COLUMBIA, S.C.--()--SCRA today reported results for the 2010 fiscal year ended June 30th, 2010. Revenue for the year was a record at more than $170M, up 60% compared with fiscal year 2009. Total backlog at $405 million set a new annual record for the company, up from $279 million the previous year, registering strong indications of continued steady, future growth. At the end of FY 2010, multi-year total contract value comprised more than $1.4 billion.
“In FY 2010, we successfully implemented intensive, planned process improvements that are positively impacting our line efficiencies and controlling our costs”
SCRA’s affiliate, Advanced Technology International (ATI), achieved many noteworthy outcomes in FY 2010. ATI achieved record revenues with the ramp-up of its Defense Ordnance Technology Consortium contract, with the re-compete and win of its Center for Naval Shipbuilding Technologies program, growth of its Marine Corps R&D Test & Evaluation Program, along with numerous renewals and add-on business from existing clients. In addition, ATI achieved national recognition in FY 2010 when it was named by The Wall Street Journal as one of the Top 15 Winning Workplaces in the U.S. for its business practice excellence, training and employee development programs. Additional recognition went to ATI Vice Chair Robert Kiggans last month when he was honored with an international leadership award by the American Society of Mechanical Engineers at their international conference in Montreal.
In knowledge-based economic development, SCRA’s positive deliverables included the on-schedule, on-budget construction and opening of two Innovation Centers: the SCRA MUSC Charleston Innovation Center, which opened in December, 2009; and the SCRA USC Columbia Innovation Center, which opened last month. The third planned Center, The Clemson Innovation Center, remains on schedule and is set to open in the spring of 2011.
SCRA’s SC Launch program, which facilitates knowledge-based economic development in South Carolina, has continued to assist, help form and/or land more than 230 knowledge-based entities in South Carolina since its inception in 2006, providing both funding and services to more than 178. The Program has attracted more than $104M in add-on, private equity investment in South Carolina companies in this four-year period, a figure that rose from $71M the previous fiscal year.
Also in FY 2010, SC Launch was recognized by Forbes magazine as one of the top five entrepreneurial support programs in the country, adding to previous national and international recognition from the Southern Growth Policy Council, the State Science & Technology Institute and the International Economic Development Council.
“With solid, long-term contracts and a significant backlog, our outlook remains positive given our strong financial position at the end of FY 2010,” said SCRA CFO Julia Martin. “In FY 2010, we successfully implemented intensive, planned process improvements that are positively impacting our line efficiencies and controlling our costs,” said SCRA COO Greg Frank, who brings more than 25 years of industry strength and expertise in R&D leadership, management, and technology commercialization.
“With upcoming changes likely occurring in national Defense budgets over the next 2-3 years, our future is not risk-free. Nonetheless, I remain cautiously optimistic about SCRA growth in FY 2011 and beyond. Multiple extensions and add-ons in FY 2010 tell us that our programs add significant value for our clients,” said Bill Mahoney, SCRA CEO. “Additionally, our new chief operating officer, Greg Frank, has brought greater impetus to accelerate our business initiatives. Since joining SCRA last September, Greg has continued the transformation of our business with his expertise in the industries we serve. And our healthy pipeline of tenant prospects for our Innovation Centers will help us fulfill our mandates regarding knowledge-based economic development in South Carolina.” SCRA’s operations have made a cumulative economic contribution of more than $13.7B to South Carolina, according to a University of South Carolina Moore School of Business study, details of which will be released later this fall.
About SCRA
SCRA is a global leader in applied research and commercialization services with its headquarters in South Carolina. SCRA collaborates to advance technology, providing knowledge-based solutions with assured outcomes to industry and government, with the help of research universities in SC, the US and around the world.
About SC Launch
SC Launch, an SCRA program, assists entrepreneurial start-up companies with up-front counseling, seed-funding, and access to a powerful resource network. The SC Launch mission is to help generate knowledge economy jobs in South Carolina, enhance the state’s quality of life and provide opportunity for all South Carolinians in the new economy.
About Advanced Technology International
Advanced Technology International builds global consortia to develop and implement innovative solutions for manufacturing, aerospace, automotive, maritime, metals, and healthcare industries. ATI-led collaborations attract world-class talent from premier companies, universities, and government agencies, to define technology roadmaps and research portfolios matched to business demands that provide the requisite resources to solve shared challenges.
ATI's partners report improved market transition and return on investment with reduced risk. These practical business benefits enable the downstream economic and social benefits of the new technologies - such as safety, affordability, manufacturing competitiveness, environmental protection, and energy conservation. A private, non-profit research corporation with principal operations in Charleston, SC, ATI is an affiliate of SCRA.
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