KBR reports 40% decline in 1Q net income

[sabra]

Source: Houston Business Journal

KBR Inc. reported Thursday a 40 percent decline in first-quarter net income largely due to a decline in government and defense contracts.

Houston-based KBR (NYSE: KBR) posted net income of $46 million, or 29 cents a share for the quarter ended March 31, 2010, compared with net income of $77 million, or 48 cents a share, in the first quarter of 2009.

...

Overall, the firm’s North America government and defense job income was $36 million in the first quarter of 2010 compared to job income of $74 million in the first quarter of 2009. KBR said it had $21 million in award fees last quarter compared with zero in this quarter. The company also saw lower overall volume on defense projects in Iraq and Afghanistan, primarily associated with the LogCAP III, or Logistics Civil Augmentation Program, project.

Earlier this month, the U.S. Department of Justice filed a lawsuit against KBR saying the contractor improperly charged the use of private security contractors to the U.S. Army as part of the LogCAP III project.


Read more: http://houston.bizjournals.com/houston/stories/2010/04/26/daily43.html

[louis-t]

1. Where's my violin?

Oh, here it is.:nopity:

[napi21]

2. Lets see them declare bankruptch because of no Gov't contracts!

I'll be happy when they're gone.

[FLyellowdog]

3. I first read this as "IQ" and boy was I scared! nt

[sinkingfeeling]

4. Oh, no! Please, somebody, get me a box of Kleenex!

[GreenTea]

5. Still making tens of millions this quarter-but not making as many tens of millions as last quarter

Boo-woo for the republican corporate cheats!

:cry:

[GreenTea]

6. !

[kestrel91316]

7. Time to double up the Secret Service's presidential detail.

[BrklynLiberal]

8. boo-f*ckin-hoo

[kenfrequed]

9. Well...

Considering they were vacuuming up nothing but taxpayer money for substandard service is it hardly surprising that their profits would be cut as their contracts are gradually being phased out?

[muntrv]

10. To quote Justin Timberlake: CRY ME A RIVER!!!!!

:nopity: :nopity: :nopity:

[Demonaut]

11. we need another war to keep the company afloat!

Guam...or Lichtenstein..or....mebbe the bikini islands are acting up again
give them some wet/dry vacuums and send em to the gulf