November 7, 2008
SI International Q3 Revenue Up 6% As Profit Falls
Federal services contractor SI International has reported a 30% decline in net income to $3.06m for the third quarter 2008, compared to net income of $4.38m in the year-ago quarter, on revenue up 6% at $148.95m.
Operating income during the quarter fell 28% to $6.78m, compared to $9.41m in the same period last year, while diluted EPS fell 30% to $0.23 from $0.33.During the quarter, the company accepted UK-based support services provider Serco Group's offer of approximately $423m to acquire the company. It recorded $1.5m of pre-tax expenses for third-party services related to the pending merger with Serco, which resulted in $0.08 reduction of fully diluted EPS for the current quarter.
For the nine-month period, the company reported a 27% decline in net income to $10.32m compared to $14.14m in the year-ago quarter, on revenue up 14% at $426.14m.