SAN DIEGO and MCLEAN, Va., March 25 /PRNewswire-FirstCall/ -- SAIC, Inc. (NYSE: SAI), a leading provider of research, engineering, and technology services and solutions, today announced financial results for the fourth quarter and fiscal year 2008, which ended January 31, 2008 .
"As we enter our 40th year, our company is stronger than ever," said Ken Dahlberg , SAIC chairman and chief executive officer. "This year we accelerated revenue growth, significantly expanded our operating margins, and built a strong foundation for continued growth. Our success is a testament to our employees and their dedication to solving our customers' most critical global problems."
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
Cash flow from operations for the quarter was
During the quarter the company used
Mark Sopp , SAIC chief financial officer commented, "In fiscal year 2008, our core business showed strong growth and improved profitability. Although cash flow did not meet our expectations, our overall ability to produce cash flow remains strong, and we are committed to driving down DSOs and deploying cash flow and other capital wisely to strengthen our company and increase its value."
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. The most notable IDIQ award during the quarter was:
The company's backlog of signed business orders at the end of fiscal year
The company continues to expect that its long-term outlook will remain consistent with the financial goals articulated as part of the IPO:
The company expects its revenue and operating margin performance to be consistent with its long-term goals in fiscal year 2009. However, the company expects that recent reductions in market interest rates will reduce interest income significantly, which could cause the company to fall short of achieving the long-term EPS growth rate goal in fiscal year 2009.
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 about 44,000 employees in over 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 http://www.saic.com.
All information in this release is as of March 25, 2008 . 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.