SAIC reports sales boost, profit decline

Science Applications International Corp. said Wednesday sales in its most recent quarter rose 14 percent to hit $1.1 billion.

However, quarterly profit declined 8 percent to reach $34 million.

The contractor noted that its sales actually declined when adjusted to reflect the acquisition of Scitor and blamed the contraction on "lower material volume on supply chain contracts" and reduced Scitor sales.

SAIC blamed its reduced profit on increased interest expense on loan borrowings related to the Scitor deal.