Revenue, earnings per share drop at SAIC
- September 1, 2011
McLean-based SAIC Inc. reported a drop in revenue and earnings per share for the second quarter of its 2012 fiscal year.
The scientific, engineering and technology applications company had diluted earnings per share from continuing operations of 32 cents, down from 42 cents during the same quarter in fiscal year 2011.
Revenues for the three-month period ending July 31 were $2.6 billion, down 6 percent from $2.75 billion in the second quarter last fiscal year.
SAIC CEO Walt Havenstein said the results were disappointing and blamed the declines on a “challenging government contracting environment,” which includes lack of funding for ongoing programs. However, he said, the company sees other areas of growth including health, energy and intelligence, surveillance and reconnaissance.
Operating income for the second quarter was $209 million (8.1 percent of revenue), a decline from $272 million (9.9 percent of revenue) for the same quarter in fiscal year 2011.
Income from continuing operations totaled $112 million in the most recent quarter, compared with $157 million in the same period last fiscal year.