Rapid Application of New Technologies
From the Chief Financial Officer
Record revenues of more than $172M and backlog greater than $405M are a reflection of the value we deliver to our clients.
Year-end operating revenue of $172 Million represents growth of 58% over 2009.
SCRA’s double-digit growth validates that we continue to deliver value to our Federal and Corporate clients. Multi-year contracts under SCRA management had a combined value of more than $1.4 Billion at the end of FY 2010. SCRA’s year-end backlog of $405 Million registers strong indications of continued, steady future growth.
SCRA’s affiliate, Advanced Technology International (ATI), has been able to compete for and consistently win national-level contracts which contributed to SCRA’s record year-end backlog numbers. Noteworthy outcomes include the ramp-up of its Defense Ordnance Technology Consortium contract, re-compete and win of the Center for Naval Shipbuilding Technologies program, and growth of the Marine Corps R&D Test & Evaluation Program.
The SC Launch program, which facilitates knowledge-based economic development, has continued to assist, help form and/or land more than 230 knowledge-based entities in South Carolina since its inception in 2006. The program has positioned its client companies to attract more than $104 Million in add-on, private equity funding. In 2010, Forbes magazine recognized SC Launch as one of the top five entrepreneurial support programs in the country.
Our outlook remains positive given our strong financial position at the end of FY 2010.
Julia Martin Chief Financial Officer
SCRA is a Rigorously Examined Company with a 27-year History of Clean Audit Reports.
For the 27th consecutive year, SCRA has received an unqualified (clean) opinion on its financial report of consolidated operations, which includes its affiliates ATI and SC Launch!, Inc. The opinion was rendered by BDO USA, LLP, a nationally recognized public audit firm and independent member of BDO International. An outcome of the annual audit process is a level of assurance related to the information presented in SCRA’s financial statements and the representation of the financial condition of SCRA as reflected in the statements. Click here to view the complete BDO Audit of SCRA's Consolidated Financial Statements for 2010 and 2011.
We have invested in Innovation Centers to better serve our clients and continue to accomplish our economic development mission.
SCRA built two new Innovation Centers and a third is scheduled to be completed in Spring 2011. These Centers fulfill state legislative mandates to facilitate the commercialization of new knowledge-based discoveries emerging from university research. The Centers serve SCRA’s economic development mission by helping grow new companies and create jobs for the knowledge-based economy. They serve our applied research mission by developing intellectual property into deployable technologies.
The SCRA MUSC Innovation Center in Charleston, SC, opened in late 2009. It is equipped with 11 wet labs to support bioscience and clean energy research. The SCRA USC Innovation Center in Columbia, SC, is designed to stimulate and sustain clean, next-generation manufacturing. The Duke Energy Innovation Center in Anderson, SC, is under construction. It will focus on advanced materials applications when it opens in Spring 2011.
In the past five years, SCRA Annual Revenue has increased 130%, from $75M to $172M.