SRA puts up fight for lost FDIC contract
Work represents 9 percent of 2012 revenue
- By Nick Wakeman
- Oct 23, 2012
SRA International has filed a protest over a lost contract that represents 9 percent of the company’s $1.6 billion in annual revenue.
The company has been providing a variety of IT services to the Federal Deposit Insurance Corporation since at least 2004, when it won a 5 year, $341 million contract. But it lost the recompete for the ISC2 contract to Computer Sciences Corp.
Last week, the company filed with a notice with the Securities and Exchange Commission that it had lost the FDIC contract, which represented 9 percent of its fiscal 2012 revenue, which ended June 30, and 7 percent of fiscal 2013, which ended Sept. 30.
The company estimated that the impact on operating income for fiscal 2013 would be in the range of $3.5 million to $4 million.
In the SEC notice, the company said that it was waiting for a debrief by FDIC before deciding on further action.
On Oct. 22, it filed a protest with the Government Accountability Office. A decision from GAO is expected by Jan. 30.
The company also said in its filing that it would have release more details during a Nov. 8 investor call.
Nick Wakeman is the editor-in-chief of Washington Technology. Follow him on Twitter: @nick_wakeman.