MCLEAN, Va., Oct. 3, 2013 /PRNewswire/ -- Science Applications International Corporation (NYSE: SAIC) announced today that its Board of Directors has initiated a quarterly cash dividend of $0.28 per outstanding share of common stock. The initial cash dividend is payable on October 30, 2013 to stockholders of record as of the close of business on October 15, 2013.
In addition, SAIC today announced that its Board of Directors has authorized a stock repurchase program under which the company may repurchase up to 5 million shares of the company's common stock. Whether any repurchases are made and the timing and actual number of shares repurchased will depend on a variety of factors, including price, corporate and regulatory requirements and other market conditions.
"The initiation of a quarterly dividend and share repurchase authorization are consistent with our stated capital allocation policies," said CEO Tony Moraco. "The board's action reflects the company's strong current financial position and the expectation of cash generation in excess of its operating needs."
SAIC is a leading technology integrator providing full life-cycle services and solutions in the technical, engineering, and enterprise information technology markets. SAIC's deep domain knowledge and customer relationships enable the delivery of systems engineering and integration offerings for large, complex government and commercial projects. SAIC's approximately 14,000 employees serve customers in the U.S. federal government, state/local, and global commercial markets, specializing in providing a broad range of higher-end, differentiated technical capabilities. Headquartered in McLean, Va., SAIC has annual revenues of about $4 billion. For more information, visit http://www.saic.com/.
Statements in this announcement, other than historical data and information, constitute forward-looking statements that involve risks and uncertainties. A number of factors could cause our actual results, performance, achievements, or industry results to be very different from the results, performance, or achievements expressed or implied by such forward-looking statements. Some of these factors include, but are not limited to, the risk factors set forth in SAIC's Form 10 and other such filings that SAIC makes with the SEC from time to time. Due to such uncertainties and risks, readers are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date hereof.