Exhibit 99
[LOGO]
Release: IMMEDIATE
For: HADRON, INC.
(Symbol: HDRN)
Contact: Amber Gordon
Ron Alexander
(703) 329-9400
HADRON ANNOUNCES CONSOLIDATED ADJUSTED PRO FORMA EARNINGS
FOLLOWING ACQUISITION OF ANALEX CORPORATION
Alexandria, VA, January 4, 2002 -- HADRON, INC. (OTC BB: HDRN) today filed a
Form 8K/A with the Securities and Exchange Commission (SEC) related to its
acquisition of Analex Corporation. The Form 8K/A presents consolidated, pro
forma earnings resulting from the acquisition for the nine months ended
September 30, 2001 and the twelve months ended December 31, 2000. The unaudited
combined financial statements were filed with the SEC, and should be referred to
for full notes and explanations regarding the financial information summarized
in this press release. In addition, as noted in Note 3 of the Form 8K/A, Hadron
had prior-year net operating losses available to offset certain Analex income
tax payments and has already initiated certain staff and facilities cost
reductions. Including these non-recurring adjustments, the acquisition, on a pro
forma basis, resulted in an accretion to earnings per share.
For the twelve months ended December 2000, earnings per share (EPS)
would have gone from ($0.01) to $0.08 per share, and, for the nine months ended
September 2001, EPS would have increased from $0.02 to $0.05 per share.
Hadron reported adjusted pro forma combined revenues of $36.7 million
and net income of $746,900 (or $0.05 per share) for the nine months ended
September 30, 2001 compared to revenues of $12.7 million and net income of
$147,800 (or $0.02 per share) for historical Hadron (i.e., without giving effect
to the acquisition of Analex). For the twelve months ended December 31, 2000,
Hadron had adjusted pro forma combined revenues of $49.9 million and net income
of $1.1 million (or $0.08 per share) versus historical Hadron's revenues of
$18.6 million with a net loss of $29,000 (or a $0.01 loss per share). At
September 30, 2001, the Company's total shareholders' equity, on a pro forma
combined basis, was $10,399,700 (or $0.66 per share) compared to $2,224,700 (or
$0.28 per share) on a historical non-consolidated basis.
"The acquisition of Analex has a significant, beneficial effect on the
overall financial strength of Hadron, upon which we intend to build going
forward," said Sterling Phillips, Hadron's President and CEO. "The consolidated
Hadron is a larger, more efficient and competitive company, with significant
strength in several areas of United States homeland security," he added. "The
acquisition of Analex provides an additional earnings base from which the
Company can grow," said Ron Alexander, Hadron's Chief Financial Officer.
MORE ...
HDRN: Announces Consolidated, Adjusted Pro Forma Earnings Page 2
January 4, 2002
HADRON, INC.
Selected Financial Data
(unaudited)
Nine Months Ended Twelve Months Ended
September 30, 2001 December 31, 2000
------------------------------ -----------------------------
Adjusted Adjusted
Pro Forma Historical Pro Forma Historical
Combined Hadron Combined Hadron
------------- -------------- ------------- -------------
Revenues $36,735,500 $ 12,724,800 $49,879,400 $18,577,400
Net Income (Loss) 746,900 147,800 1,083,900 (29,000)
Net Income (Loss) Per Share:
Basic $ 0.05 $ 0.02 $ 0.08 $ (0.01)
=========== ============ =========== ===========
Diluted $ 0.05 $ 0.02 $ 0.08 $ (0.01)
=========== ============ =========== ===========
Weighted avg. # shares:
Basic 14,301,131 6,520,040 12,836,288 5,055,197
=========== ============ =========== ===========
Diluted 15,715,953 7,971,382 13,903,160 6,139,538
=========== ============ =========== ===========
September 30, 2001
--------------------------
Pro Forma Historical
Combined Hadron
----------- ----------
Total Shareholders' Equity $10,399,700 $2,224,700
=========== ==========
HADRON specializes in developing intelligence and biodefense solutions
in support of our Nation's security. Hadron focuses on developing innovative
technical solutions for the intelligence community; designing, developing and
testing aerospace products and systems; analyzing and supporting defense
systems; and developing medical defenses and treatments for toxic agents used in
biological warfare and terrorism. The Company's stock trades on the OTC
Electronic Bulletin Board under the symbol HDRN. HADRON can be found on the
Internet at www.hadron.com. HADRON investor relations can be contacted at
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(703) 329-9400 or via email at agordon@hadron.com.
Except for the historical information contained herein, this press release
contains forward-looking statements within the meaning of Section 21E of the
Securities and Exchange Act of 1934, as amended, that involve a number of risks
and uncertainties. These forward-looking statements may be identified by
reference to a future period by use of forward-looking terminology such as
"anticipate," "expect," "could," "intend," "may" and other words of a similar
nature. There are certain important factors and risks that could cause results
to differ materially from those anticipated by the statements contained herein.
Such factors and risks include business conditions and growth in the information
services, engineering services, software development and government contracting
arenas and in the economy in general. Competitive factors include the pressures
toward consolidation of small government contracts into larger contracts awarded
to major, multi-national corporations; and the Company's ability to continue to
recruit and retain highly skilled technical, managerial and sales/marketing
personnel. Other risks may be detailed from time to time in the Company's
filings with the Securities and Exchange Commission. Hadron undertakes no
obligation to update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.
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