SAIC Reports First Quarter Growth Despite Uncertain Budget Climate; Havenstein Comments

SAIC (NYSE: SAI) today reported earnings for the first quarter of its fiscal year ended April 30, 2011. Revenues for the quarter were $2.69 billion, up 2 percent from $2.63 billion in the first quarter of 2011. The company generated net income of $131 million, up 4.8 percent from $125 million, and first quarter diluted earnings per share from continuing operations were $0.36, up 13 percent from $0.32 the year-ago quarter.

The company also said internal revenue growth during the quarter resulted from increased revenues in the intelligence and cybersecurity solutions and defense solutions segments, and that new business bookings were $3.6 billion in the first quarter.

“We are pleased to see the resolution of the 2011 federal budget although market uncertainties persist, ” said Walt Havenstein, SAIC chief executive officer. “We remain focused on our strategy, including business reengineering efforts to devote more resources toward growth, which has enabled us to achieve our business development objectives. This is paying off with new business awards, strong win rates and increased value of the opportunities awaiting decision, which validates our strategy of being more aggressive in this challenging environment.”

 

 

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