SAIC Profits Grow

Defense contractor Science Applications International Corp. reported today that its sales and profit grew in the most recent quarter.

The company said sales in the three-month period ended Oct. 31 jumped 2 percent to hit $993 million. Profit surged to $37 million, up about 68 percent from the same period a year earlier.

Tony Moraco, the contractor's chief executive, said in a call with analysts this morning that the company benefited from significant task order renewals. SAIC, he said, continues to see many new solicitations, but the government remains slow to make new awards.

"Even with contract scope and funding adjustments, we have not seen a decline in contract proposals," he said. But "the award cycle continues to be elongated."