William Blair & Company Initiates Coverage of SRA International, Inc. With Outperform Rating
January 07 2005 - 11:00AM
PR Newswire (US)
William Blair & Company Initiates Coverage of SRA
International, Inc. With Outperform Rating CHICAGO, Jan. 7
/PRNewswire/ -- William Blair & Company today announced that it
initiated research coverage of SRA International, Inc. (NYSE:SRX)
($60.45), a leading provider of IT solutions to the Defense
Department, the intelligence community, the National Guard, and
civilian agencies within the federal government, with an Outperform
rating and company profile of Core Growth. Analyst Laura Lederman
estimated that the company would earn $1.89 per share in fiscal
2005 and $2.22 per share in fiscal 2006. "SRA has delivered 26
years of organic growth and profitability," Lederman said. "Over
the last 10 years the company has posted 18% average revenue
growth, with 16% over the last five years. The company has
developed many important longstanding relationships with defense
agencies and military branches during this period. Through internal
growth and, to a lesser degree, acquisitions, the company has built
a broad portfolio of value-added services that include strategic
consulting, systems design and integration, outsourcing, and
operations management." "The company delivers its services through
long-term contracts that average five years," she added. "These
programs provide a steady flow of recurring revenue, resulting in
superior visibility and limited near-term earnings volatility. High
contract renewal rates of nearly 95% add to the predictably of the
company's revenue and earnings. These factors taken together
provide significant visibility heading into any given quarter. SRA
enters each year with about 75%-80% of its revenue already signed,
in our estimation." William Blair & Company, L.L.C. (
http://www.williamblair.com/ ) is a Chicago-based investment firm,
founded in 1935, offering investment banking, asset management,
equity research, institutional and private brokerage, and private
capital to individual, institutional, and issuing clients. As an
independent, employee-owned firm, our philosophy is to serve our
clients' interests first and foremost. William Blair & Company,
L.L.C. has received compensation for investment banking services
from the company within the past 12 months, or expects to receive
or intends to seek compensation for investment banking services in
the next 3 months. For important disclosures and information
regarding the firm's rating system, valuation methods and potential
conflicts of interest, please visit:
http://www.williamblair.com/pages/eqresearch_home.asp?uid=775
Additional information is available upon request. William Blair
& Company, L.L.C. is a member of the National Association of
Securities Dealers, CRD number 1252. DATASOURCE: William Blair
& Company, L.L.C. CONTACT: Tony Zimmer, William Blair &
Company, L.L.C., +1-312-364-8611, Web site:
http://www.williamblair.com/
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