SI revenue soars 50 percent
- By John Moore
- Jul 26, 2005
SI International's second-quarter revenue soared more than 50 percent, from $63.8 million to $96 million, compared with the same quarter last year. Company officials attributed the revenue growth to internal expansion and the acquisition of two companies.
The company's net profit for the quarter also rose by 50 percent from $2.7 million to $4 million. SI's second quarter ended June 25.
SI acquired Bridge Technology in late 2004 and Shenandoah Electronic Intelligence earlier this year, company officials said.
Ray Oleson, SI’s chairman and chief executive officer, also cited the company’s 16 percent organic growth rate, which tops the company’s annual organic growth rate target of 10 percent to 15 percent.
The growth came in part from the scaling up of task orders under the company’s Command, Control, Communications, Computer, Intelligence, Information Technology, Surveillance and Reconnaissance Engineering and Technical Support Contract with the Air Force, said Brad Antle, president and chief operating officer at SI International. The contract, awarded in April 2004, has a potential value of up to $800 million.
The company’s diluted earnings per share for the quarter was $0.35, a 17 percent boost compared with the figures from last year’s second quarter. The company’s share price rose 16 percent to $31.72 by midday Tuesday.