SI International Reports Financial Results for Third Quarter FY08
November 05 2008 - 4:16PM
PR Newswire (US)
RESTON, Va., Nov. 5 /PRNewswire-FirstCall/ -- SI International,
Inc. (NASDAQ:SINT), an information technology and network solutions
(IT) company, today announced financial results for its third
quarter ended September 27, 2008. SI International's Quarterly
Report on Form 10-Q for the third quarter of fiscal year 2008 has
been filed with the SEC and can be viewed by going to the SEC's
website at http://www.sec.gov/ or SI International's website,
http://www.si-intl.com/, and selecting "SEC Filings" on the
"Investors" webpage. Revenue for the third quarter of fiscal year
2008 (FY08) was $149.0 million. Income from operations for the
third quarter of FY08 was $6.8 million. Net income for the third
quarter of FY08 was $3.1 million or $0.23 per diluted share. In the
third quarter, SI International recorded $1.5 million of pre-tax
expenses for third-party services related to the pending merger
with Serco, Inc. The impact of these expenses resulted in $0.08
reduction of fully diluted earnings per share for the current
quarter. Adjusting for the expenses associated with the pending
merger, SI International's adjusted net income is $4.0 million, or
$0.31 per diluted share. (Adjusted net income and adjusted earnings
per share are non-GAAP financial measures; please refer to the
discussion below entitled, "Non-GAAP Financial Measures.") As
adjusted for these expenses, the Company's results are in line with
financial guidance provided on July 29, 2008, in which SI
International stated that it expected revenues for the third
quarter be in the range of $147-153 million, with net income in the
range of $3.9-4.3 million, or $0.30-0.33 per fully diluted share.
Non-GAAP Financial Measures Adjusted net income is a non-GAAP
financial measure, which we define as net income plus after-tax
transaction costs associated with the pending merger with Serco
Inc. Adjusted earnings per share is a non-GAAP financial measure,
which we define as earnings per share, plus the per-share after-tax
transaction costs relating to the pending merger. Adjusted net
income and adjusted earnings per share are not intended to replace
net income or earnings per share. Rather, we consider adjusted net
income and adjusted earnings per share to be important financial
measures of our operating performance for the third quarter of
fiscal year 2008 related to the operation of our business without
taking into account expenditures that are related to the pending
merger and which are not expected to recur. We believe adjusted net
income and adjusted earnings per share provides investors with an
alternative means to evaluate the results of our operations.
Adjusted net income and adjusted earnings per share as used in this
document may not be comparable to similarly titled measures
reported by other companies due to differences in accounting
policies and differences in definitions of adjusted net income and
adjusted earnings per share. The following table reconciles
reported net income and earnings per share to adjusted net income
and adjusted earnings per share, as defined above, for the three
months ended September 27, 2008: Three Months Ended September 27,
2008 Actual Adjustment for Transaction Costs As Adjusted Revenue
$148,952,000 -- $148,952,000 Operating Income $6,780,000 $1,500,000
$8,280,000 Tax $2,087,000 $607,000 $2,694,000 Net Income 3,066,000
$893,000 $3,959,000 Earnings Per Share $0.23 $0.08 $0.31 About SI
International: SI International, a member of the Russell 2000 and
S&P SmallCap 600 indices, is a provider of information
technology and network solutions (IT) primarily to the Federal
government. SI International combines technology and industry
expertise to provide a full spectrum of state-of-the-practice
solutions and services, from design and development to
documentation and operations, to assist clients in achieving their
missions. SI International is ranked as the 44th largest Federal
Prime IT Contractor by Washington Technology and has approximately
4,500 employees. More information about SI International can be
found at http://www.si-intl.com/. Additional Information and Where
to Find It In connection with the pending merger referred to in
this press release, SI International filed a proxy statement with
the Securities and Exchange Commission on October 8, 2008 which was
first mailed to SI International's stockholders on or about October
13, 2008. SI INTERNATIONAL's stockholders are urged to read THE
PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC
BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE PENDING
MERGER. Investors and stockholders are able to obtain the documents
free of charge at the SEC's web site, http://www.sec.gov/. Requests
for additional copies of SI International's proxy statement should
be directed to SI International's proxy solicitor, Innisfree
M&A Incorporated, 501 Madison Avenue, 20th Floor, New York, New
York 10022, or by telephone at (877) 456- 3510, or to SI
International at 12012 Sunset Hills Road, Suite 800, Reston,
Virginia 20190-5869, Attention: Secretary, or by telephone at (703)
234-7000. Participants in Solicitation SI International and its
directors and executive officers and certain other members of
management may be deemed to be participants in the solicitation of
proxies in connection with the pending merger referred to in this
press release. Information concerning SI International's
participants is set forth in SI International's proxy statement for
its 2008 Annual Meeting of Stockholders, which was filed with the
SEC on April 18, 2008. Investors may obtain additional information
regarding the interest of such participants by referring to the
proxy statement regarding the pending merger filed on October 8,
2008. Cautionary Language Concerning Forward-Looking Statements The
above-referenced statements may contain forward-looking statements
that are made pursuant to the safe-harbor provisions of the Private
Securities Litigation Reform Act of 1995. Expressions of future
goals, financial information or reporting, and similar expressions
reflecting something other than historical fact are intended to
identify forward-looking statements, but are not the exclusive
means of identifying such statements. These forward- looking
statements may involve a number of risks and uncertainties, which
are described in SI International's filings with the Securities and
Exchange Commission. These risks and uncertainties include: changes
in Federal government (or other applicable) procurement laws,
regulations, policies and budgets; risks relating to contract
performance; changes in the competitive environment (including as a
result of bid protests); and the important factors discussed in the
risk factors described from time to time in reports filed by SI
International with the Securities and Exchange Commission,
including its Annual Report on Form 10-K for the year ended
December 29, 2007 and its quarterly reports on Form 10-Q, all of
which are available directly from the SEC at http://www.sec.gov/.
The actual results may differ materially from any forward- looking
statements due to such risks and uncertainties. SI International
undertakes no obligations to revise or update any forward-looking
statements in order to reflect events or circumstances that may
arise after the date of this release. Alan Hill SI International,
Inc. 703-234-6854 DATASOURCE: SI International, Inc. CONTACT: Alan
Hill of SI International, Inc., +1-703-234-6854, Web site:
http://www.si-intl.com/
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