SAIC Announces Financial Results for Fourth Quarter and Fiscal Year 2010
- Revenues: $2.68 billion (up 7%) for fourth quarter, $10.85 billion (up 8%) for fiscal year
- Operating Income: $209 million (up 0%) for fourth quarter, $867 million (up 12%) for fiscal year
- Diluted EPS from Continuing Operations: $0.31 (up 7%) for fourth quarter, $1.24 (up 15%) for fiscal year
- Lower guidance for fiscal year 2011 performance
MCLEAN, Va., March 30 /PRNewswire-FirstCall/ -- SAIC, Inc. (NYSE: SAI), a scientific, engineering, and technology applications company, today announced financial results for the fourth quarter and fiscal year 2010, which ended January 31, 2010.
"We are pleased to complete the fiscal year with improved operating margin, earnings per share and cash generation," said Walt Havenstein, SAIC chief executive officer. "Our market positioning is strong, particularly our understanding of our customer's missions and our ability to deliver rapid-response, best-of-breed solutions for war fighters and the intelligence community. We enter fiscal year 2011 with our portfolio of capabilities well aligned with national priorities, emphasizing areas such as intelligence, surveillance, and reconnaissance (ISR), cybersecurity, logistics, energy, and health technology to fuel our growth and shareholder value prospects."
Summary Operating Results
Revenues for the quarter were $2.68 billion, up 7 percent from $2.52 billion in the fourth quarter of fiscal year 2009. Full-year revenues were $10.85 billion, up 8 percent from fiscal year 2009. Internal revenue growth, which includes year-over-year performance of acquisitions, represented 4 percentage points of the consolidated revenue growth for the quarter and 6 percentage points of the consolidated revenue growth for the fiscal year. Key drivers of internal revenue growth for the quarter included military logistics programs, defense systems engineering and information technology, and military healthcare information technology.
Operating income for the quarter was $209 million (7.8 percent of revenue), up slightly from $208 million (8.3 percent of revenue) in the fourth quarter of fiscal year 2009. The year-over-year decline in operating margin was primarily attributable to an $8 million (28 percent) increase in bid and proposal expenses and a $6 million charge for the impairment of an intangible asset related to a fiscal year 2009 acquisition. Full-year operating income was $867 million (8.0 percent of revenue), up 12 percent from $776 million (7.7 percent of revenue) in fiscal year 2009.
Income from continuing operations for the quarter was $123 million, up 3 percent from $119 million in the fourth quarter of fiscal year 2009. Full-year income from continuing operations was $500 million, up 12 percent from $447 million in fiscal year 2009.
Diluted earnings per share from continuing operations for the quarter were $0.31, up 7 percent from $0.29 in the fourth quarter of fiscal year 2009, driven by the increase in income from continuing operations and a lower share count compared to the prior year quarter. The diluted share count for the quarter was 387 million, down 3 percent from 399 million in the fourth quarter of fiscal year 2009, due primarily to share repurchases made throughout the year. Diluted earnings per share from continuing operations for the year were $1.24, up 15 percent from $1.08 in fiscal year 2009.
Diluted earnings per share, which include discontinued operations, were $0.31 for the quarter, up 7 percent from $0.29 in the fourth quarter of fiscal year 2009. Diluted earnings per share for the year were $1.24, up 14 percent from $1.09 in fiscal year 2009.
Cash Generation and Capital Deployment
Cash flow provided by operations for fiscal year 2010 was $620 million, reflecting 1.25 times income from continuing operations and up 6 percent from $583 million in fiscal year 2009. The increase in fiscal year 2010 was primarily due to increased net income from continuing operations. Days sales outstanding were 69 days, up slightly from 68 days at the end of fiscal year 2009.
During the fourth quarter of fiscal year 2010, the company used $99 million to fund acquisitions, including the acquisition of Science, Engineering, and Technology Associates Corporation, a leading provider of smart sensor-based technologies and information solutions. Also, the company used $143 million to repurchase approximately 7.6 million shares including 7.2 million under the company's stock repurchase program and the remainder in recurring repurchases from employees in settlement of withholding taxes associated with stock option exercises and vesting events. As of January 31, 2010, the company had $861 million in cash and cash equivalents and $1.1 billion in long-term debt.
