SAIC reports sales decline, profit boost

Science Applications International Corp. said today sales in its most recent quarter hit $1.1 billion, down about 9 percent from the same three-month period a year earlier.

The company reported quarterly profit reached $49 million, up about 48 percent from the prior year.

SAIC attributed the revenue decline to an additional week in the same quarter a year earlier as well as $25 million worth of contract losses. Additionally, the company said it saw "net declines across the portfolio primarily due to customer budget constraints."

SAIC said, however, it saw higher sales on Marine Corps platform integration programs and a new information technology contract with the Army.

SAIC calculated its revenue contraction for the quarter as just shy of 2 percent when excluding the additional week.

The contractor attributed its profit growth to lower income tax expense.