SAIC announces results and "bolder" M&A

SAIC recently announced its financial results for Q4 and Fiscal Year 2011. Highlights:

- Revenues: $2.77 billion (up 3 percent) for fourth quarter, $11.1 billion (up 2 percent) for fiscal year

- Operating Income: $220 million (up 5 percent) for fourth quarter, $958 million (up 10 percent) for fiscal year

- Diluted EPS from Continuing Operations: $0.36 (up 16 percent) for fourth quarter, $1.51 (up 22 percent) for fiscal year

- Cash Flow from Operations: $173 million for fourth quarter, $737 million (up 19 percent) for fiscal year

- Net Business Bookings: $3.8 billion in the fourth quarter, $12.8 billion for fiscal year

In related news, SAIC CEO Walter P. Havenstein announced that it would divest its IT business units related to the oil & gas sectors for an estimated $200M, in order to pursue a "bolder" acquisition strategy in "high-growth areas."  When asked whether SAIC would also look at public companies, Havenstein would not rule that out but stated they prefer private companies, so as not to be "the last drunk standing at the bar" in a public auction situation.