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SAIC Earnings Rise in Quarter

Science Applications International Corp., a San Diego-based engineering and research firm that went public in October, reported net income for its third quarter that ended Oct. 31 of $98 million on revenue of $2.1 billion.

SAIC reported earnings Dec. 12.

Net earnings were up 8 percent from the like quarter in 2005, while revenue increased 6 percent from the same period.

The company’s operating income, $144 million, was 36 percent above the figure reported in 2005. SAIC said the prior year’s third quarter included $61 million in losses associated with a contract with the Greek government for work on the 2004 Olympic Games in Athens.

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Science Applications International Corp., founded in 1969 by Robert Beyster, changed its status as an employee-owned company in October when it issued 75 million shares of common stock on the New York Stock Exchange, raising some $1.3 billion in the process. The bulk of the funds were distributed to SAIC’s more than 43,000 employees.

Also on Dec. 12, SAIC announced a stock repurchase program in which it may buy up to 40 million shares of its common stock.

Traded under SAI on the Big Board, shares closed at $19.72 on Dec. 12, and have ranged from $17.21 to $21.10 since its initial public offering Oct. 17.

, Mike Allen

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