Robert H. Smith School of Business
The Motley Fool

Market Foolery Featured Podcasts

  • MarketFoolery: 10.30.2014
    Veteran finance writer Jonathan Chevreau discusses investing in Canada and why the word “retirement” needs to be retired.
  • MarketFoolery 10.29.2014
    Fool Australia analyst Matt Joass discusses the investing landscape in Australia, “ghost cities” in China, and how American brands are viewed Down Under.
  • MarketFoolery: 10.28.2014
    The price of oil is dropping.  We analyze the best opportunities in oil stocks right now, plus the latest results from Twitter and Buffalo Wild Wings.  
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

 
Read what others are saying
     

    © 2011 The Washington Post Company