MCLEAN, Va.--Science Applications International Corporation (NYSE: SAIC), announced today that its Board of Directors has authorized and declared a regular quarterly cash dividend of $0.31 per share. The cash dividend is payable on January 27, 2017 to stockholders of record on January 13, 2017.
In addition, SAIC today announced that its Board of Directors authorized the repurchase of up to 5 million shares of the company's common stock under an existing stock repurchase program. In September 2015, SAIC's Board of Directors approved the replenishment of a prior authorization of 5 million shares, under which the company has since repurchased approximately 3 million shares of the 5 million shares authorized. The current authorization in December 2016 replenishes the repurchase program by approximately 3 million shares in order to make available for repurchase again an aggregate of 5 million shares. Whether any repurchases are made and the timing and actual number of shares repurchased will depend on a variety of factors, including price, corporate, contractual and regulatory requirements and other market conditions.
SAIC is a premier technology integrator providing full life cycle services and solutions in the technical, engineering, intelligence, and enterprise information technology markets. SAIC is Redefining Ingenuity through its deep customer and domain knowledge to enable the delivery of systems engineering and integration offerings for large, complex projects. SAIC’s approximately 15,000 employees are driven by integrity and mission focus to serve customers in the U.S. federal government. Headquartered in McLean, Virginia, SAIC has annual revenues of approximately $4.3 billion. For more information, visit saic.com. For ongoing news, please visit our newsroom.
Certain statements in this announcement constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties and a number of factors could cause our actual results, performance, achievements, or industry results to be very different from the results, performance, or achievements expressed or implied by such forward-looking statements. Some of these factors include, but are not limited to, the risk factors set forth in SAIC's Annual Report on Form 10-K and other such filings that SAIC makes with the SEC from time to time, which may be viewed or obtained through the Investor Relations section of our web site at www.saic.com. Due to such uncertainties and risks, readers are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date hereof.