ICF International Reports on Distribution of a Portion of CM Equity Partners’ Holdings to Its Limited Partners
Fairfax, Virginia, April 24, 2009 -
Today ICF International, Inc. (NASDAQ:ICFI) (“ICF”), a leading provider of consulting services and technology solutions to government and commercial clients, announced that CM Equity Partners, a private equity firm holding approximately 38.0 percent of ICF’s outstanding common stock, earlier today reported its distribution of 1,157,387 shares of ICF common stock. Following this distribution, CM Equity Partners and its affiliated partnerships continue to own 4,629,504 shares, or approximately 30.3 percent, of ICF’s common stock.
CM Equity Partners partnered with ICF’s management team to effect a management buyout in 1999 and to take ICF public in September 2006. CM Equity Partners has advised ICF that this distribution is designed to provide additional liquidity to the limited partners and looks forward to continuing its long-term relationship with ICF.
Neither this distribution nor any future distribution or sale of shares by CM Equity Partners will have any effect on the total number of ICF’s outstanding shares.
ICF reaffirms its guidance ranges for first quarter 2009 revenues of $155 to $160 million, earnings before interest, taxes, depreciation and amortization (“EBITDA”) margin of 9 to 9.5 percent, and diluted earnings per share of $0.34 to $0.38, exclusive of acquisition-related charges. ICF also reaffirms its guidance ranges for full year 2009 revenue of $645 to $675 million, EBITDA margin of 9 to10 percent, and an organic growth rate of over 15 percent compared to 2008 levels. As previously announced, ICF will release its first quarter 2009 results after the market closes on May 5, 2009.
About ICF International
ICF International (NASDAQ:ICFI) partners with government and commercial clients to deliver professional services and technology solutions in the energy and climate change; environment and infrastructure; health, human services, and social programs; and homeland security and defense markets. The firm combines passion for its work with industry expertise and innovative analytics to produce compelling results throughout the entire program life cycle, from research and analysis through implementation and improvement. Since 1969, ICF has been serving government at all levels, major corporations, and multilateral institutions. More than 3,500 employees serve these clients worldwide. ICF’s Web site is www.icfi.com.
Caution Concerning Forward-looking Statements
Statements that are not historical facts and involve known and unknown risks and uncertainties are “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Such statements may concern our current expectations about our future results, plans, operations and prospects and involve certain risks, including those related to the government contracting industry generally; our particular business, including our dependence on contracts with U.S. federal government agencies and the State of Louisiana; our performance under the State of Louisiana’s Road Home contract; and our ability to acquire and successfully integrate businesses. These and other factors that could cause our actual results to differ from those indicated in forward-looking statements are included in the “Risk Factors” section of our annual report on Form 10-K for the fiscal year ended December 31, 2008 and our other filings with the Securities and Exchange Commission. The forward-looking statements included herein are only made as of the date hereof, and we specifically disclaim any obligation to update these statements in the future.