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April 6, 2004

SAIC net profit grows 43% in 2003

Science Applications International Corp, the largest privately owned IT services provider in the world, has reported strong growth in revenue and profitability in its latest financial year.

By CBR Staff Writer

In the 12 months to January 31, 2004, the San Diego, California-based company grew net income 43% to $351m on revenue that increased 14% to $6.7bn. The company said revenue from the government sector grew 24%, offsetting an 18% decline in sales to telecom operators.

In the fourth quarter, SAIC’s net profit fell 5% to $76m on revenue that grew 20% to $1.5bn. SAIC blamed the decline on restructuring and facilities closure costs, as well as higher net interest charges.

Chief executive Ken Dahlberg said the company is in a strong position for expansion, with an order backlog of $4.2bn, and cash and marketable securities of $2.4bn. Dahlberg said the company is aiming to double revenue to $12bn in the next five years.

This article is based on material originally published by ComputerWire

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