Mark W. Sopp, SAIC chief financial officer commented, "In fiscal year 2010 we were able to meet or exceed our announced financial growth targets. Our operating performance and cash generation allowed us to deploy cash towards acquisitions and share repurchases, while maintaining a conservative balance sheet for future growth initiatives."
New Business Awards
Net new business bookings totaled $1.6 billion in the fourth quarter and $9.5 billion for the fiscal year, representing a book-to-bill ratio of 0.6 and 0.9 for the fourth quarter and fiscal year, respectively. Net bookings are calculated as the period's ending backlog plus the period's revenues less the prior period's ending backlog and less the backlog obtained in acquisitions during the period. Net bookings were adversely affected by lower new contract awards and reductions in backlog from the partial termination of an element of the Army's Brigade Combat Team Modernization (BCTM) program and reductions in expected realizable revenues from other defense programs.
Large definite delivery contract awards received during the quarter include:
- Space and Naval Warfare Systems Command Support. SAIC was awarded a five-year, $249 million task order by the Space and Naval Warfare Systems Command to provide modeling, simulation, and analytically based warfare analysis support to the Office of the Chief of Naval Operations' Assessment Division.
- National Aeronautics and Space Administration (NASA) Support. SAIC received a $235 million contract extension to continue work on the Unified NASA Information Technology Services (UNITeS) contract. The extension raises the ceiling value of the contract – first awarded to SAIC in 2004 – to more than $1.3 billion and extends the contract through January 2011. SAIC will continue to provide IT services to NASA's Marshall Space Flight Center, and support all NASA centers, including NASA headquarters.
- Entergy Corporation Support. Under a $219 million follow-on contract awarded by Entergy, SAIC will provide comprehensive IT support services through 2015. SAIC has supported Entergy since 1999.
- National Science Foundation Support. SAIC was awarded a five-year, $52 million contract by the National Science Foundation to manage its IT infrastructure and provide a comprehensive suite of IT, voice and data telecommunications, and related services.
- U.S. Navy Marine Mammal Systems Program Support. SAIC received a five-year, $49 million, follow-on contract from the Space and Naval Warfare Systems Center Pacific to continue providing training and care for marine mammals that are part of the Navy's Marine Mammal Systems Program. The program, which SAIC has supported since 1986, trains dolphins and sea lions to provide security and to find and mark the location of underwater objects.
- Tarrant Regional Water District Integrated Pipeline Program Support. Under an initial contract award of $8.7 million and a forecasted overall program management budget of $40 million, SAIC subsidiary R. W. Beck will provide program management services to support delivery of a new 180-mile raw water pipeline serving Tarrant Regional Water District and Dallas Water Utilities customers within the Dallas-Fort Worth Metroplex. The program is scheduled for completion in 2018.
In addition, SAIC won several indefinite-delivery/indefinite-quantity (IDIQ) and Blanket Purchase Agreement (BPA) contracts that are not included in net bookings. Awards during the quarter include:
- U.S. Energy Information Administration (EIA) Support. SAIC received a follow-on contract from the U.S. Department of Energy to provide technical, managerial and project support services to the EIA. Services delivered by SAIC may include energy analysis and econometric modeling; statistical analysis; survey operations; and web and data system/software design and development. The multiple-award, five-year IDIQ contract has a contract ceiling of $288 million for the three awardees.
- U.S. Department of Energy (DOE) Biomass Program Support. SAIC was awarded a blanket purchase agreement to provide independent engineering services to support the DOE's Office of Energy Efficiency and Renewable Energy's Biomass Program. The BPA's period of performance expires September 30, 2015 and has a ceiling value of $21 million.
The company's backlog of signed business orders at the end of fiscal year 2010 was $15.6 billion, of which $5.3 billion was funded. As compared to the end of fiscal year 2009, total backlog decreased 7 percent and funded backlog decreased 6 percent. The negotiated unfunded backlog of $10.3 billion is the estimated amount of revenue to be earned in the future from negotiated contracts for which funding has not been authorized and unexercised priced contract options. Negotiated unfunded backlog does not include any estimate of future potential task orders expected to be awarded under IDIQ, GSA Schedule or other master agreement contract vehicles.
