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Stock Market & Financial Investment News

News Breaks
April 8, 2014
16:17 EDTSAICSAIC reports Q4 EPS 66c, consensus 65c
Reports Q4 revenue $941M, consensus $945.16M. Tony Moraco, SAIC CEO stated, "FY14 was a transformational year that provides the foundation for the future. Through deliberate and focused action, we have positioned SAIC to be more competitive in our marketplace as a new $4B company. This was the first full quarter as a separate company and was largely in line with our expectations," Moraco continued. "It provides SAIC a baseline to measure the progress of SAIC's strategic objectives for business performance aimed at increasing shareholder value."
News For SAIC From The Last 14 Days
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March 2, 2015
06:40 EDTSAICSAIC to host conference call
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March 1, 2015
19:47 EDTSAICSAIC acquires Scitor for $790M in an all cash transaction
Science Applications International announced that it has entered into a definitive agreement to acquire intelligence community market leader Scitor Corp. for $790M in an all cash transaction from private equity firm Leonard Green & Partners. The SAIC Board of Directors has approved the transaction, which is expected to close in May 2015 and is subject to customary closing conditions. Under the terms of the agreement, SAIC will fund the transaction from increased borrowings and cash on hand. SAIC has secured a firm financing commitment and expects to put in place permanent financing. Following the close of the transaction, SAIC would have about a 3.6x debt to trailing 12 months pro-forma adjusted EBITDA level and a flexible balance sheet supported by continued strong free cash flow from the combined businesses. The combined pro-forma annual revenue of the two companies is $4.5B on a historical basis with adjusted EBITDA of $321M SAIC has identified annual pre-tax cost synergies of at least $20M. The transaction is expected to be EPS accretive in the first year excluding amortization of intangibles and approximately $15M of transaction costs. The transaction is expected to be generally neutral to earnings on a GAAP EPS basis in the first year, excluding transaction costs. The combined companies will have a population of approximately 14,500 employees.
February 23, 2015
07:51 EDTSAICSAIC awarded $62M task order by SPAWAR
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February 19, 2015
17:30 EDTSAICSAIC awarded $247.5M government contract
Science Application International has been awarded a maximum $247.5M firm-fixed-price, indefinite-delivery/indefinite-quantity contract for maintenance, repair and operations for the Tailored Logistics Support Prime Vendor Program for the Southwest Region Zone 2. This contract was a competitive acquisition and eight offers were received. This is a two-year base contract with two 18-month option periods. Location of performance is New Jersey, with a Feb. 18, 2020, performance completion date.

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