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SRA Leadership Comments on Financial Report

SRA International (NYSE: SRX) rolled out operating results for the first quarter of fiscal year 2011, ending Sept. 30, 2010.

According to the firm, “revenue for the quarter was $423.9 million, up 1.7 percent from $416.7 million in the September 2009 quarter, driven by the recent acquisitions of PQA and Sentech. Operating income for the quarter was $30.0 million, for an operating margin of 7.1 percent. Income from continuing operations was $18.5 million, for a net margin of 4.4 percent. Diluted earnings per share (DEPS) from continuing operations for the quarter were $0.32. Operating cash flow was $34.8 million and free cash flow was $31.2 million.”

The firm’s senior leadership noted the firm set a noteworthy benchmark:

“We are pleased to have achieved quarterly contract awards of over $1 billion for the first time in company history,” CEO Stan Sloane said. “Our book-to-bill ratio over the past 12 months is now 1.5, and our pipeline of opportunities remains strong, with $2.0 billion pending adjudication.“

Executive Vice President and CFO Rick Nadeau added, “We had strong cash flows from operations in the quarter, driven by further improvement in days sales outstanding to 71 days.”

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