SCRA Releases Best Ever Annual Results
Revenue Hits $399 Million; Year-end Backlog Over $1 Billion
Summerville, SC - SCRA today reported preliminary (unaudited) results for Fiscal Year (FY) 2015, the best in the company's history, which ended on June 30th. The record-breaking results include annual revenues of $399 million and year-end total backlog of $1.02 billion. Year-over-year revenue growth was 140 percent overall, while operating earnings grew 130 percent, based upon incremental re-investment opportunities. Year-over-year total backlog growth was 121 percent. FY15 operating earnings, excluding innovation center operations, stood at $4.4 million, a level representative for non-profit R&D companies.
FY15 marked the fourth consecutive year that SCRA's business operations' numbers grew to record-breaking levels. The financial results, SCRA's strongest to date, show continued incremental resource-generation for execution of the company's high-tech economic development mission and project sustained future growth. SCRA's consistent, recurring cash and capital deployments continue to lead high-tech economic development in the state, forecasting a total FY15 economic output within South Carolina above the $1.43 billion FY2014 output estimated by the University of South Carolina's Moore School of Business.
Additional cumulative results since 2006 that showcase SCRA's fulfillment of its public mission to South Carolina include:
- The formation and landing of 313 technology start-ups in SC; some 214 of those remain operational;
- $21.6 million in direct investments in the top 82 startups; those companies have captured $362.7 million in additional private investments;
- In the group of operational companies, over 1,000 wage-compensated jobs have been created, with average annual per capita wages of $69,000;
- SCRA has generated and deployed over $100 million in direct investments, infrastructure and support services to advance South Carolina's high-tech industries- the "Knowledge Economy."
"SCRA hit $100 million in revenue in 2008, our 25th year of operation," said SCRA CEO Bill Mahoney. "By our 30th year of operation, revenue was at $200 million, and we rose to $399 million in revenue in 2015, our 32nd year of operation. I am pleased with this accelerating business trend, which enables us to incrementally re-invest into the state's high-tech economy, fulfilling our economic development mission. My appreciation goes to our SCRA associates for successful execution this year, and I look forward to a productive year ahead."
About SCRA and SCRA Technology Ventures
SCRA is a self-sustaining non-profit applied R&D company that grows the technology-based economy in South Carolina by commercializing intellectual property and supporting and making investments in early-stage companies. Multiple economic impact studies show our cumulative output into South Carolina's economy to be over $18.1 billion since 1983, creating approximately 15,000 technology-related jobs with annual wages averaging between $55,000 and $79,000.