FOR IMMEDIATE RELEASE November 28, 2011
For more information please contact: SCRA Micki Howard 843.760.3329 office 843.697.9226 mobile micki.howard@scra.org
SCRA Announces Fiscal 2011 Year-End Results and Highlights Delivers Record Revenues, Named 9th Fastest Growing Company in SC
Columbia, SC - November 28, 2011 - SCRA today reported results for Fiscal Year (FY) 2011, which ended June 30, 2011. Record revenues totaled more than $195 million, up 13 percent from FY10. Total backlog at $405 million registered strong indications of continued future growth and matched last year's record. Since 2005, SCRA revenues have grown from $74 million to $195 million. At the end of FY 2011, the total value of contracts under SCRA management was more than $1.5 billion up from $235 million in 2005.
"Since its inception in 1983, SCRA has grown our Knowledge Economy and helped to create and sustain thousands of high wage jobs in South Carolina," said South Carolina Speaker of the House Bobby Harrell. "SCRA's recent business successes have enabled them to incrementally invest in high-tech startups and collaborations with prominent South Carolina corporations, leading to increased innovation and commercialization and significant economic returns to our state."
According to University of South Carolina Moore School of Business studies, over 28 years SCRA's operations have made a cumulative economic contribution of more than $13.7 billion to South Carolina, and helped create over 16,000 technology-based jobs in SC with annual per capita wages between $55K and $77K. Updates to those studies will be released later this year.
SCRA's Applied R&D Division, formerly known as Advanced Technology International (ATI), achieved record revenues and received nationally-visible contract awards and extensions throughout the year. The ongoing expansion of the Defense Ordnance Technology Consortium contract, the re-compete and win of the US Navy Composites Manufacturing Technology Center contract and the growth of the Marine Corps R&D Test & Evaluation Program were particularly noteworthy. Within South Carolina, the SCRA Applied R&D division partnered with BMW and the US Department of Energy to extract hydrogen from BMW's methane recovery infrastructure, which may be used in fuel cells powering BMW's materials handling fleet.
SCRA Technology Ventures and R&D Facilities divisions showed positive deliverables for the year, including the on-schedule fulfillment of all 34 line item mandates from the SC Innovation Centers Act of 2005 and the SC Industry Partners Act of 2006. The final line item was met in March 2011 by the completion of the Duke Energy Innovation Center in Anderson, in partnership with Clemson University and Duke Energy. All 34 of those mandates were funded by over $27 million from SCRA's earnings and balance sheet, and by private donations; SCRA neither receives nor requires annual tax appropriations from the State of SC.
"Without the help of SCRA and its SC Launch program, the success of Clemson licensee Selah Technologies, and its subsequent acquisition by Lab 21, would never have happened," said Lab 21 President Michael Bolick. "Lab 21's decision to locate in South Carolina upon acquiring Selah Technologies was also influenced positively by the financial and entrepreneurial support of SCRA."
SCRA's SC Launch program, which has facilitated knowledge economy development in South Carolina since 2006, has supported over 230 technology-based companies in South Carolina , 12 of which have moved into SC from other states. Cumulatively, the SC Launch Program has attracted more than $167 million in add-on, private equity investment in South Carolina technology companies in this five-year period, a figure that rose from $104 million at the end of the previous fiscal year.
In FY11, SCRA was recognized with a "Stevie" award by the American Business Congress for being the top non-profit company in the US. The company also received two SC Chamber awards: the 9th Fastest Growing Company and a Best Place to Work in SC. These awards followed recognition of SCRA by Forbes Magazine in 2010 as one of the top five entrepreneurial support organizations in the country, adding to previous regional, national and international recognition for SCRA from the Defense Manufacturing Conference, the Southern Growth Policies Conference, the State Science & Technology Institute, the International Economic Development Council, the Alfred P. Sloan Foundation, The Wall Street Journal, CEO Magazine, Entrepreneur Magazine, TechJournal South and The Economist.
"With long-term contracts and a significant backlog, our outlook remains positive given our solid financial position at the end of FY 2011," said SCRA CFO Julia Martin.
"With reductions likely in national defense and corporate R&D budgets over the next two to three years, our future is not risk-free. Nonetheless, I remain cautiously optimistic about SCRA growth in FY 2012 and beyond," said Bill Mahoney, SCRA CEO. "Multiple extensions and add-ons in FY 2011 tell us that our programs in Applied R&D, R&D Facilities and Technology Ventures add significant value for our clients, partners and stakeholders."
About SCRA http://www.scra.org
SCRA is an applied research company with over 28 years of experience in delivering technology solutions with high returns on investment to federal and corporate clients. Our Applied R&D affiliate manages over 100 national and international programs worth over $1.5 billion in contract value, and our technology-based economic development affiliate helps early-stage companies to commercialize innovations and create jobs. In support of our mission, SCRA builds and manages research facilities that include wet labs, secure rooms for sensitive work and advanced, high-tech manufacturing shops.