SAIC Says Sequester's Hit Has Been Worse Than Expected

Law360, New York (September 4, 2013, 7:51 PM EDT) -- SAIC Inc., one of the Pentagon's largest contractors, said Wednesday that the effects of sequestration have been worse than expected, causing long delays in contract awards and spurring an increased number of bid protests that have left the company fighting for business.

After announcing that its fiscal second quarter net income had dropped 61 percent, SAIC chairman John Jumper told investors in a conference call that the company must begin to impose "significant caution" throughout the contracting process. The automatic defense budget cuts have caused the...
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