SAIC reports lower sales, profit

Science Applications International Corp. said today sales in its most recent quarter reached nearly $1.1 billion, down about 2 percent from the same three-month period a year earlier.

The company's quarterly profit hit $36 million, down 3 percent from the prior year.

SAIC attributed the decrease in quarterly sales to the completion of contracts, the loss of a Department of Homeland Security IT integration contract and other contract declines.

However, SAIC said it saw $30 million more in sales on new IT contracts for the Army and federal civilian agencies.

Tony Moraco, SAIC's chief executive, said during a call with analysts this afternoon he is upbeat about the company's defense and intelligence agency customers, which he said are spending more in key areas.

"I'm optimistic about our market environment," Moraco said. "Our long-term outlook remains the same, with expected modest growth."