SAIC Announces Financial Results for Fourth Quarter and Fiscal Year 2013

Fourth Quarter Results

(PRNewswire) —  SAIC, Inc. (NYSE: SAI), a scientific, engineering, and technology applications company, today announced financial results for the fourth quarter and fiscal year 2013, which ended January 31, 2013.  

"During the fourth quarter, our revenue and operating income both declined from adjusted prior year levels," said John P. Jumper, chairman and chief executive officer. "Nevertheless, we made a number of significant investments towards the future separation of the company, and had a few unexpected items that adversely impacted our results. Our focus is on the long term. We are committed to improving our operating performance by sustaining focus on our customers and aggressively aligning our cost base. We remain on schedule for our planned separation later in the year and look to aggressively position both future companies for cost competitiveness by streamlining indirect management and support functions, reducing our real estate footprint, and driving other efficiencies."

"As announced today, our Board of Directors has approved a quarterly cash dividend and, in addition, a special dividend," added Jumper. "We consider this a demonstration of our continuing confidence in the strength of our financial base, our plan of balanced capital deployment, and our commitment to deliver shareholder value."

Summary Results

Revenues for the fourth quarter of fiscal year 2013 were $2.71 billion, compared to $2.47 billion in the fourth quarter of fiscal year 2012.  Full fiscal year revenues were $11.17 billion, compared to $10.50 billion for fiscal year 2012. The fourth quarter and full fiscal year 2012 revenues reflected $358 million and $410 million, respectively, in revenue reductions from the CityTime loss provision. After removing the effect of these reductions, revenues declined $118 million in the fourth quarter of fiscal year 2013 compared to the prior year quarter's adjusted revenues of $2.83 billion, but increased $266 million for the full fiscal year. 

Operating income for the quarter was $145 million (5.3 percent of revenues). Operating loss for the prior year quarter of $114 million included the $308 million CityTime loss provision. The prior year quarter's operating income excluding the CityTime loss provision was $194 million (6.9 percent of revenues). The reduction in operating income, as adjusted, was primarily attributable to $23 million of expenses incurred in connection with the planned separation transaction and $14 million of loss provisions relating to certain legal matters. Full fiscal year operating income of $734 million (6.6 percent of revenues) was also adversely impacted by separation costs.

Income from continuing operations for the quarter was $186 million.  Full fiscal year income from continuing operations was $523 million.

Diluted earnings per share from continuing operations for the quarter were $0.54.  The diluted share count for the quarter was 335 million, up from 329 million in the fourth quarter of fiscal year 2012. Diluted earnings per share from continuing operations for the fiscal year were $1.54

Segment Operating Results 

 



Three Months Ended







January 31, 


Revenue Growth (%)



2013


2012


Total


Internal



($ millions)





Revenues:









Defense Solutions


$      1,121


$         852


32%


32%

Health, Energy and Civil Solutions


711


737


-4%


-10%

Intelligence and Cybersecurity Solutions


880


883


0%


0%

Corporate and Other


-


-


n/a


n/a

Intersegment Elimination


(1)


(1)


n/a


n/a

Total


$      2,711


$      2,471


10%


8%
















Operating Margin







FY 2013


FY 2012

Operating Income (Loss):









Defense Solutions


$           68


$       (216)


6.1%


-25.4%

Health, Energy and Civil Solutions


54


59


7.6%


8.0%

Intelligence and Cybersecurity Solutions


61


64


6.9%


7.2%

Corporate and Other


(38)


(21)


n/a


n/a

Total


$         145


$       (114)


5.3%


-4.6%



















Year Ended







January 31, 


Revenue Growth (%)



2013


2012


Total


Internal



($ millions)





Revenues:









Defense Solutions


$      4,718


$      4,191


13%


13%

Health, Energy and Civil Solutions


2,788


2,734


2%


-4%

Intelligence and Cybersecurity Solutions


3,672


3,574


3%


3%

Corporate and Other


-


2


n/a


n/a

Intersegment Elimination


(5)


(4)


n/a


n/a

Total


$    11,173


$    10,497


6%


5%
















Operating Margin







FY 2013


FY 2012

Operating Income (Loss):









Defense Solutions


$         352


$       (171)


7.5%


-4.1%

Health, Energy and Civil Solutions


222


246


8.0%


9.0%

Intelligence and Cybersecurity Solutions


264


279


7.2%


7.8%

Corporate and Other


(104)


(55)


n/a


n/a

Total


$         734


$         299


6.6%


2.8%











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