ManTech International Corporation (NASDAQ:MANT) Q3 2016 Earnings Conference Call - Final Transcript
Nov 02, 2016 • 05:00 pm ET
Good day, ladies and gentlemen, and welcome to the ManTech's Third Quarter Fiscal Year 2016 Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will follow at that time. (Operator Instructions) As a reminder, this conference call is being recorded.
I'll now turn the conference over to your host, Steven Vather, Executive Director, Corporate Development. Please go ahead.
Thank you, Karen, and welcome, everyone. On today's call, we have George Pedersen, Chairman and CEO; Kevin Phillips, whose promotion to President & COO was announced today; Judy Bjornaas, whose promotion to EVP and CFO was also announced earlier today; and Dan Keefe and Bill Varner, our two Group Presidents. (Forward-Looking Cautionary Statements)
Now, I'd like to turn things over to George.
Good afternoon, and thank you for participating in today's call. I want to begin by focusing my remarks on the management changes described in the press release issued earlier today. Kevin Phillips has been promoted to President and COO of the Corporation, and Judy Bjornaas has been promoted to EVP and CFO. In each case, these promotions will formally become effective on November 7, after we have filed our Form 10-Q.
Under Kevin's leadership, Bill Varner and Dan Keefe will continue to lead their respective business groups. Kevin and Judy's promotions are a smooth natural transition for the Company. Kevin served as EVP, CFO for 10-plus years, and has been expanding his overall leadership responsibilities over the last few years. In a similar manner, Judy has served as Deputy CFO since joining ManTech in 2010. Both are highly qualified to their respective new roles and I look forward to working with the entire ManTech team to continue the growth of our Company.
I will continue as Chairman and CEO, focus on the strategic direction of the Company, evaluating acquisition targets and Congressional relations. I am bullish on a merger acquisition market in 2017, and believe that once the election cycle is complete and several strong companies will become actionable. We have $71 million in cash, no debt and a $500 million line of credit. We are in a strong position to make acquisitions to grow the Company. We plan to be active buyers in 2017.
Let me briefly comment on the current political situation. As expected, the government is now operating under a Continuing Resolution, which fully funds our programs through December 9. We believe that it's likely we will see another Continuing Resolution to start Calendar 2017.
Our hope is that we will get greater visibility into the government's budget and spending priorities, following the upcoming election. Regardless of the outcome of the election, the level of overall threats to our nation remain elevated and thus demand for our services should be strong. Now, Kevin will provide you with a view of our operations. Kevin?
Thank you, George. I'm excited about the opportunity that you and the Board have given me. ManTech is well-positioned to differentiate itself