|By Business Wire||
|August 15, 2013 11:05 AM EDT||
SCRA today reported preliminary (final, un-audited) results for Fiscal Year (FY) 2013, which ended June 30, 2013. Including an extraordinary item, record revenues were reported at $266 million and the company achieved new record operating earnings of just over $21 million. Normalized for the extraordinary item, namely the sale of SCRA’s North Charleston property to Boeing during the year, SCRA revenues still reached a record $243 million, and operating earnings achieved 1.4% of revenues, a representative level for non-profit technology services companies. Total backlog for SCRA at year-end stood at $533 million, also a record annual level.
SCRA FY13 financial performance compared very favorably to FY12. Normalized revenues were up 25%, normalized operating earnings were up 15%, and backlog up 11% year-over-year. All numbers indicate strong sustained Applied R&D business, the proceeds of which will enable ongoing incremental execution of SCRA’s Public Mission in technology-based Economic Development.
Regarding SCRA’s Public Mission, the Company’s Technology Ventures programs made 21 investments in SC-based technology startups in FY13. Since 2006, SCRA has helped form or land about 280 startup enterprises in SC, and has deployed over $69 million in direct company investments, Innovation Center facilities, and program support on behalf of Knowledge Economy development in SC. The top 63 startups, accounting for about $15 million in SCRA’s SC Launch portfolio investments, had by fiscal year end 2013 captured over $217 million in add-on private capital. Since 2006, SCRA has had eight exits from its Technology Ventures investments, generating an average IRR of 27%. All realizations from those exits, as well as overall SCRA operations results, have and will continue to be re-invested in the Company’s Public Mission.
Throughout the year, SCRA was also recognized with multiple qualitative awards. SCRA received two "Stevie" awards by the American Business Congress. 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 both 2011 and 2012. This recognition added to previous regional, national and international recognition for SCRA from the Defense Manufacturing Technology 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. All awards have covered categories for Leadership in Applied Technologies, Innovation Centers, Employee Relations, and Technology-Based Economic Development.
“As SCRA completes its 30th year of operations, we are gratified at achieving new company performance levels,” said SCRA CEO Bill Mahoney. “The FY13 year speaks to the commitment, expertise, and tenacity of our people in service to our dual mission of excellence in both Applied R&D services and Knowledge Economy development. Going forward, while SCRA capabilities will be tested by sequestration and tepid economic conditions for some time, we remain cautiously optimistic about our business opportunities, and therefore our ability to fulfill our Public Mission for the foreseeable future.”
SCRA is an applied research corporation with over 30 years of experience delivering technology solutions with both high returns on investment to federal and corporate clients; and positive economic impacts to its operating localities. To fulfill our dual mission, SCRA has three sectors: Our Technology Ventures sector helps early-stage companies to commercialize innovations and create jobs, our Applied R&D sector manages national and international programs worth over $2 billion in contract value and our R&D Facilities sector builds and manages research facilities that include wet labs, secure rooms for sensitive work and advanced, high-tech manufacturing shops. Multiple economic impact studies show SCRA's cumulative output on South Carolina's economy to be over $15.3 billion, and that SCRA has helped create over 15,000 technology-based jobs in SC, with annual per capita wages between $55K and $77K.