SAIC CityTime Curse Continues Despite Creative Accounting

CityTime Curse continues for SAIC

 Where us the arrest of NYC Gov officials and top SAIC officials????

See my posts on SAIC CityTime vs SAIC NSA Trailblazer corruption scandal

Can the  street could single-handedly take down SAIC defense giant? Evil corporations and politicians need to pay for their crimes not just scapegoats. Rewind to you new readers. SAIC is the corporate defense giant you admitted to contract corruption for CityTime payroll system for the New York City. SAIC got a get our of jail free card for the price of 1/2 billion dollars.  SAIC continues to operate as a fed contractor under a DPA (deferred prosecution agreement)http://www.justice.gov/usao/nys/pressconference/saicdeferredprosecutionagreementinformationandstatementofresponsibility.pdf

 SAIC has had a busy year shuffling the accounting numbers as it clings on post CityTime. If you actually  follow the trail, they have had an extra busy year, pedaling  hard.

 1.  Acquisitions http://investors.saic.com/phoenix.zhtml?c=193857&p=irol-newsArticle&ID=1715614

 2. Buying back their own stock http://www.streetinsider.com/Dividends/SAIC+(SAI)+Misses+Q4+EPS+by+3c%3B+Approves+40M+Common+Buyback,+Initiates+12cSh.+Qtr.+Dividend/7284115.html, 

 3. Splitting up the Company into two Companies (Liedos means leer in Spanish)http://www.washingtonpost.com/blogs/capital-business/post/saic-to-name-solutions-business-leidos/2013/02/25/a0a2d9ba-755b-11e2-8f84-3e4b513b1a13_blog.html

 4. Paying out to shareholders  special dividends  http://www.fool.com/investing/general/2013/03/26/saic-beats-on-q4-eps-declares-special-dividend.aspx

5. Reworking   their  debt arrangements with the bank http://www.fool.com/investing/general/2013/03/26/saic-beats-on-q4-eps-declares-special-dividend.aspx, laying off  employees http://soldiersystems.net/2012/12/06/saic-announces-layoffs/  and http://washingtontechnology.com/articles/2013/03/26/saic-more-layoffs.aspx

 6.  Abandoning/sell off  their footprint corporate real estate http://www.washingtonpost.com/blogs/capital-business/post/saic-sells-tysons-corner-property/2013/05/06/c8517332-b63c-11e2-aa9e-a02b765ff0ea_blog.html 

 7. What seem like many Press Releases  possible contract wins millions sound like they really won it . http://www.fool.com/investing/general/2013/05/20/news-saic-wins-chem-and-bio-defense-contract.aspx 

The Investor reporting web sites are on a roller coaster of opinions on whether to buy or sell SAIC shares. Totally understand the why on that. Ya gotta read this stuff over and fill in the pieces, where is the SEC? This months focus is on corruption in the IRS and grabbing DNA without a warrant http://www.latimes.com/news/opinion/editorials/la-ed-dna-20130604,0,2983670.story. They should start with the politicians involved with CityTime. 

The odds are running against SAIC as they report slumping profit and revenues this quarter, the reason this time is sequestration. Oh, do not forget to  those mounting Denault legal costs, CityTime shareholder lawsuits NOT yet dismissed and the deferred prosecution agreement still dangling. There is a dim reference to CityTime in this quarters 8k...http://www.sec.gov/Archives/edgar/data/353394/000119312513245231/d548919dex991.htm

"our ability to comply with certain agreements entered into in connection with the CityTime matter", what does that mean?

SAIC earnings down 35%

http://www.bizjournals.com/washington/blog/fedbiz_daily/2013/06/saic-earnings-down-35-percent.html

Where is the justice? Why do the top SAIC execs get soft landings and no politicians yet to be indicted. Preet, rewrite the indictment? Take CityTime back in Time. Give the defense and the public the secret list of "others"