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SAIC Has $2.1B in Quarterly Sales, Net Income Stands at $80M

SAIC Inc., the San Diego-based engineering and research firm, reported first-quarter net income of $80 million on revenue of $2.1 billion. The company released its earnings June 6.

That compared to net income of $106 million on revenue of $2 billion for the first quarter of its prior fiscal year.

The company said the lower profits were the result of a $15 million decrease in interest income, and a 3.6 percent increase in the effective tax rate for the past quarter compared to the prior year’s first quarter.

The key reason behind reduced interest income was SAIC’s paying out a special dividend of $2.45 billion to its employees as part of the company becoming publicly traded in October.

That dividend required the company to liquidate both cash and other investments, SAIC said.

CEO Ken Dahlberg said the company met its financial objectives for the quarter and is on track to achieve the forecasted numbers provided as guidance for the year.

For the fiscal year that ends Jan. 31, SAIC expects to generate revenue in the range of $8.7 billion to $9 billion, and earnings per share of 83 to 88 cents.

SAIC’s backlog of signed business orders at the end of the first quarter was $14.5 billion, of which $4.8 billion is funded.

The results were released after the market closed June 6. Traded on the New York Stock Exchange under SAI, shares closed June 6 at $19.59 and have ranged from $16.60 to $21.10 since the company conducted its stock offering.

, Mike Allen

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