Posted on 09/01/2005 6:06:51 AM PDT by elc
UPDATE 1-SAIC files with SEC for $1.73 billion IPO Thu Sep 1, 2005 7:53 AM ET
(Adds financials, use of proceeds, stock symbol)
WASHINGTON, Sept 1 (Reuters) - SAIC Inc., which provides scientific, engineering, systems integration and technical services to the U.S. military and government agencies, filed with regulators on Thursday to raise up to $1.73 billion in an initial public offering of common stock.
The San Diego, California-based company said in a preliminary prospectus filed with the U.S. Securities and Exchange Commission that Morgan Stanley and Bear Stearns & Co. are underwriting the offering.
The filing did not reveal how many shares the company plans to sell or at what prices, as those details are expected to be in future filings.
SAIC, which focuses on solving complex technical issues in the areas of national security, intelligence and homeland defense, said in the filing that it has seen increasing demand for its services because of the global war on terror and the transformation of the U.S. military.
For the three months ended April 30, the company earned $585 million on $1.85 billion in revenues. For the year-earlier period, the company earned $89 million on $1.71 billion in revenues.
The U.S. government is SAIC's largest company, representing 86 percent of it total consolidated revenues in fiscal 2005.
SAIC said it intends to use all of substantially all of the net proceeds from the offering to pay a special dividend to its class A preferred stockholders.
The company said it will apply to list its stock on the New York Stock Exchange under the symbol "SAI" .
Well, doesn't that just figure. My wife has a bunch of SAIC stock (employee owned company). She just left the company and must sell it.
NICE!!! dad will retire and I'll make like no $ off of my 18 shares!! lol
SAIC ws always soo sleezy to deal with 10 years ago when I lived in San Diego. The only job interview I walked out of in my life was when one of their executives deamnded to know how much over time I could work 'off the clock' to make him look better. He said anything over twenty hours a week would work for him.
SAIC is very tight with three letter agencies.
I'll be buying them up shortly! :)
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