SAIC IPO

OH shit i am ever excited about this, I'm going to be fuckin' rich! Although I don't agree with the move in principal and will not vote in support of the decision, it's good to know we'll all be taken care of.

SAIC Announces IPO

Science Applications International Corp., a government contractor specializing in high-tech systems, plans a $1.73 billion initial public offering, the company disclosed Sept. 1 in a filing with the Securities and Exchange Commission.

The move will mark the end of an era for San Diego-based SAIC, which has been employee-owned since its founding in 1969.

SAIC said in its federal filing that it hopes to use the IPO’s proceeds to pay a special dividend and put into short-term investments. Ultimately, the company plans to use the money to fund organic growth, as well as growth by acquisition.

SAIC had net income of $409 million on revenue of $7.2 billion for its 2005 fiscal year, ended Jan. 31. The company had net income of $351 million on revenue of $5.8 billion in fiscal 2004.

Underwriters are Bear, Stearns & Co. Inc. and Morgan Stanley.

The company plans to trade on the New York Stock Exchange under the symbol SAI.

The company has 42,500 employees.

– Brad Graves