Forward Guidance
In December 2009, the company provided initial guidance for fiscal year 2011, which was internal revenue growth at the low end of the company's long term goal of 6 percent to 9 percent, operating margin improvement of 20 to 30 basis points, and diluted earnings per share from continuing operations growth at the low end of the company's long term goal of 11 percent to 18 percent.
For fiscal year 2011, the company is now expecting internal revenue growth in the 3 percent to 6 percent range, operating margin improvement of 10 to 20 basis points, and diluted earnings per share from continuing operations growth in the 8 percent to 14 percent range. These operating margin and diluted earnings per share expectations exclude the charges from the previously announced expiration of the Scottish Power IT outsourcing contract, currently estimated to be in the range of $20 to $30 million.
"The slower than anticipated pace of new contract awards, coupled with the tougher government contracting environment warrants an update to our previous expectations for fiscal year 2011," said Mark W. Sopp, SAIC chief financial officer. "While there is substantial growth in submitted proposals awaiting decision over last year, the timing of decisions is uncertain. However, our contract win rates remain strong, and we believe our capabilities and investment focus on the higher growth areas position us well for the future."
About SAIC
SAIC is a FORTUNE 500® scientific, engineering, and technology applications company that uses its deep domain knowledge to solve problems of vital importance to the nation and the world, in national security, energy and the environment, critical infrastructure, and health. The company's approximately 46,000 employees serve customers in the U.S. Department of Defense, the intelligence community, the U.S. Department of Homeland Security, other U.S. Government civil agencies and selected commercial markets. Headquartered in McLean, Va., SAIC had annual revenues of $10.8 billion for its fiscal year ended January 31, 2010. For more information, visit www.saic.com. SAIC: From Science to Solutions®
Forward-Looking Statements
Certain statements in this release contain or are based on "forward-looking" information within the meaning of the Private Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by words such as "expects," "intends," "plans" "anticipates," "believes," "estimates," "guidance," and similar words or phrases. Forward-looking statements in this release include, among others, estimates of future revenues, earnings, backlog, outstanding shares and cash flows. These statements reflect our belief and assumptions as to future events that may not prove to be accurate. Actual performance and results may differ materially from the guidance and other forward-looking statements made in this release depending on a variety of factors, including: changes in the U.S. Government defense budget or budgetary priorities or delays in contract awards or the U.S. budget process; changes in U.S. Government procurement rules, regulations and practices; our compliance with various U.S. Government and other government procurement rules and regulations; the outcome of U.S. Government reviews, audits and investigations of our company; our ability to win contracts with the U.S. Government and others; our ability to attract, train and retain skilled employees, including our management team; our ability to maintain relationships with prime contractors, subcontractors and joint venture partners; our ability to obtain required security clearances for our employees; our ability to accurately estimate costs associated with our firm-fixed-price and other contracts; resolution of legal and other disputes with our customers and others or legal compliance issues; our ability to successfully acquire businesses and make investments; our ability to manage risks associated with our international business; our ability to compete with others in the markets in which we operate; and our ability to execute our business plan and long-term management initiatives effectively and to overcome these and other known and unknown risks that we face. These are only some of the factors that may affect the forward-looking statements contained in this release. For further information concerning risks and uncertainties associated with our business, please refer to the filings we make from time to time with the U.S. Securities and Exchange Commission, including the "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Legal Proceedings" sections of our latest annual report on Form 10-K and quarterly reports on Form 10-Q, which may be viewed or obtained through the Investor Relations section of our Web site at www.saic.com.
All information in this release is as of March 30, 2010. SAIC expressly disclaims any duty to update the guidance or any other forward-looking statement provided in this release to reflect subsequent events, actual results or changes in the company's expectations. SAIC also disclaims any duty to comment upon or correct information that may be contained in reports published by investment analysts or others.
