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Corporate Financials | Mergers & Acquisitions | Other Corporation | T&C - SAIC

SAIC to Go Public

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Science Applications International Corporation’s (SAIC) “About Us” statement notes that they “believe employee ownership is largely responsible for our success as a company,” with quarterly trading allowable on an internal market. They would appear to be changing their minds. SAIC is ending its 35 year tradition by announcing that it intends to conduct an initial public offering (IPO) and a capital restructuring (merger). The capital restructuring is expected to close shortly before the IPO, through which SAIC will form a parent company, SAIC, Inc., and SAIC’s current stockholders will become stockholders of the parent company. This will require the approval of SAIC’s current stockholders. SAIC’s 2005 Annual Report notes that company revenues were $7.2 billion in Fiscal Year 2005, a 23% increase. Operating income rose 24%, cash flow from operating activities, which jumped 61%, and SAIC set records in total contract awards and in funded contract backlog. The U.S. government is SAIC’s largest customer, representing 86% of it total consolidated revenues in fiscal 2005. For the three months ended April 30, 2005 (Q1 FY 2006), SAIC earned $585 million on $1.85 billion in revenues, which included a $531 million after-tax gain from the 1.35 billion sale of Telcordia Technologies, Inc. […]

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