Growth of the Company: FY 1998
On November 17, 1997, Science Applications International Corporation completed its acquisition of Bellcore, now known as Telcordia Technologies, a bold strategic stroke that will change the direction and scope of SAIC forever.
Fiscal Year 1998
The SAIC/Telcordia Technologies combination creates one of the world’s largest providers of telecommunications and information networking technology and software, and one of the world’s largest engineering and consulting services companies. Together, the two companies will use their combined skills and experience to open new markets where they can offer solutions to customers on large software projects, advanced network design, telephone operating systems, secure networks, Internet technologies and wireless communications, among many others.
Revenues for the fiscal year which ended January 31, 1998, were nearly $3.1 billion, a gain of 29 percent over the previous year's $2.4 billion. Net earnings were $84.8 million, a 33 percent increase over last year's net of more than $63.7 million.
During the year, SAIC won $6.5 billion in new business. This represents the 29th year of continued revenue and earnings growth, solidifying SAIC's position as one of the most successful employee-owned companies in the United States.
During Fiscal Year 1998, SAIC launched a number of new strategic business initiatives. One of these initiatives came to fruition on September 26, when approximately 3.8 million shares of Class A Common Stock of Network Solutions, Inc. (NSI), the global registration authority for the Internet and a subsidiary of SAIC, were offered for sale to the public. The IPO marked the first time that a portion of an SAIC subsidiary was publicly traded
- On February 1, 1997, SAIC merged its intelligent transportation business units into a new unit named TransCore that offers advanced transportation technologies and information systems and services. TransCore is one of the largest organizations of its kind in the United States