SI logs earnings increases
- By John Moore
- May 02, 2006
SI International increased its revenue and earnings by more than 25 percent in the first quarter of the year compared to the same quarter a year ago, citing 12 percent organic growth and the contribution of recent acquisitions.
The integrator reported revenue of $107.2 million for the quarter that ended April 1, a 28 percent increase over the $83.7 million it reported a year ago. Net income rose 34 percent to $4.3 million, up from $3.2 million last year.
In addition to internal growth, the company said its acquisitions of Zen Technology and Shenandoah Electronic Intelligence sped the company's expansion. The Zen Technology deal, the company’s most recent transaction, closed in late February.
Ted Dunn, SI International’s executive vice president and chief financial officer, said new task orders, the expansion of current contracts, and new projects added through Zen Technology all were factors in the growth.
The company’s Defense Department revenue for the quarter grew 26 percent to $51.4 million, up from $40.9 million last year. Civilian agency revenue increased 31 percent to $53.9 million over the $41 million of a year ago.
During the quarter, SI International won the recompete of the National Visa Center/Kentucky Consular Center contract, a deal valued at up to $84 million.
The company also won subcontracting roles on two key contracts. It is a team member under USfalcon on the Army’s $19.25 billion Strategic Services Sourcing contract, and is teamed with Booz Allen Hamilton on the Army’s Engineering, Technical and Operations Support Services contract. Booz Allen was one of two teams awarded that pact, which could be worth up to $450 million.