SRA growth reaches $1.7B in 2010

Company reports organic growth of over 8 percent

SRA International Inc.'s annual revenues grew to $1.667 billion for its fiscal 2010 as the company reported growth in its opportunity pipeline and contract backlog.

For the fourth quarter of 2010, revenue rose to $424.6 million, up 5.6 percent from $402 million in the June 2009 quarter. Organic revenue growth for the same period was 4.8 percent, the company said in its quarterly filing, dated Aug. 11.

Operating income for the quarter was $33.9 million, for an operating margin of 8 percent. Net income was $20.9 million, for a net margin of 4.9 percent. Diluted earnings per share (DEPS) for the quarter were 36 cents, up 6 cents year over year, SRA said.

For the full fiscal year, which ended June 30, revenue was $1.667 billion, up 8.2 percent from $1.541 billion in fiscal 2009. Organic revenue growth for the same period was 8.3 percent. Operating income was $61.1 million, net income was $18.4 million, and DEPS were 32 cents, SRA said.

“We’re pleased to report financial results in the fourth quarter that exceed our prior guidance ranges,” SRA President and CEO Stan Sloane said in the announcement.

“Our pipeline of opportunities continues to grow and now includes a record $2.7 billion of pending bids," he added. "Our backlog of signed business orders has grown 10 percent year-over-year, providing a solid foundation for revenue growth in fiscal year 2011."

In fiscal 2010, SRA won new business with a total potential value of $2.35 billion, for a book-to-bill ratio of 1.4.

As of June 30, the company’s backlog of signed business orders was $4.45 billion, up 10 percent year-over-year, and the funded portion of the backlog was $772 million.

SRA won new business in the fourth quarter with potential value of $250 million, if all option years are exercised. Major highlights of competitive contract awards in the quarter include a Federal Aviation Administration indefinite-delivery, indefinite-quantity contract with an estimated value of $57 million over five years to continue supporting research and development efforts.

SRA also was received several multiple-award IDIQ contracts in the fourth quarter, which are not included in the company’s quarterly bookings figure but are expected to drive growth over time.

They include a Global Battlestaff and Program Support multiple-award IDIQ contract from the Special Operations Command at MacDill Air Force Base, Tampa, Fla., which has an estimated value of $1.5 billion over five years.

Also, SRA was one of six major awardees of the Defense Intelligence Agency’s five-year, $6.6 billion IDIQ Solutions for the Information Technology Enterprise program.

SRA International, of Fairfax, Va., ranks No. 30 on Washington Technology’s 2010 Top 100 list of the largest federal contractors.

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