SAN DIEGO and MCLEAN, Va., Dec. 10 /PRNewswire-FirstCall/ -- SAIC, Inc. (NYSE: SAI), a leading provider of research, engineering, and technology services and solutions, today announced financial results for the third quarter of fiscal year 2008, which ended October 31, 2007 .
"During the third quarter, we posted strong financial results and are on track for an excellent year," said Ken Dahlberg , SAIC chairman and chief executive officer. "Our employees are providing critical services and solutions for our customers' most important missions. Their dedicated efforts are driving accelerated revenue growth and winning significant new business to fuel future growth. In addition, our improved discipline around bidding and executing work and our focus on managing indirect spending are enhancing our profitability."
During the quarter, the company completed the acquisitions of Benham Investment Holdings, LLC (Benham) and Scicom Technologies Private Limited (Scicom). Benham offers a full range of capabilities in consulting, engineering, architecture and design/build, including specialized expertise in energy management, alternative fuels, process engineering, industrial manufacturing, facilities, software development and integration, and advanced visualization and communication systems. Scicom, headquartered in New Delhi , India , provides onsite and offshore hydrocarbon exploration product development services and technology consulting in the science and engineering sector.
Summary Operating Results
Revenues for the quarter were
Operating income for the quarter was
Income from continuing operations for the quarter was
Diluted earnings per share from continuing operations for the quarter were
Diluted earnings per share, which include discontinued operations, were
Cash Generation and Capital Deployment
The company generated
During the quarter, the company used a total of
New Business Awards
Net new business bookings totaled
Large, competitive definite delivery contracts received during the quarter include:
In addition, SAIC also won several indefinite-delivery/indefinite-quantity (IDIQ) contracts that are not included in the bookings total. Notable IDIQ awards during the quarter include:
The company's backlog of signed business orders at the end of the third
quarter of fiscal year 2008 was
The company initiated guidance for fiscal year 2008 on December 12, 2006 , and subsequently reaffirmed this guidance, most recently on October 9, 2007 . The company currently expects the following for fiscal 2008:
Over the coming years, the company expects to continue the progress shown in fiscal year 2008, including continued focus on improving internal growth, making strategic acquisitions, improving profitability, generating strong cash flows, and effectively deploying cash for total shareholder return over the long term. The company's long-term outlook remains consistent with the financial goals articulated as part of the initial public offering:
Unless there are significant diversions of government funding as a result of unanticipated delays to supplemental war appropriations, the company's expectations for fiscal year 2009 are consistent with these goals.
SAIC is a leading provider of scientific, engineering, systems integration and technical services and solutions to all branches of the U.S. military, agencies of the Department of Defense, the intelligence community, the U.S. Department of Homeland Security and other U.S. Government civil agencies, as well as to customers in selected commercial markets. With approximately 44,000 employees in more than 150 cities worldwide, SAIC engineers and scientists solve complex technical challenges requiring innovative solutions for customers' mission-critical functions.
SAIC: FROM SCIENCE TO SOLUTIONS(TM)
Certain statements in this release contain or are based on "forward- looking" information within the meaning of the Private Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by words such as "expects," "intends," "plans," "anticipates," "believes," "estimates," "guidance" and similar words or phrases. Forward-looking statements in this release include, among others, estimates of future sales, earnings, backlog, outstanding shares and cash flows. These statements reflect our belief and assumptions as to future events that may not prove to be accurate. Actual performance and results may differ materially from the guidance and other forward-looking statements made in this release depending on a variety of factors, including: changes in the U.S. Government defense budget or budgetary priorities or delays in the U.S. budget process; changes in U.S. Government procurement rules and regulations; our compliance with various U.S. Government and other government procurement rules and regulations; the outcome of U.S. Government audits of our company; our ability to win contracts with the U.S. Government and others; our ability to attract, train and retain skilled employees; our ability to maintain relationships with prime contractors, subcontractors and joint venture partners; our ability to obtain required security clearances for our employees; our ability to accurately estimate costs associated with our firm-fixed-price and other contracts; resolution of legal and other disputes with our customers and others; our ability to successfully acquire and integrate businesses; our ability to manage risks associated with our international business; our ability to compete with others in the markets in which we operate; and our ability to execute our business plan effectively and to overcome these and other known and unknown risks that we face. These are only some of the factors that may affect the forward-looking statements contained in this release. For further information concerning risks and uncertainties associated with our business, please refer to the filings we make from time to time with the SEC, including the "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Legal Proceedings" sections of our latest annual report on Form 10-K and quarterly report on Form 10-Q, which may be viewed or obtained through the Investor Relations section of our Web site at www.saic.com.
All information in this release is as of December 10, 2007 . SAIC expressly disclaims any duty to update the guidance or any other forward- looking statement provided in this release to reflect subsequent events, actual results or changes in the company's expectations. SAIC also disclaims
any duty to comment upon or correct information that may be contained in reports published by investment analysts or others.