ICF International Reports on Distribution of a portion of CM Equity Partners' Holdings to its Limited Partners
Fairfax, VA, 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.