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Business/Financial

Charge Leads To Third Quarter Loss At SAIC On Flat Sales

Defense Daily Staff Defense Daily Staff
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SAIC [SAI] on Tuesday said it swung to a loss in its third quarter due to a $232 million charge provision stemming from investigations into a workforce management contract with New York City amid flat sales. Excluding the charge, operating income was still down due to a separate $19 million impairment charge related to the acquisition of the cyber security firm CloudShield Technologies last year and higher interest expense. On the bright side, bookings in the quarter were strong, $3.8…

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