SAIC Announces Financial Results for Fourth Quarter and Fiscal Year 2013

 


 

SAIC, INC.



CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS



(Unaudited, in millions)

















Three Months Ended


Year Ended






January 31


January 31






2013

2012


2013

2012

2011

Cash flows from continuing operations: 









Net income (loss)


$                 186

$             (161)


$               525

$                 59

$              619


Income from discontinued operations 


-

-


(2)

(74)

(72)


Adjustments to reconcile net income (loss) to net cash provided by continuing operations:










Depreciation and amortization 


28

28


113

114

110



Stock-based compensation


17

19


84

83

99



Excess tax benefits from stock-based compensation


-

-


-

-

(11)



Impairment losses


11

-


13

19

4



Net loss (gain) on sale of assets


1

1


(6)

(31)

(5)



Other items


1

(1)


4

(1)

1



Increase (decrease) in cash and cash equivalents, excluding effects of










acquisitions and divestitures, resulting from changes in:










   Receivables


54

43


325

(51)

(18)



   Inventory, prepaid expenses and other current assets 


15

(131)


(64)

(93)

(29)



   Deferred income taxes 


76

2


72

(9)

9



   Other assets 


(4)

(1)


(5)

(22)

(2)



   Accounts payable and accrued liabilities 


(47)

435


(744)

757

(16)



   Accrued payroll and employee benefits 


(82)

(103)


36

1

24



   Income taxes payable 


(35)

(5)


-

5

6



   Other long-term liabilities 


(10)

9


(6)

5

(9)

Total cash flows provided by operating activities of continuing operations 


211

135


345

762

710

Cash flows from investing activities of continuing operations:









Expenditures for property, plant and equipment 


(5)

(17)


(48)

(65)

(73)


Acquisitions of businesses, net of cash acquired


(5)

(2)


(483)

(218)

(382)


Net receipts (payments) for purchase price adjustments related to prior year acquisitions


-

-


1

(4)

-


Proceeds from sale of assets


-

1


3

85

10


Other items


-

-


-

(1)

-

Total cash flows used in investing activities of continuing operations


(10)

(18)


(527)

(203)

(445)

Cash flows from financing activities of continuing operations:









Issuance of long-term debt, net of offering costs


-

-


-

-

742


Payments on notes payable and long-term debt


(1)

-


(554)

(3)

(3)


Sales of stock and exercises of stock options


4

6


19

27

38


Dividend payments


(41)

-


(165)

-

-


Repurchases of stock


(1)

(1)


(22)

(471)

(601)


Excess tax benefits from stock-based compensation


-

-


-

-

11


Other items


-

-


-

(2)

-

Total cash flows provided by (used in) financing activities of continuing operations


(39)

5


(722)

(449)

187

Increase (decrease) in cash and cash equivalents from continuing operations


162

122


(904)

110

452

Cash flows from discontinued operations: 









Cash provided by (used in) operating activities of discontinued operations 


(7)

9


(2)

(52)

4


Cash provided by (used in) investing activities of discontinued operations 


50

(2)


50

166

51

Increase in cash and cash equivalents from discontinued operations


43

7


48

114

55

Effect of foreign currency exchange rate changes on cash and cash equivalents


-

-


-

1

(1)

Total increase (decrease) in cash and cash equivalents


205

129


(856)

225

506

Cash and cash equivalents at beginning of period


531

1,463


1,592

1,367

861

Cash and cash equivalents at end of period


$                 736

$            1,592


$               736

$            1,592

$           1,367











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