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News Breaks
April 9, 2014
05:48 EDTSAICSAIC upgraded to Market Perform from Underperform at Wells Fargo
Wells Fargo upgraded SAIC to Market Perform following citing the company's shareholder return approach following its Q4 results. Wells raised its price target range for shares to $33-$35 from $24-$26.
News For SAIC From The Last 14 Days
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March 5, 2015
16:16 EDTSAICSAIC continues next phase of amphibious vehicle contract from Marine Corps
SAIC has been awarded a prime contract from the U.S. Marine Corps Program Executive Officer Land Systems to perform initial upgrades to 10 Assault Amphibious Vehicle prototypes. Following this, additional options, if exercised, will lead to developmental testing and low rate initial production delivering 52 vehicles for operational test and evaluation and to USMC units. This single-award, firm fixed-price contract builds upon SAIC's previously announced initial contract value of $16M for the engineering phase of the contract. This contract value has been increased by $53M in options exercised, bringing the total contract value to $69M. The total contract value, if all options are exercised, is approximately $194M over five years.
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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