Achieved Record Backlog, Received Multiple Awards
COLUMBIA, S.C.--(BUSINESS WIRE)-- SCRA today reported results for Fiscal Year (FY) 2012, which ended June 30, 2012. While revenues equaled last year’s record of $195 million, the company achieved new record backlog of $481 million, representing a 19% increase from last year’s prior record. EBITDA of 2.3% of revenues (on core operations) were comparable to prior years and consistent nationally with non-stock, tax-exempt public benefit corporations. All numbers indicate strong, sustained business, point toward continued future growth and predict sustained execution of SCRA’s public mission.
According to multiple economic studies, including the most recent done by the University of South Carolina Moore School of Business, SCRA's operations throughout the past 29 years have made a cumulative contribution of more than $14 billion to South Carolina’s economy. In fulfillment of its SC public charter, the company has helped create over 15,000 technology-based jobs in SC, with annual per capita wages between $55,000 and $77,000.
SCRA’s Applied R&D sector, the company’s applied research and commercialization business, achieved steady revenues and received several nationally-visible contract awards and extensions throughout the year. The ongoing expansion of the Defense Ordnance Technology Consortium contract, the SCRA-led Center for Naval Shipbuilding Technology additional option year and the re-compete and win of the Interagency Operations “Watchkeeper” program were three highlights from the year. Three Applied R&D sector programs achieved awards at the Defense Manufacturing Conference, and SCRA’s advanced prosthetics program for wounded warriors was recognized with a Przirembel Prize in South Carolina.
SCRA Technology Ventures, the company’s tech-based economic development sector, continued to show positive deliverables throughout the Fiscal Year. The SC Launch program, which has facilitated knowledge economy development in South Carolina since 2006, has supported over 279 technology-based companies in South Carolina, 12 of which have moved into SC from other states. Cumulatively, the SC Launch Program has attracted more than $185 million in add-on, private equity investment in South Carolina technology companies since its establishment, a figure that rose from $167 million at the end of FY11.
“I sincerely appreciate SCRA’s support of Zipit”, said Frank Greer, CEO, Zipit Wireless, an SC Launch portfolio client. “We would not be at the stage of company development that we have reached without it. SCRA investment continues to enable me to do everything in my power to make Zipit a big success.”
Throughout the year, SCRA was recognized with multiple awards. CEO Bill Mahoney received a "Stevie" award by the American Business Congress for Executive of the Year for Non-Profit Companies in the US. The company also received a SC Chamber award as a Best Place to Work in South Carolina. These awards followed recognition of SCRA by Forbes Magazine in 2010 as one of the top five entrepreneurial support organizations in the country, and by the International Economic Development Council in 2011, adding to previous regional, national and international recognition for SCRA from the Defense Manufacturing Conference, the Southern Growth Policies Conference, the State Science & Technology Institute, the International Economic Development Council, the Alfred P. Sloan Foundation, The Wall Street Journal, CEO Magazine, Entrepreneur Magazine, TechJournal South and The Economist.
“Excellence in research and development, facility redevelopment, employee satisfaction and loyalty, culminating with robust contract awards are indicative of the remarkable leadership climate that pervades and motivates SCRA,” said General Charles E. Wilhelm (USMC, ret), member of SCRA’s Strategic Advisory Group.
"With record backlog and successful contract extensions and re-competes, our outlook remains positive," said SCRA CFO Julia Martin. “I am confident that SCRA will perform well this year, and I look forward to the successes that will further our missions.”
"I am pleased with our performance and deliverables in FY12, and I am optimistic about growth in the current year,” said SCRA CEO Bill Mahoney. "Our continued contract wins and extensions show that our Applied R&D programs add significant value to our clients and partners. Our Technology Ventures programs continue to grow and land high-tech companies in our home state, and many of our SC Launch companies are maturing and attracting follow-on investments, furthering SC’s Knowledge Economy. While the current economic climate remains a concern, I am cautiously optimistic that we will continue to grow our business and thereby serve our public mission to the fullest extent possible."
Since 2005, SCRA revenues have grown from $75 million to $195 million. At the end of FY 2012, the total value of contracts under SCRA management was nearly $1.5 billion.
SCRA is an applied research corporation now in its 30th year of delivering technology solutions with high returns on investment to federal and corporate clients, to enable knowledge economy development in SCRA operating localities.
Micki Howard, 843-760-3329