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SAIC Posts 1% 4Q Revenue Increase; Tony Moraco Comments

SAIC logoScience Applications International Corp. (NYSE: SAIC) has announced financial results for its fourth quarter and full 2015 fiscal year ended Jan. 30, 2015.

The McLean, Va.-based engineering and technical services contractor said revenue increased 1 percent for the quarter to $941 million from the prior year period, a figure that excludes $11 million in revenue performed by its former parent company Leidos Holdings (NYSE: LDOS).

Increased material volume on supply chain contracts and new bookings helped drive the revenue increase, SAIC said.

Tony Moraco
Tony Moraco

The company posted $3.84 billion in revenue for the 2014 fiscal year, $50 million of which was performed by Leidos.

SAIC also said it still expects to close its $790 million cash acquisition of intelligence community contractor Scitor in May.

Tony Moraco, SAIC CEO, said in the earnings release that the buy “accelerates SAIC’s entry into the intelligence community.”

Fourth-quarter profit at SAIC rose 9 percent year-over-yea rto $36 million and jumped 25 percent for the full year to $141 million, the company said.

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