SAIC CEO Disappointed in Second Quarter Fiscal 2012 Results

Mclean-based Science Applications International Corporation (SAIC) (NYSE: SAI) announced financial results that fell across-the-board in its 2012 second quarter fiscal report.

The defense contractor's second quarter of fiscal year 2012 ended July 31, 2011.

Revenues amounted to $2.60 Billion, a 6% drop from the $2.75 Billion made in the same period last year during its 2011 second fiscal quarter.

Operating income moved down from 8.1% of revenue compared to 9.9% in fiscal 2011, totaling $209 Million.

Net income also fell to $178 Million versus $190 Million in fiscal 2011. Income from continuing operations on a per diluted share basis summed $0.32 cents minus income from discontinued operations.

"Our overall results for the quarter were disappointing," said Walt Havenstein, SAIC chief executive officer. "In this challenging government contracting environment, the lack of funding for ongoing programs and for ramping up new work drove a shortfall in revenues and earnings per share. However, we continue to believe there will be areas of growth as evidenced by the encouraging performance in our health, energy and intelligence, surveillance and reconnaissance businesses."

SAIC 's balance sheet revealed cash and cash equivalents of $1.34 Billion as of July 31, 2011 compared to $1.37 Billion at the end of January 31, 2011.

SAIC stock plunged 13.53% at the market close to $12.97.

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