SRA (NYSE: SRX) revealed operating results for the third quarter of fiscal year (FY) 2010, which ended March 31, 2010.
According to the firm, revenue for the quarter was $411.0 million, up 9.0% from $376.9 million in the March 2009 quarter. Organic revenue growth was 8.4%.
The firm reported an operating loss in the quarter of $30.9 million, net losses of $39.7 million, and a loss per share of $0.70. Included in the current quarter are non-cash asset impairment charges of $61.3 million related to the Era business. This includes a $60.0 million goodwill impairment charge that is not tax deductible.
“We’re happy to report another quarter of solid organic growth, ” said CEO Stan Sloane. “We won the largest contract in the company’s history during the quarter, and are confident that our bid pipeline provides continued opportunity for growth.”
“Cash flow from operations was strong in the quarter, driven by improvement in days sales outstanding, ” said CFO Rick Nadeau. “We repaid all borrowings on our line of credit and finished the quarter with no debt.”
The firm also won an indefinite delivery, indefinite quantity (IDIQ) Global Battlestaff and Program Support contract from the United States Special Operations Command (USSOCOM) at MacDill Air Force Base in Tampa, Fla. The multi-award contract has an estimated value of $1.5 billion over five years, if all options are exercised.
“The SRA team looks forward to continuing its long standing partnership with SOCOM, ” said SRA Senior Vice President National Security Sector Gordy McElroy. “SRA is fully committed to supporting their mission and providing high quality services to our nation’s most important warriors who serve at the tip of the spear every day around the globe protecting America’s vital interests.”
