News Release
Horne International Files Form 10-K
For the Fourth Quarter and Fiscal Year 2008
Fairfax, VA — March 9, 2009— Horne International, Inc. (OTCBB:HNIN), an engineering services company, today reported earnings for the fourth quarter and fiscal year 2008. The company reported revenue growth in the fourth quarter of 2008 as compared with the prior year, and positive income from continuing operations in the fourth quarter of 2008. Overall, the company reported a net loss of $170,000 in the fourth quarter due to asset write-downs in discontinued operations.
In a statement, chairman, president and chief executive officer, Darryl K. Horne said, “The fourth quarter of 2008 represents the first quarter the company has achieved positive income from continuing operations since the mergers in 2005. We have been working diligently to reduce our costs and improve our bottom line income, which is reflected in our most recent performance.”
For fiscal 2008, the company reported revenue of $4.9 million, losses from continuing operations of $4.1 million and a net loss of $6.1 million. Revenue decreased from 2007 due mainly to a one-time procurement sale of approximately $7.0 million in 2007. Operating margins increased in year-over-year, with increases in gross profit percentage and lower operating expenses. 2008 net loss decreased by $13.0 million as compared with 2007, due to the factors described above and a net change in write-down related costs of $11.5 million between the years.
The company is still reviewing strategic alternatives and has not reached any decisions as of this time. The company anticipates that first quarter 2009 revenue will be approximately $850,000, with net loss expected to be approximately $175,000. The company expects future quarterly revenue to be higher as a slow start-up of new work impacted first quarter revenue and profit.
About Horne International, Inc.
Horne International delivers uniquely engineered solutions that advance some of today's foremost agendas — winning the war on terrorism, strengthening national security, and fostering environmental sustainability. Service areas include program engineering; technology; manufacturing; maritime and industrial repair; environment, safety, and health; acquisition services; public outreach; and business process engineering. More information can be found at
Forward-Looking Statements
This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance and underlying assumptions and other statements, which are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, risks set forth in documents filed by the company from time to time with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by, or on behalf of, the Company, are expressly qualified by these cautionary statements and any other cautionary statements which may accompany the forward-looking statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.
