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Capital Business
Posted at 02:12 PM ET, 11/06/2012

SRA to trim more than 200 Arlington employees

Fairfax-based SRA International gave notice to Virginia late last month that it plans to cut 222 employees in Arlington after losing a major contract with the Federal Deposit Insurance Corp.

In a filing with the Securities and Exchange Commission, SRA said the contract it lost represented about 9 percent of the company’s revenue in fiscal 2012. The contractor said it expects the contract loss to cost $3.5 to $4 million in operating income in fiscal 2013.

The FDIC contract is funded through Dec. 31, and in its notice to Virginia, SRA said its employees would be affected on Jan. 1.

SRA has filed a protest of the contract award with the Government Accountability Office, a GAO official confirmed.

In a statement, SRA said that it is “working diligently to match employees who may be impacted with other open positions in the company.”

SRA, which was taken private last year in a $1.9 billion deal with Providence Equity Partners, has already undertaken some restructuring. The company shifted from two sectors to four business groups and made some reductions to its employee count, but its chief executive said the workforce cut was less than two percent.

By  |  02:12 PM ET, 11/06/2012

 
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