This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

SRA Announces Financial Results For Third Quarter Of Fiscal Year 2011

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.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs