Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - SRA INTERNATIONAL, INC. | y91584e8vk.htm |
| EX-99.2 - EX-99.2 - SRA INTERNATIONAL, INC. | y91584exv99w2.htm |
| EX-99.3 - EX-99.3 - SRA INTERNATIONAL, INC. | y91584exv99w3.htm |
| EX-23.1 - EX-23.1 - SRA INTERNATIONAL, INC. | y91584exv23w1.htm |
EXHIBIT 99.1
Item 6. SELECTED FINANCIAL DATA
Subsequent to our June 30, 2010 fiscal year end, we sold our Era Airport Operations Solutions
business, and made the decision to divest the remaining Era business and our contract research
organization, Global Clinical Development (GCD). We are reissuing our consolidated financial
statements for the fiscal year ended June 30, 2010 filed with the SEC on August 12, 2010 to
retrospectively classify these businesses as discontinued operations.
The following summary of operations, cash flow and balance sheet information presents selected
historical financial data derived from our audited consolidated financial statements. This
information should be read in conjunction with Management’s Discussion and Analysis of Financial
Condition and Results of Operations and the audited consolidated financial statements and the notes
thereto.
| Year Ended June 30, | ||||||||||||||||||||
| 2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||
| (in thousands, except per share data) | ||||||||||||||||||||
Summary of Operations: |
||||||||||||||||||||
Revenue |
$ | 1,614,532 | $ | 1,463,931 | $ | 1,462,650 | $ | 1,268,872 | $ | 1,179,267 | ||||||||||
Cost of services |
1,224,768 | 1,104,384 | 1,119,940 | 983,535 | 905,710 | |||||||||||||||
Operating income |
140,360 | 115,921 | 121,278 | 92,825 | 96,967 | |||||||||||||||
Operating margin |
8.7 | % | 7.9 | % | 8.3 | % | 7.3 | % | 8.2 | % | ||||||||||
Income from continuing operations, net of tax |
88,921 | 68,352 | 74,381 | 63,430 | 62,520 | |||||||||||||||
Loss from discontinued operations, net of tax |
(70,506 | ) | (10,352 | ) | (1,117 | ) | 0 | 0 | ||||||||||||
Net income (loss) |
$ | 18,415 | $ | 58,000 | $ | 73,264 | $ | 63,430 | $ | 62,520 | ||||||||||
Basic earnings per share (a) |
$ | 0.31 | $ | 1.02 | $ | 1.26 | $ | 1.12 | $ | 1.14 | ||||||||||
Diluted earnings per share |
$ | 0.30 | $ | 1.01 | $ | 1.24 | $ | 1.09 | $ | 1.08 | ||||||||||
Cash Flows: |
||||||||||||||||||||
Net cash provided by operating activities of continuing operations |
$ | 97,264 | $ | 109,272 | $ | 87,815 | $ | 122,444 | $ | 86,831 | ||||||||||
Net cash used in investing activities (b) |
(1,182 | ) | (142,408 | ) | (199,585 | ) | (101,206 | ) | (104,748 | ) | ||||||||||
Net cash
(used in) provided by financing activities (b) |
(71,433 | ) | (100,878 | ) | 133,014 | 17,232 | 28,508 | |||||||||||||
Free cash flow (c) |
83,898 | 94,215 | 77,052 | 109,820 | 71,192 | |||||||||||||||
Balance Sheet: |
||||||||||||||||||||
Cash and cash equivalents |
$ | 98,113 | $ | 74,683 | $ | 229,260 | $ | 212,034 | $ | 173,564 | ||||||||||
Working capital (d) |
235,416 | 192,065 | 361,058 | 297,085 | 299,567 | |||||||||||||||
Total assets |
944,750 | 931,007 | 1,111,704 | 847,684 | 724,722 | |||||||||||||||
Long-term debt |
— | 75,000 | 150,000 | — | — | |||||||||||||||
Total stockholders’ equity |
771,563 | 741,620 | 692,936 | 625,455 | 533,297 | |||||||||||||||
Other Operating Data: |
||||||||||||||||||||
Funded backlog |
$ | 724,400 | $ | 721,300 | $ | 698,800 | $ | 600,400 | $ | 512,800 | ||||||||||
Total backlog |
4,371,200 | 3,979,700 | 3,856,100 | 3,410,200 | 3,261,600 | |||||||||||||||
Days sales outstanding (e) |
69 | 72 | 76 | 68 | 80 | |||||||||||||||
| (a) | During fiscal 2010 we adopted new accounting guidance which requires that we retrospectively allocate a portion of our earnings to outstanding unvested restricted share awards that qualify as participating securities. The adoption of this guidance reduced previously reported basic earnings per share (EPS) for the years ended June 30, 2009 and 2008 by one cent. There was no measurable effect on basic EPS for the years ended June 30, 2007 and 2006. | |
| (b) | Includes results of discontinued operations. | |
| (c) | Free cash flow is a non-GAAP financial metric, which we calculate as cash provided by operating activities of continuing operations less capital expenditures. This metric and its usefulness are discussed in Item 7 Management’s Discussion and Analysis of Financial Condition and Results of Operations. | |
| (d) | Working capital is defined as total current assets (excluding current assets of discontinued operations) minus total current liabilities (excluding liabilities of discontinued operations). |
| (e) | Days sales outstanding shown in the table above is calculated using the fiscal year end balances in accounts receivable net of billings in excess of revenue, and revenue per day for the fourth quarter of each fiscal year. Revenue per day for the quarter is calculated by dividing revenue for the quarter by 90 days. |