3QFY21 Results. Revenue totaled $61.6 million, up from $51.4 million in 3Q20. Irving Burton contributed $7.3 million to revenue, while organic revenue grew as work increased across other DLH programs. Earnings were $2.9 million, or $0.21 per diluted share, compared to $2.1 million, or $0.16 per diluted share last year. We had projected revenue of $62 million and EPS of $0.20.Backlog. Quarter-end backlog was $566.2 million, down from $688.4 million as of September 30, 2020. Funded backlog was $76.4 million. Given the expansion of its capabilities, we expect DLH to be aggressive on bidding for a wider range of opportunities than historically. We view this positively.Deleveraging. As is standard practice, during the quarter, DLH used the majority of CFFO to pay down acquisition-related debt. At quarter's end, debt had been reduced to $53.8 million from $62.8 million at the end of the fiscal second quarter. DLH has satisfied mandatory principal amortization on the loan facility to March 31, 2023.VA Logistics Contract Award Cancelled. The April 2021 contract award of the Consolidated Mail Outpatient Pharmacy ("CMOP") logistics recompete with the VA was protested, and subsequently cancelled, in accordance with applicable requirements to address elements of the procurement process. As the review continues, the Company's existing contract was extended through November 2021 and may be extended further. We anticipate additional commentary from management on the call.Conference 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. Read More >>