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SRA Announces Financial Results For Third Quarter Of Fiscal Year 2011

Stocks in this article: SRX

SRA International, Inc. (NYSE: SRX), a leading provider of technology and strategic consulting services and solutions to government organizations, today announced operating results for the third quarter of fiscal year (FY) 2011, which ended March 31, 2011.

Revenue for the quarter was $437.3 million, up 9.7% from $398.7 million in the third quarter of FY 2010. Operating income for the quarter was $38.8 million, for an operating margin of 8.9%. Income from continuing operations was $25.4 million, for a net margin of 5.8%. Diluted earnings per share (DEPS) from continuing operations for the quarter were $0.43. Operating cash flow from continuing operations for the quarter was $49.4 million.

On April 1, 2011, SRA announced that it had entered into a definitive merger agreement under which SRA will be acquired by an affiliate of Providence Equity Partners in an all-cash transaction. Pursuant to terms of the agreement, SRA shareholders will receive $31.25 in cash for each share of common stock.

The transaction is subject to approval of a majority of the combined voting power of outstanding shares of SRA, as well as a majority of the outstanding shares of SRA Class A Common Stock (excluding shares beneficially owned by SRA Founder and Chairman Dr. Ernst Volgenau), and other customary closing conditions and regulatory approvals. The transaction is anticipated to close during the first quarter of the SRA 2012 fiscal year, which begins on July 1, 2011.

SRA management confirms that it is taking steps to divest its subsidiary, Era Systems Corporation (Era), and its contract research organization, SRA Global Clinical Development, LLC (GCD). The results of both the Era and GCD subsidiaries are presented in discontinued operations in SRA’s financial statements for the third quarter of FY 2011.

In the third quarter, SRA incurred third party acquisition and divestiture costs of approximately $4.2 million. These costs are included in the selling, general & administrative line on the income statement.

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