DynCorp Sales Down

DynCorp International said today that sales in its most recent quarter hit $490.2 million, down from $591 million in the same three-month period a year ago. But company executives struck an upbeat tone, buoyed by an improved budget environment.

DynCorp reported a quarterly loss of $90.1 million, worse than the $82.1 million the contractor lost in the same quarter last year.

The company's DynAviation unit saw an increase in quarterly sales, which the contractor attributed to new business and continued growth in its Middle East work. The DynLogistics business, however, saw sales decline substantially because of the drawdown of U.S. forces in Afghanistan.

Jim Geisler, who until recently served as DynCorp's interim chief executive, introduced Lou Von Thaer, DynCorp's new CEO, during a call this afternoon.

Geisler said he's optimistic the market is improving.

"The macro trends in the industry also support stabilization and set the stage for improvement," he said during the call. "The budget environment seems more stable now than it has in the last several years."

Von Thaer told analysts he has started traveling to meet customers and employees. "My early assessment is we have a great foundation for success," he said.