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SAIC Announces Financial Results for Fourth Quarter and Fiscal Year 2011
Revenues: $2.77 billion (up 3 percent) for fourth quarter, $11.1 billion (up 2 percent) for fiscal year
Operating Income: $220 million (up 5 percent) for fourth quarter, $958 million (up 10 percent) for fiscal year
Diluted EPS from Continuing Operations: $0.36 (up 16 percent) for fourth quarter, $1.51 (up 22 percent) for fiscal year
Cash Flow from Operations: $173 million for fourth quarter, $737 million (up 19 percent) for fiscal year
Net Business Bookings: $3.8 billion in the fourth quarter, $12.8 billion for fiscal year
MCLEAN, Va., March 23, 2011 SAIC, Inc. (NYSE: SAI), a scientific, engineering, and technology applications company, today announced financial results for the fourth quarter and fiscal year 2011, which ended January 31, 2011.
While market conditions were challenging this year, I am encouraged by the strong bookings achieved, growth in our pipeline of opportunities and increased cash generation, said Walt Havenstein, SAIC chief executive officer. Our performance and success is based upon our employees continued dedication to solving our customers most critical problems through the delivery of timely and cost effective solutions with a foundation of consistently strong program execution. Our strong bookings and pipeline growth in fiscal 2011 give us confidence entering fiscal 2012.
Summary Operating Results
Revenues for the quarter were $2.77 billion, up 3 percent from $2.68 billion in the prior year quarter. Full-year revenues were $11.1 billion, up 2 percent from fiscal year 2010. Internal revenue growth represented 1 percentage point of the total revenue growth for the quarter and was flat for the fiscal year. Internal revenue growth for the quarter was driven by increased activity on certain command, control and communications; intelligence and cyber security contracts.
Operating income for the quarter was $220 million (7.9 percent of revenue), up 5 percent from $209 million (7.8 percent of revenue) in the prior year quarter. Full-year operating income was $958 million (8.6 percent of revenue), up 10 percent from $867 million (8.0 percent of revenue) in the prior fiscal year. Operating income for the year benefitted from a $56 million royalty payment and from strong program performance throughout the year.
The following information was filed by Leidos Holdings, Inc. (LDOS) on Wednesday, March 23, 2011 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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