Current 463,862 425,823
Assets

Property and 16,442 16,563
equipment-net
Goodwill 488,778 479,516
Other 80,647 78,710
intangibles
-net
Employee 13,896 14,771
supplemental
savings plan
assets
Other assets 5,930 6,329
TOTAL ASSETS $ 1,069,555 $ 1,021,712

LIABILITIES
AND
STOCKHOLDERS'
EQUITY
CURRENT
LIABILITIES:
Current $ 95,200 $ 44,100
portion of
debt
Accounts 148,805 157,407
payable and
accrued
expenses
Accrued 49,924 75,121
salaries and
related
expenses
Billings in 9,369 8,451
excess of
revenue
earned
Total Current 303,298 285,079
Liabilities

Accrued 15,229 15,930
retirement
Other long 8,151 7,769
-term
liabilities
Deferred 33,984 32,398
income taxes
-non-current
TOTAL 360,662 341,176
LIABILITIES

COMMITMENTS - -
AND
CONTINGENCIES

STOCKHOLDERS'
EQUITY:
Common stock, 221 218
Class A-$0.01
par value;
150,000,000
shares
authorized;
22,107,822
and
21,765,004
shares issued
at March 31,
2009 and
December 31,
2008;
21,864,782
and
21,521,964
shares
outstanding
at March 31,
2009 and
December 31,
2008
Common stock, 137 140
Class B-$0.01
par value;
50,000,000
shares
authorized;
13,678,345
and
13,958,345
shares issued
and
outstanding
at March 31,
2009 and
December 31,
2008
Additional 340,338 336,454
paid-in
capital
Treasury (9,114 ) (9,114 )
stock,
243,040
shares at
cost at March
31, 2009 and
December 31,
2008
Retained 377,456 352,978
earnings
Accumulated (145 ) (140 )
other
comprehensive
loss
TOTAL 708,893 680,536
STOCKHOLDERS'
EQUITY

TOTAL $ 1,069,555 $ 1,021,712
LIABILITIES
AND
STOCKHOLDERS'
EQUITY

MANTECH INTERNATIONAL CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(Dollars in Thousands Except Per Share Amounts)

(unaudited)
Three months ended March 31,
2009 2008

REVENUES $ 449,570 $ 425,072
Cost of services 370,304 355,718
General and administrative expenses 38,908 34,800
OPERATING INCOME 40,358 34,554
Interest expense (303 ) (1,642 )
Interest income 69 211
Other expense, net (3 ) (120 )
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 40,121 33,003
Provision for income taxes (15,643 ) (13,070 )
NET INCOME $ 24,478 $ 19,933

BASIC EARNINGS PER SHARE:
Class A basic earnings per share $ 0.69 $ 0.58

Weighted average common shares outstanding 21,594 20,319

Class B basic earnings per share $ 0.69 $ 0.58

Weighted average common shares outstanding 13,912 14,238

DILUTED EARNINGS PER SHARE:
Class A diluted earnings per share $ 0.68 $ 0.57

Weighted average common shares outstanding 21,955 20,782

Class B diluted earnings per share $ 0.68 $ 0.57

Weighted average common shares outstanding 13,912 14,238

MANTECH INTERNATIONAL CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in Thousands)

(unaudited)
Three months ended March 31,
2009 2008
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 24,478 $ 19,933
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation 1,729 1,733
Excess tax benefits from exercise of stock options (173 ) (842 )
Deferred income taxes 862 404
Depreciation and amortization 4,402 4,167
Change in assets and liabilities-net of effects from acquired businesses:
Receivables-net (36,863 ) (13,927 )
Prepaid expenses and other 6,066 5,363
Accounts payable and accrued expenses (8,491 ) 14,221
Accrued salaries and related expenses (25,555 ) (15,285 )
Billings in excess of revenue earned 918 (960 )
Accrued retirement 174 (1,015 )
Other 647 1,219
Net cash flow from operating activities (31,806 ) 15,011

CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment (443 ) (576 )
Investment in capitalized software for internal use (1,232 ) (459 )
Acquisition of businesses - net of cash acquired (14,336 ) (213 )
Net cash flow from investing activities (16,011 ) (1,248 )

CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from exercise of stock options 1,767 4,231
Excess tax benefits from the exercise of stock options 173 842
Net borrowings (repayment) under the line of credit 51,100 (16,900 )
Net cash flow from financing activities 53,040 (11,827 )

NET INCREASE IN CASH AND CASH EQUIVALENTS 5,223 1,936
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 4,375 8,048
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 9,598 $ 9,984

ManTech International Corporation
Joseph Cormier
Senior Vice President, Corporate Development
703-218-8258
joe.cormier@mantech.com
or
Mark Root
Executive Director, Corporate Communications
703-218-8397; cell: 571-259-1169
mark.root@mantech.com

Copyright Business Wire 2009