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SAIC Announces Fourth Quarter Results; Nazzic Keene Quoted

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Science Applications International Corporation (SAIC) has announced results for the fourth quarter and full fiscal year ended January 31, 2020, the company announced on Friday

“The addition of Unisys Federal to our business portfolio accelerates our growth strategy, enhances our technical talent base, and solidifies SAIC as a market leader in providing IT modernization solutions,” said CEO of SAIC and Wash100 Award recipient, Nazzic Keene.

Revenues for the quarter increased $348 million compared to the prior-year quarter primarily due to the acquisition of Engility. Excluding acquired revenues, compared to the prior-year quarter, revenues decreased by 1.2 percent. 

Operating income as a percentage of revenues increased to 5.7 percent for the three months ended January 31, 2020 as compared to 0.6 percent in the comparable prior-year period primarily due to lower acquisition and integration costs, strong program execution and cost synergies, partially offset by increased intangible asset amortization.

Net income attributable to common stockholders for the quarter increased $68 million from the comparable prior year period primarily as the result of higher operating income, partially offset by higher interest expense.

Adjusted EBITDA as a percentage of revenues for the quarter was 8.7 percent, compared to 8.0 percent for the prior year quarter due to cost synergies and higher net profit write-ups.

Diluted earnings per share was $1.01 and adjusted diluted earnings per share was $1.58 for the quarter. The weighted-average diluted shares outstanding during the quarter was 58.5 million shares. 

The negative impact from acquisition and integration costs included within diluted earnings per share was $0.24 and $0.54 for the quarter and year, respectively. The weighted-average diluted shares outstanding during the year was 59.0 million shares.

“SAIC’s full fiscal year 2020 results reflect strong financial performance, operational execution, and the implementation of a strategy that positions the company for sustained, profitable growth and long-term value creation,” added Keene. 

About SAIC

SAIC is a premier technology integrator solving our nation’s most complex modernization and readiness challenges across the defense, space, federal civilian, and intelligence markets. Our robust portfolio of offerings includes high-end solutions in systems engineering and integration; enterprise IT, including cloud services; cyber; software; advanced analytics and simulation; and training. 

With an intimate understanding of our customers’ challenges and deep expertise in existing and emerging technologies, we integrate the best components from our own portfolio and our partner ecosystem to rapidly deliver innovative, effective, and efficient solutions.