CONTACTS: |
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Investor Relations: |
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Mark Sopp |
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703-676-2283 |
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Media Relations: |
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Laura Luke |
Melissa Koskovich |
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703-676-6533 |
703-676-6762 |
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SAIC, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited, in millions, except per share amounts)
Three Months Ended Year Ended
January 31 January 31
------------------- ----------------------
2010 2009 2010 2009 2008
---- ---- ---- ---- ----
Revenues $2,683 $2,518 $10,846 $10,070 $8,926
Costs and expenses:
Cost of revenues 2,301 2,163 9,343 8,692 7,686
Selling, general and
administrative expenses 173 147 636 602 567
--- --- --- --- ---
Operating income 209 208 867 776 673
Non-operating income (expense):
Interest income - 2 2 20 56
Interest expense (19) (19) (76) (78) (90)
Other income (expense), net 1 (10) 6 (15) (6)
--- --- --- --- ---
Income from continuing
operations before income taxes 191 181 799 703 633
Provision for income taxes (68) (62) (299) (256) (243)
--- --- ---- ---- ----
Income from continuing
operations 123 119 500 447 390
Discontinued operations:
Income (loss) from
discontinued operations
before income taxes (1) 1 (6) (19) 31
Benefit (provision) for
income taxes 1 - 3 24 (5)
--- --- --- --- ---
Income (loss) from
discontinued operations - 1 (3) 5 26
--- --- --- --- ---
Net income $123 $120 $497 $452 $416
==== ==== ==== ==== ====
Earnings per share (a):
Basic:
Income from continuing
operations $0.31 $0.29 $1.26 $1.10 $0.94
Income (loss) from
discontinued operations - 0.01 (0.01) 0.01 0.06
--- ---- ----- ---- ----
$0.31 $0.30 $1.25 $1.11 $1.00
===== ===== ===== ===== =====
Diluted:
Income from continuing
operations $0.31 $0.29 $24 $1.08 $0.92
Income from discontinued
operations - - - 0.01 0.06
--- --- --- ---- ----
$0.31 $0.29 $1.24 $1.09 $0.98
===== ===== ===== ===== =====
Weighted average number
of shares outstanding:
Basic 383 393 386 395 404
=== === === === ===
Diluted 387 399 390 402 415
=== === === === ===
(a) On February 1, 2009, the company adopted an accounting standard
regarding earnings per share that requires an allocation of income
from continuing operations and net income to the company's unvested
stock awards which are considered participating securities in
accordance with the standard. The company's unvested stock awards
are excluded from the weighted average number of shares outstanding.
The company allocated the following amounts of income from
continuing operations and net income to unvested stock awards for
the purposes of calculating earnings per share (EPS):
Income from continuing
operations for basic EPS $4 $4 $15 $13 $9
Income from continuing
operations for diluted EPS $4 $3 $15 $13 $9
Net income for basic and
diluted EPS $4 $4 $15 $13 $10
SAIC, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited, in millions)
January 31, January 31,
2010 2009
---------- -----------
ASSETS
Current assets:
Cash and cash equivalents $861 $936
Receivables, net 2,044 1,889
Inventory, prepaid expenses and
other current assets 288 385
Assets of discontinued operations - 7
--- ---
Total current assets 3,193 3,217
Property, plant and equipment, net 389 357
Intangible assets, net 106 88
Goodwill 1,434 1,249
Deferred income taxes 103 86
Other assets 70 51
--- ---
$5,295 $5,048
====== ======
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities $1,191 $1,178
Accrued payroll and employee benefits 512 487
Notes payable and long-term debt,
current portion 3 17
Liabilities of discontinued operations - 1
--- ---
Total current liabilities 1,706 1,683
Notes payable and long-term debt,
net of current portion 1,103 1,099
Other long-term liabilities 195 182
Stockholders' equity:
Preferred stock, $.0001 par value,
10 million and 1.5 billion shares
authorized at January 31, 2010 and 2009,
respectively, 0 and 196 million shares
issued and outstanding at January 31,
2010 and 2009, respectively - -
Common stock, $.0001 par value, 2
billion shares authorized, 388 million
and 210 million shares issued and
outstanding at January 31, 2010 and 2009,
respectively - -
Additional paid-in capital 2,096 1,950
Retained earnings 239 183
Accumulated other comprehensive loss (44) (49)
--- ---
Total stockholders’ equity 2,291 2,084
----- -----
$5,295 $5,048
