|By Business Wire||
|January 6, 2014 03:16 PM EST||
SCRA, a global leader in Applied Research and Commercialization, today announced results from their Fiscal Year (FY) 2013 annual public audit. SCRA received an unqualified opinion for the 30th consecutive year 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 unqualified opinion is an assertion of the independent auditor's judgment that a company's financial statements are fairly presented, in all material respects, in conformity with generally accepted accounting principles. SCRA's board received this assurance and also that no internal control deficiencies, significant deficiencies or material weaknesses were identified in the course of the audit. Additionally, the audit firm did not have any written recommendations for management with respect to matters related to the 2013 consolidated financial statements.
"SCRA continues to meet and exceed our strategic objectives of ongoing business growth and sustained re-investment in both our clients and our public mission," stated SCRA CFO Julia Martin. "We are pleased to report record audited revenues of over $266 million for FY13. The favorable audit conclusions demonstrate SCRA's commitment to transparency and accountability.”
"The past Fiscal Year was a banner year for SCRA, with the record revenues, operating earnings and total backlog," said SCRA CEO Bill Mahoney. “We currently manage approximately $2 billion in national and international R&D programs and continue to invest in emerging SC-based technology companies through our Technology Ventures’ SC Launch Program. I am delighted to report that in our 30 years, we have never received anything other than the highest ratings in audit and compliance examinations.”
SCRA FY13 financial performance compared very favorably to FY12. Normalized revenues were up 25 percent, normalized operating earnings were up 15 percent and backlog up 11 percent year-over-year. All numbers indicate strong sustained Applied R&D business, the proceeds of which will enable ongoing incremental execution of SCRA’s public mission in technology-based economic development.
The SCRA FY13 public audit report from BDO, USA, LLP, which includes the complete audit opinion, is available online at www.scra.org. Annual reports are also available online. Information about SCRA Federal contracts is regularly posted at publicly accessible websites such as www.USASpending.gov and www.fpds.gov. SCRA financial information, including IRS Form 990 submissions, is available at www.guidestar.com, a public access website carrying information about non-profit companies.
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 helps early-stage companies to commercialize innovations and create jobs, our Applied R&D sector manages national and international R&D programs worth over $2 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 on South Carolina’s economy to be over $15.3 billion.
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