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SAIC Announces Financial Results for Fourth Quarter and Fiscal Year 2013
Fourth Quarter Results
Revenues: $2.71 billion for fourth quarter; $11.17 billion for fiscal year
Diluted EPS from Continuing Operations: $0.54 for fourth quarter; $1.54 for fiscal year
Bookings: $2.0 billion (book-to-bill ratio of 0.7) for fourth quarter; $11.1 billion (book-to-bill ratio of 1.0) for fiscal year
Quarterly Cash Dividend of $0.12 per share payable on April 30, 2013
Special Cash Dividend of $1.00 per share payable on June 28, 2013
MCLEAN, Va., March 26, 2013 SAIC, Inc. (NYSE: SAI), a scientific, engineering, and technology applications company, today announced financial results for the fourth quarter and fiscal year 2013, which ended January 31, 2013.
During the fourth quarter, our revenue and operating income both declined from adjusted prior year levels, said John P. Jumper, chairman and chief executive officer. Nevertheless, we made a number of significant investments towards the future separation of the company, and had a few unexpected items that adversely impacted our results. Our focus is on the long term. We are committed to improving our operating performance by sustaining focus on our customers and aggressively aligning our cost base. We remain on schedule for our planned separation later in the year and look to aggressively position both future companies for cost competitiveness by streamlining indirect management and support functions, reducing our real estate footprint, and driving other efficiencies.
As announced today, our Board of Directors has approved a quarterly cash dividend and, in addition, a special dividend, added Jumper. We consider this a demonstration of our continuing confidence in the strength of our financial base, our plan of balanced capital deployment, and our commitment to deliver shareholder value.
Revenues for the fourth quarter of fiscal year 2013 were $2.71 billion, compared to $2.47 billion in the fourth quarter of fiscal year 2012. Full fiscal year revenues were $11.17 billion, compared to $10.50 billion for fiscal year 2012. The fourth quarter and full fiscal year 2012 revenues reflected $358 million and $410 million, respectively, in revenue reductions from the CityTime loss provision. After removing the effect of these reductions, revenues declined $118 million in the fourth quarter of fiscal year 2013 compared to the prior year quarters adjusted revenues of $2.83 billion, but increased $266 million for the full fiscal year.
The following information was filed by Leidos Holdings, Inc. (LDOS) on Tuesday, March 26, 2013 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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