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SAIC Posts Solid Second Quarter Despite Net Income Drop

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By Calvin Biesecker SAIC [SAI] on Wednesday posted solid second quarter results led by strong organic growth and record sales and a modest increase in income from continuing operations, which was hindered by non-recurring charges related to a civil judgment and severance costs. Net income actually declined 17 percent to $109 million, 27 cents earnings per share (EPS), compared to $131 million (31 cents EPS) a year ago. However, last year's results benefited from a $31 million pre-tax gain related…

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