Kratos Defense & Security Solutions (NASDAQ:KTOS) grew third-quarter revenue 36%, or 23% excluding acquisitions, to $471.8 million, and new orders ran 2.2 times sales. Shares slipped about 0.6% in after-hours trading. Demand is strong, but Kratos is still consuming cash to grow. It used $29.4 million of free cash in the quarter and expects to use $110 million to $120 million this year. Gross profit grew about as fast as sales, so the GAAP loss comes from costs below that line. Selling and administrative costs rose 45%, and amortization of acquired intangibles jumped after recent acquisitions. Adjusted EBITDA rose while GAAP operating income fell. The gap is add-backs, and the biggest jump was amortization of capitalized contract and development costs, up tenfold.
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