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GTEC's Services Revenue Rises 23%

February 25, 2011

Global Services Technology & Systems (NASD: GTEC) announced fourth-quarter services revenue of $31.3 million, an increase of 22.8 percent year over year for the quarter ended Dec. 31, 2010. GTEC's services include information technology staffing and solutions for national security agencies and programs of the U.S. government.

The company also acquired Signature Government Solutions LLC, a provider of IT staffing to the government, in late 2010 for $52.5 million in cash.

GTEC's services revenue for full-year 2010 was $105.6 million, up 16.8 percent from the previous year.

In addition to services, the company has a nonstaffing segment called "force mobility and modernization solutions" that delivers systems, such as mobile water systems, to U.S. troops in areas such as Afghanistan.

Total 2010 revenue for GTEC was $232.7 million compared to $212.8 million in 2009.