Tuesday, December 10, 2013
SAIC CityTime Curse Leidos
Earnings and info were reported at the crack of dawn this am for Leidos (means leer in spanish)...ex SAIC.
Profits plummet this quarter down 117million!....that's a chunck of change...late last week a short laundry list on why was published by this blog...http://suzannahbtroy.blogspot.com/search?q=leidos+loss However shareholders will be bottle fed with a dividend?
“In the third quarter of Fiscal 2014, Leidos performance reflects the impact of several significant challenges we were not able to offset. Separation expenses and setup costs added to the headwinds of sequestration, the temporary government shutdown, discrete non-cash write-downs, continued delays in the timing of awards and unexpected turbulence in our commercial businesses.” said John Jumper, Leidos Chairman and Chief Executive Officer. “Earlier today, we announced a share-repurchase authorization for up to 20 million shares, which underscores the confidence we have in our business and our firm commitment to drive shareholder value as we move forward. This adds to the $450 million in special and regular dividends already returned to shareholders in fiscal 2014 and continues our plan to return substantial value to our shareholders." http://www.sec.gov/Archives/edgar/data/353394/000133692013000005/q3fy14pressreleaseexhibit9.htm
Joe Carner 24 year head of Health and Engineering resigns? ie steps down and guess who is taking over that position...no, hmmm...let me think and not too hard....John Jumper????? Yup. The street wants to be a fly on that wall. CityTime curse
"Health and Engineering Sector President Joe Craver is stepping aside as head of the business segment. The Board of Directors and Leidos executive management agree this segment will benefit from new leadership. Jumper will step in immediately as acting head of the Health and Engineering Sector while a search is launched for a new leader."http://www.sec.gov/Archives/edgar/data/353394/000133692013000005/q3fy14pressreleaseexhibit9.htm