Science Applications International Corporation (SAIC) has reported a 28.57 percent rise in profit for the quarter ended Feb. 03, 2017. The company has earned $36 million, or $0.79 a share in the quarter, compared with $28 million, or $0.60 a share for the same period last year. On an adjusted basis, earnings per share were at $0.79 for the quarter compared with $0.74 in the same period last year.
Revenue during the quarter dropped 4.20 percent to $1,026 million from $1,071 million in the previous year period. Gross margin for the quarter expanded 53 basis points over the previous year period to 10.43 percent. Total expenses were 94.05 percent of quarterly revenues, down from 94.96 percent for the same period last year. This has led to an improvement of 90 basis points in operating margin to 5.95 percent.
Operating income for the quarter was $61 million, compared with $54 million in the previous year period.
However, the adjusted operating income for the quarter stood at $61 million compared to $64 million in the prior year period. At the same time, adjusted operating margin contracted 3 basis points in the quarter to 5.95 percent from 5.98 percent in the last year period.
"SAIC's fourth quarter and full fiscal year 2017 results demonstrate continued execution of the business strategy and although revenue growth was a challenge, we are positioned well against an improving market backdrop," said SAIC chief executive officer Tony Moraco. "Program performance, margin improvement, strong cash flow generation and disciplined capital deployment continue to be the hallmarks of the SAIC shareholder value proposition."
Operating cash flow improves
Science Applications International Corporation has generated cash of $273 million from operating activities during the year, up 20.80 percent or $47 million, when compared with the last year.
The company has spent $11 million cash to meet investing activities during the year as against cash outgo of $798 million in the last year.
The company has spent $247 million cash to carry out financing activities during the year as against cash inflow of $466 million in the last year period.
Cash and cash equivalents stood at $210 million as on Feb. 03, 2017, up 7.69 percent or $15 million from $195 million on Jan. 29, 2016.
Working capital increases
Science Applications International Corporation has recorded an increase in the working capital over the last year. It stood at $286 million as at Feb. 03, 2017, up 8.33 percent or $22 million from $264 million on Jan. 29, 2016. Current ratio was at 1.47 as on Feb. 03, 2017, up from 1.38 on Jan. 29, 2016.
Debt comes down marginally
Science Applications International Corporation has recorded a decline in total debt over the last one year. It stood at $1,047 million as on Feb. 03, 2017, down 2.15 percent or $23 million from $1,070 million on Jan. 29, 2016. Total debt was 51.27 percent of total assets as on Feb. 03, 2017, compared with 50.42 percent on Jan. 29, 2016. Debt to equity ratio was at 2.96 as on Feb. 03, 2017, up from 2.82 as on Jan. 29, 2016. Interest coverage ratio improved to 5.55 for the quarter from 4.15 for the same period last year.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
