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Lowered DRCO Guidance
In Q3, Dynamics Research’s (DRCO - Snapshot Report) total revenue was $63.2 million, down 20% year over year. The gross margin on contract revenue was 12.7%, compared to 17.0% last year. The funded backlog fell 34% year over year. Moreover, management lowered revenue and EPS guidance for 2006. Earnings per share for 2006 is now expected to fall in the range of $0.40 to $0.43, compared to previous guidance of $0.40 to $0.50. Accordingly, we maintain our Hold rating and have lowered our target price to $9.50. Read the analyst report on DRCO
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| Market Summary | Nov 23, 2009 08:07 am ET |
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