SAIC posts quarterly profit, sets special dividend
McLEAN, Va. (AP) — Security and communications technology provider Science Applications International Corp. on Tuesday posted a fourth-quarter profit and announced a special dividend of $1 per share.
SAIC Inc. shares fell 7 cents to close at $12.82 in regular trading. They were up 55 cents, or 4.3 percent, to $13.37 during after-hours trading.
The company also forecast lower-than-expected revenue and in-line profit for the fiscal year that started in February.
SAIC said it would make adjusted earnings of $1.16 to $1.33 per share on revenue of $10 billion to $10.7 billion in fiscal 2014. Analysts were expecting $1.27 per share on revenue of $10.81 billion, according to FactSet.
SAIC said the outlook assumed flat defense spending by the U.S. government.
SAIC plans to break into two separate companies. One will focus on national security and other work. The other will handle government services.
Chairman and CEO John P. Jumper said revenue and operating income declined after excluding adjustments to the 2012 results, but he said the company remained on schedule for the separation into two businesses later in the year.
Net income in the quarter ended Jan. 31 was $186 million, or 54 cents per share, compared with a year-ago loss of $161 million, or 49 cents per share. That was 2 cents better than analysts predicted.
Revenue rose to $2.71 billion from $2.47 billion a year earlier, matching analysts' forecast.
The company declared a special dividend of $1 per share payable June 28 to shareholders as of June 14. It also announced a quarterly dividend of 12 cents per share payable on April 30 to stockholders as of April 15.