====== ======
SAIC, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, in millions)
Three Months Ended Year Ended
January 31 January 31
---------- -------------------
2010 2009 2010 2009 2008
---- ---- ---- ---- ----
Cash flows from operations:
Net income $123 $120 $497 $452 $416
Loss (income) from
discontinued operations - (1) 3 (5) (26)
Adjustments to reconcile net
income to net cash provided by
operations:
Depreciation and amortization 25 24 93 89 77
Stock-based compensation 26 25 106 94 89
Excess tax benefits from
stock-based compensation (20) (4) (36) (56) (64)
Impairment losses 6 13 7 29 13
Other items (5) 3 (7) (3) 11
Increase (decrease) in cash and cash
equivalents, excluding effects of
acquisitions and divestitures,
resulting from changes in:
Receivables 118 116 (94) 4 (237)
Inventory, prepaid expenses
and other current assets (9) (23) 54 (82) (45)
Deferred income taxes (20) 4 (18) 4 (4)
Other assets (1) 4 3 (3) (5)
Accounts payable and accrued
liabilities (39) (33) (32) 67 46
Accrued payroll and employee
benefits (118) (119) 18 (73) 54
Income taxes payable 8 8 20 43 28
Other long-term liabilities 4 16 6 23 (7)
-- -- -- -- --
Total cash flows provided by
operations 98 153 620 583 346
Cash flows from investing
activities:
Expenditures for property, plant
and equipment (12) (14) (58) (59) (61)
Acquisitions of businesses, net
of cash acquired (99) - (256) (201) (144)
Net receipts (payments) for purchase
price adjustments related to prior
year acquisitions (10) 1 (2) (3) (1)
Other 2 (1) 10 14 3
-- -- -- -- --
Total cash flows used in
investing activities (119) (14) (306) (249) (203)
Cash flows from financing
activities:
Payments on notes payable and
long-term debt (1) (1) (18) (113) (10)
Sales of stock and exercises of
stock options 12 12 58 76 98
Repurchases of stock (143) (16) (474) (445) (309)
Excess tax benefits from stock-
based compensation 20 4 36 56 64
Other - - - (1) -
-- -- -- -- --
Total cash flows used in
financing activities (112) (1) (398) (427) (157)
---- -- ---- ---- ----
Increase (decrease) in cash and
cash equivalents from continuing
operations (133) 138 (84) (93) (14)
---- --- --- --- ---
Cash flows from discontinued
operations:
Cash provided by (used in)
operating activities of
discontinued operations 4 (8) 3 (41) (4)
Cash provided by (used in)
investing activities of
discontinued operations 1 (2) 1 (10) 1
-- -- -- --- --
Increase (decrease) in cash and cash
equivalents from discontinued
operations 5 (10) 4 (51) (3)
-- --- -- --- --
Effect of foreign currency exchange
rate changes on cash and cash
equivalents (2) (4) 5 (16) -
-- -- -- --- --
Total increase (decrease)
in cash and cash
equivalents (130) 124 (75) (160) (17)
---- --- --- ---- ---
Cash and cash equivalents at
beginning of period 991 812 936 1,096 1,113
--- --- --- ----- -----
Cash and cash equivalents at
end of period $861 $936 $861 $936 $1,096
==== ==== ==== ==== ======
SAIC, INC.
INTERNAL REVENUE GROWTH PERCENTAGE CALCULATIONS (NON-GAAP RECONCILIATION)
(Unaudited, $ in millions)
In this release, SAIC, Inc. refers to internal revenue growth percentage,
which is a non-GAAP financial measure that is reconciled to the most
directly comparable GAAP financial measure. The company calculates its
internal revenue growth percentage by comparing reported revenue for the
current year period to the revenue for the prior year period adjusted to
include the actual revenue of acquired businesses for the comparable prior
year period before acquisition. This calculation has the effect of adding
revenue for the acquired businesses for the comparable prior year period
to the company's prior year period reported revenue.
SAIC, Inc. uses internal revenue growth percentage as an indicator of how
successful it is at growing its base business and how successful it is at
growing the revenues of the businesses that it acquires. The integration
of acquired businesses allows current management to leverage business
development capabilities, drive internal resource collaboration, utilize
access to markets and qualifications, and refine strategies to realize
synergies, which benefits both acquired and existing businesses. As a
result, the performance of the combined enterprise post-acquisition is an
important measurement. In addition, as a means of rewarding the
successful integration and growth of acquired businesses, and not
acquisitions themselves, incentive compensation for executives and the
broader employee population is based, in part, on achievement of revenue
targets linked to internal revenue growth.
