SCRA Announces Fiscal 2007 Year-End Results and HighlightsAugust 24, 2007
Charleston, SC – August 24, 2007 – SCRA today reported results for the 2007 fiscal year ended June 30, 2007. Revenue for the year was a record at more than $94 million. Year-end, total contract backlog was the highest in the 24-year SCRA history at more than $150 million. This best-ever backlog positions SCRA to achieve top revenues in fiscal year 2008.
“To achieve record top-line growth is very gratifying in an era where both federal and corporate research & development budgets are declining,” said SCRA CEO Bill Mahoney. “In light of uncertainties with regard to ongoing R&D funding, and in anticipation of the presidential election and the eventual wind-down of the Iraq war, we remain cautiously optimistic that our track record and our return on investment will help us continue to grow and make headway in our markets – for our clients and partners,” he said.
“FY 2007 was a strategic year where we further prepared SCRA for future growth,” said Bob Kiggans, SCRA COO. “We accomplished a great deal with respect to organizational integration.” Kiggans said that “SCRA processes are being streamlined across the board, which will help us become even more competitive.” He said that SCRA is looking to expand into new markets including alternative energy, sustainment, and munitions & energetics.
SCRA’s affiliates and institutes achieved many strong outcomes in FY 2007, including record revenues and sustained, long term contracts in the Advanced Technology Institute (ATI). The Institute for Solutions Generation (ISG) delivered record revenues as well as record net revenues as this business unit transitions into more of a systems engineering and software focus. The Applied Research and Development Institute (ARDI) shows promising impact in the coming year with a more diversified business approach. The SCRA Asset Sector continues to support core SCRA business growth as well as growth of partner and client operations, through both physical and digital asset investments. The SCRA SC Public Interest Sector (SCPI) grew in revenues and anticipates even stronger operational and economic development success in FY 2008. The SCPI Sector affiliate, SC Launch! has invested in 28 startup companies and helped support 69 companies in the last 18 months. Four of those startups have secured more than $30 million in follow-on venture investments.
“SCRA is succeeding in its target markets and our FY 2008 outlook remains strong, substantiated by our backlog, our momentum and our solid financial position at the end of our FY 2007,” said SCRA CFO Julia Martin.
“We look forward to forming and executing additional programs to grow and continue our high quality, core-applied research and commercialization operations and to assist in building the knowledge-based economy,” said Mahoney. “In FY 2008, our 25th year of operation, we expect revenue to surpass $100 million, through the dedicated efforts of the people of SCRA and its partners.”
SCRA is a global leader in applied research and commercialization services with offices in Anderson, Charleston, and Columbia, South Carolina. SCRA collaborates to advance technology. SCRA provides technology-based solutions with assured outcomes to industry and government, and with the help of research universities like Clemson University, the University of South Carolina and the Medical University of South Carolina.