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May 12, 2009

SRA Q3 upbeat despite profit down 21%

The company won $805m worth of new business

By CBR Staff Writer

Technology and consulting services provider SRA International Group has reported a 21% drop in net income to $14.3m for the third quarter 2009, compared to net income of $18m in the year-ago quarter, on revenue up slightly at $377m.

Operating income fell 18.5% to $24.1m, while diluted EPS fell 19.4% to $0.25. The company won $805m worth of new business and its backlog of signed business was up 8% to $4.2 billion, while funded backlog increased 3% to $808m.

The company also said it has appointed Stewart Simonson as vice president of government affairs and said its executive vice president of corporate development, Barry Landew, retired during the quarter.

Stan Sloane, president and chief executive of SRA, said: We are pleased to have made progress in our financial results this quarter, and our contract awards indicate solid business momentum. We had several key recompete wins in Q3, as well as our largest new award in over four years.

For fiscal 2009, the company expects revenue in the range of $1.51 billion to $1.54 billion with diluted EPS in the range of $0.94 to $1.00.

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