The limitation of this non-GAAP financial measure as compared to the most
directly comparable GAAP financial measure is that internal revenue growth
percentage is one of two components of the total revenue growth
percentage, which is the most directly comparable GAAP financial measure.
The company addresses this limitation by presenting the total revenue
growth percentage next to or near disclosures of internal revenue growth
percentage. This financial measure is not meant to be considered in
isolation or as a substitute for comparable GAAP measures and should be
read only in conjunction with SAIC, Inc.'s consolidated financial
statements prepared in accordance with GAAP. The method that the company
uses to calculate internal revenue growth percentage is not necessarily
comparable to similarly titled financial measures presented by other
companies.
Internal revenue growth percentages for the three months and year ended
January 31, 2010 were calculated as follows:
Three Months Ended Year Ended
January 31, January 31,
2010 2010
------------------ -----------
Government segment:
Prior year period's revenues, as reported $2,406 $9,582
Revenues of acquired businesses
for the comparable prior year period 72 194
--- ---
Prior year period's revenues, as adjusted $2,478 $9,776
Current year period's revenues, as reported 2,571 10,390
----- ------
Internal revenue growth $93 $614
Internal revenue growth percentage 4% 6%
=== ===
Commercial segment:
Prior year period's revenues, as reported $114 $491
Revenues of acquired businesses for the
comparable prior year period - 6
--- ---
Prior year period's revenues, as adjusted $114 $497
Current year period's revenues, as reported 113 462
--- ---
Internal revenue growth $(1) $(35)
Internal revenue growth percentage -1% -7%
=== ===
Total:
Prior year period's revenues, as reported $2,518 $10,070
Revenues of acquired businesses
for the comparable prior year period 72 200
--- ---
Prior year period's revenues, as adjusted $2,590 $10,270
Current year period's revenues, as reported 2,683 10,846
----- ------
Internal revenue growth $93 $576
Internal revenue growth percentage 4% 6%
=== ===
SAIC, INC.
Fiscal Year 2011 Guidance Excluding Impact of Scottish
Power Contract Expiration (Non-GAAP Reconciliation)
(Unaudited)
In this release, SAIC, Inc. refers to expectations of operating margin
improvement and growth in diluted earnings per share (EPS) from continuing
operations excluding charges from the expiration of the Scottish Power IT outsourcing contract, which are non-GAAP financial measures. The company
calculates these measures by excluding those expected charges from
operating income and diluted earnings per share from continuing
operations, the most directly comparable GAAP financial measures. Those
reconciliations, which are provided below, have the impact of reducing
operating margin improvement and diluted earnings per share from
continuing operations growth.
We use these non-GAAP measures to provide investors with visibility to how
we expect our business to perform excluding the impact of the expected
charges arising from the expiration of the Scottish Power IT outsourcing
contract. The limitation of these non-GAAP measures as compared to the
most directly comparable GAAP financial measures is that we expect to
incur charges associated with this contract expiration which are not
reflected in these non-GAAP measures. We address this limitation by
presenting this reconciliation to the most directly comparable GAAP
measures. These financial measures are not meant to be considered in
isolation or as a substitute for comparable GAAP measures and should be
read only in connection with our consolidated financial statements
prepared in accordance with GAAP.
Reconciliation of Expected Operating Margin
Improvement for the Year Ended January 31, 2011:
Low End High End
Expected Operating Margin Improvement
Excluding Impact of Scottish Power 10 basis pts. 20 basis pts.
Contract Expiration
Less: Expected Impact of Scottish (20 basis pts.) (20 basis pts.)
Power Contract Expiration* --------------- --------------
Expected Operating Margin Improvement -10 basis pts. 0 basis pts.
on a GAAP basis =============== ==============
Reconciliation of Expected Diluted
Earnings Per Share From Continuing
Operations Growth for the Year Ended
January 31, 2011:
Low End High End
Expected Diluted EPS from Continuing
Operations Growth Excluding Impact of
Scottish Power Contract Expiration 8% 14%
Less: Expected Impact of Scottish
Power Contract Expiration* -3% -3%
Expected Diluted EPS from Continuing --- ---
Operations Growth on a GAAP basis 5% 11%
=== ===
*Expected impact computed utilizing mid-point of estimated pre-tax charge
of $20 to $30 million
SOURCE SAIC
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