Tuesday, December 19, 2006

Some ICF history. How they put this project together.

Here are key dates in the ICF contract.

All of these links are to ICF news releases:

January 2006 ICF hires Michael Byrne from FEMA and Homeland Security.

April 2006 ICF becomes ICF International.

June 29, 2006
: ICFI, Michael Byrne hire former FBI agent Robert Blitzer, Deputy Assistant Secretray at Department of Health and Human Services. According to ICFI,

He also provided leadership and support for preparations and response to imminent threats to public health such as the U.S. Federal Government's response to the severe acute respiratory syndrome (SARS) threat, as well as other public health emergencies, including the hurricanes that occurred in 2005 and 2006 in Florida and along the Gulf Coast.

June 30, 2006. ICFI announces $87 million preliminary contract for Road Home project. The award of the contract happened on June 12. They hire subcontractors
"Deltha Corporation,
First American Title Insurance Company,
Jones Walker,
KPMG International,
Quadel Consulting,
Providence Engineering & Environmental Group, L.L.C.,
The Shaw Group, and
STR, L.L.C."

Michael Byrne states:
". . . we expect to double local hiring and team with an even greater number of local firms. We are honored to play such an important role in helping displaced residents rebuild their communities."

However, the press release ends with this curious legalese:

Words such as “will,” "expect,” and similar words or phrasing, identify forward-looking statements. These statements are not guarantees and involve risks and uncertainties that could cause actual results to differ materially from those anticipated in the forward-looking statements.
(In other words-- we sound like we're promising performance, but don't take that seriously. There's actually a whole paragraph which essentially says, don't hold us to any promises we make.)

October 23, 2006: ICFI moves to sell $49 million in stock.
ICF International (Nasdaq: ICFI) announced today that the underwriters of its initial public offering of shares of its common stock, which began trading on The Nasdaq Global Select Market on September 28, 2006, have fully exercised their overallotment option to purchase an additional 700,500 shares. All of the overallotment shares were sold by ICF. With the exercise of the underwriters’ option, the aggregate net proceeds to ICF of its offering were approximately US$48.7 million.

December 18, 2006: ICFI accentuates the positive.

ICF International Receives Expression of Support from the State of Louisiana

A somewhat misleading headline, since three days previously the legislature asked the Governor to fire ICFI.

1 comment:

bayoustjohndavid said...

Is that hedging just in the press release, or in the actual contract? Has anyone seen the actual contract?