SCRA Releases Record Annual Results
Revenue Hits $285 Million; Year-end Backlog Reaches $841 Million
CHARLESTON, S.C.--(BUSINESS WIRE)--SCRA today reported results for Fiscal Year (FY) 2014, which ended on June 30, 2014. The Fiscal Year marked the best in SCRA’s history, with annual record revenues of $285 million and record year-end total backlog of $841 million. Year-over-year revenue growth was 7 percent overall, while operating revenue (excluding an FY13 extraordinary property sale to Boeing) grew 17 percent. Year-over-year backlog growth was 58%. FY14 operating earnings, excluding innovation center operations, were $3.3 million, representative for non-profit R&D companies, and which SCRA re-invests in its public mission. The record-breaking numbers, SCRA’s strongest annual performance to date, project robust, sustained business and continued execution of SCRA’s economic development mission.
“With new contract wins, record revenues and backlog and hitting $2.8 billion in contract value under management, our outlook remains positive for the upcoming Fiscal Year.”
SCRA’s Applied R&D affiliate realized steady revenues and received numerous contract awards and extensions throughout the year. Highlights included: selection as consortia manager for the $70 million Digital Manufacturing and Design Innovation Institute; a contract win to lead the national Vertical Lift (helicopter) Consortium and the ongoing expansion of the National Armaments Consortium contract.
SCRA‘s Technology Ventures sector and its SC Launch program continued to show positive investment and economic development outcomes throughout the year. SCRA continued its mission to grow high-tech start-ups in South Carolina by making 10 investments worth over $2.2 million throughout the year. Since its 2006 inception, the SC Launch program has helped form or land over 290 early-stage, knowledge-economy enterprises in S.C. Through direct investment of $19 million in the top 71 of those entities, SCRA has helped them attract over $301 million in add-on, private investment. SCRA Technology Ventures also supported three new life-sciences company relocations to South Carolina and assisted in emerging technology transfer and intellectual property commercialization from the State’s three research universities.
According to third-party economic studies, SCRA has made a cumulative contribution of more than $16.6 billion to South Carolina’s economy throughout the past 32 years, fulfilling its public charter by helping create over 15,000 technology-based jobs in S.C., with annual per capita wages between $55,000 and $77,000.
"This year marked the best in SCRA’s 32 year history," said SCRA CFO Julia Martin. “With new contract wins, record revenues and backlog and hitting $2.8 billion in contract value under management, our outlook remains positive for the upcoming Fiscal Year.”
"This past year was very strong for SCRA,” said SCRA CEO Bill Mahoney. “We executed well, and our performance gives us momentum for sustained growth in Fiscal Year 2015. SCRA Applied R&D programs continue to add value to our government and industry clients. SCRA’s Technology Ventures sector and its SC Launch program continue to generate returns, which are re-invested to incrementally grow South Carolina’s Knowledge Economy. I look forward to a successful year ahead.”
SCRA is an applied research corporation with over 30 years of experience delivering technology solutions with high returns on investment to federal and corporate clients. To fulfill our mission, SCRA has three sectors: Our Technology Ventures sector has helped over 290 early-stage companies to commercialize innovations and create jobs, our Applied R&D sector manages over 100 national and international programs worth over $2.8 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 into South Carolina’s economy to be over $16.6 billion.