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2009 SRA Annual Summary Report
Financial Performance
In 2009, SRA revenue increased by 2.2 percent from $1.507 billion to $1.541 billion. Operating income for the year was $99.9 million, for an operating margin of 6.5 percent.
SRA made two acquisitions early in FY 2009, beginning with Interface & Control Systems, a product development and engineering services firm specializing in real-time, autonomous command and control software systems for space applications. The second was Era Systems Corporation, a privately held provider of advanced surveillance technologies for the air traffic management, airport operations, military and security markets.
SRA made investments in career development, business development, infrastructure and operations in order to support future growth.
As of June 30, 2009, the company's backlog of signed business orders was $4.1 billion, up five percent year-over-year, and the funded portion of backlog was $762 million. The company's balance sheet remains strong. As of June 30, 2009, SRA had less than $1 million of net debt and more than $200 million of available borrowing capacity on its existing credit facility.
SRA International, Inc., and subsidiaries. Dollar amounts are in thousands except diluted earnings per share.
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| FOR YEARS ENDING JUNE 30 | 2005 | 2006 | 2007 | 2008 |
2009 |
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| Revenue | $881,770 | $1,179,267 | $1,268,872 | $1,506,933 | $1,540,556 |
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| Operating Incomea | 80,015 | 96,967 | 92,825 | 119,417 | 99,853 |
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| Operating Income Percentage of Revenuea | 9.10% | 8.20% | 7.30% | 7.90% | 6.50% |
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| Net Incomea | 52,195 | 62,520 | 63,430 | 73,264 | 58,000 |
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| Net Income Percentage of Revenuea | 5.90% | 5.30% | 5.00% | 4.90% | 3.80% |
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| Diluted Earnings Per Shareab | $0.92 | $1.08 | $1.09 | $1.24 | $1.01 |
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| Diluted Sharesb | 56,549 | 57,739 | 58,382 | 59,277 | 57,482 |
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| Total Interest-Bearing Dept | - | - | - | $150,000 | $75,000 |
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| Stockholders' Equity | $429,092 | $533,297 | $625,455 | $692,936 | $741,620 |
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| Cash Flow from Operations | $65,988 | $86,831 | $122,444 | $83,797 | $90,636 |
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| Number of Employees | 4,177 | 4,963 | 5,201 | 6,497 | 6,977 |
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aTo provide a better comparison with our current results, years ended June 30, 2004, 2005, 2006, 2007 and 2008 have been presented above including the stock compensation expense and related tax effects
associated with FAS 123R as if it was implemented July 1, 2002 rather than July 1, 2005.
bShare and per share amounts have been adjusted to reflect a May 2005 two-for-one stock split.
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