Science Applications International Corp SAIC
Q4 2013 Earnings Call Transcript

Transcript Call Date 03/26/2013

Operator: Good afternoon ladies and gentlemen, thank you for standing by. Welcome to the SAIC's Fourth Quarter Fiscal Year 2013 Earnings Conference Call. During today's presentation all participants will be in a listen-only mode. Following the presentation the conference will be open for questions. This conference call is being recorded today Tuesday March 26, 2013.

And at this time I would like to turn the conference over to Mr. Paul Levi, SAIC Senior VP of Investor Relations. Please go ahead sir.

Paul Levi - SVP, IR: Thank you, Vince, and good afternoon. I would like to welcome you to our fourth quarter fiscal year 2013 earnings conference call. Joining me today are John Jumper our Chairman and CEO, Stuart Shea our COO, Mark Sopp, our CFO and other members of our leadership team.

During this call, we will make forward-looking statements to assist you in understanding the company and our expectations about its future financial and operating performance. These statements are subject to a number of risks that could cause actual events to differ materially, and I refer you to our SEC filings for a discussion of these risks.

In addition, the statements represent our views as of today. We anticipate that subsequent events and developments will cause our views to change. We may elect to update the forward-looking statements at some point in the future, but we specifically disclaim any obligation to do so.

I would like our audience to please note that our management will speak of our Q4 and year-to-date results as compared to adjusted prior year periods. The adjustments that are on the CityTime charges incurred last fiscal year. A reconciliation of these adjustments is provided in our earnings release issued today.

I would now like to turn the call over to John Jumper, our Chairman and CEO.

John P. Jumper - President and CEO: Thank you, Paul and good afternoon everyone. During the call today I'll be discussing four key items. I'll start with our quarterly performance followed by a discussion of our journey to achieve greater cost efficiencies and third I'll talk about market conditions and finally our capital allocation decisions and plans.

After my comments Stuart Shea will update you on the progress of our planned separation, our actions to expand our pipeline of opportunities and review new business development results. Mark Sopp will then follow with details on the financial results, guidance for FY '14 and then we'll answer your questions.

First, our Q4 performance. During the quarter our revenue growth trended down and our full year ended with just modest gross, but within our expectations. Our margins were lower than our normal run rates and were largely impacted by non-recurring costs, including those required to achieve the planned separation and a few legal and program adjustments. Stuart will provide the details in a few moments and discuss our continuing actions to improve margins. Many of the actions needed to provide sustainable margin improvement have been or are being implemented and further action is being taken early this fiscal year will deliver benefits to both companies after separation.

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