2QFY21 Results. Revenue totaled $61.5 million, up from $54.8 million in 2Q20. Irving Burton contributed $7.4 million to revenue, while organic revenue declined mostly due to the absence of travel-related program revenue. Earnings were $2.6 million, or $0.19 per share, compared to $2.1 million, or $0.16 per share, last year. We had projected revenue of $58 million and EPS of $0.14.Backlog. Quarter-end backlog was $608.7 million, down from $688.4 million as of September 30, 2020, but the quarter-end number does not reflect the $202 million CMOP logistics contract that was awarded in April 2021. We would note, however, the contract award is under protest. The existing contract has been extended through August 2021.Deleveraging. During the quarter, DLH used the $6.1 million of CFFO to pay down acquisition-related debt. At quarter's end, debt had been reduced to $62.8 million, down from $70 million at September 30, 2020, and the goal remains for debt to be in the $50-$52 million range by the end of fiscal 2021.Call. Management will hold a call for investors to discuss the quarterly results this morning at 11am ET. Dial-in is 888-347-5290. We will provide additional commentary and update our models following the call.Maintaining Outperform Rating. We are maintaining our Outperform rating and our twelve month price target of $14.00 per share. At our price target, DLHC shares would trade at 10.7x our fiscal 2021 adjusted EBITDA estimate and 1.1x our fiscal 2021 revenue estimate, still discounts to its peer group. Read More >>