SRA International, Inc. (NYSE: SRX) announced the following information for the first quarter of fiscal year (FY) 2011, which ended Sept. 30, 201o:
“Revenue for the quarter was $423.9 million, up 1.7 percent from $416.7 million in the September 2009 quarter, driven by the recent acquisitions of PQA and Sentech. Operating income for the quarter was $30.0 million, for an operating margin of 7.1 percent. Income from continuing operations was $18.5 million, for a net margin of 4.4 percent. Diluted earnings per share (DEPS) from continuing operations for the quarter were $0.32. Operating cash flow was $34.8 million and free cash flow was $31.2 million.
“During the quarter, the company entered into an agreement to sell the Airport Operations Solutions (AOS) business. The transaction is expected to close in the quarter ending Dec. 31, 2010. The results of the AOS business have been included in discontinued operations in the financial statements.
“We are pleased to have achieved quarterly contract awards of over $1 billion for the first time in company history, ” CEO Stan Sloane said. “Our book-to-bill ratio over the past 12 months is now 1.5, and our pipeline of opportunities remains strong, with $2.0 billion pending adjudication.”
“We had strong cash flows from operations in the quarter, driven by further improvement in days sales outstanding to 71 days, ” CFO Rick Nadeau said.
