Contractor lands deal with FSA
McLEAN, Va. (AP) -- Government contractor Science Applications International Corp. said Aug. 10 that it will provide information technology services to the U.S. Department of Agriculture's Farm Service Agency under a contract worth about $52 million over five years.
SAIC said the contract includes a one-year base period and four one-year options. The deal could be worth about $52 million if all those options are exercised. The company said it will develop Web-based applications that help Farm Service Agency workers administer the application process for conservation programs.
SAIC said most of the work will be done in Kansas City, Mo.
ConAgra CEO's pay slip shrinks
PORTLAND (AP) -- The CEO of ConAgra Foods Inc. saw the value of his compensation package fall 25 percent for the food company's 2010 fiscal year, according to Associated Press calculations of data filed with regulators.
President and CEO Gary Rodkin received compensation valued at nearly $7.6 million for the year ended in June, down from $10.1 million in the prior year. That includes a $1 million salary, in line with what he received in the prior year. The bulk of the change came from a 56 percent drop in the value of stock option and restricted share grants that he received.
In addition, while Rodkin still received perks such as personal use of the company aircraft and company contributions to a retirement fund, the total value of these benefits fell more than 33 percent.
The Associated Press formula is designed to isolate the value the company's board placed on the executive's total compensation package during the last fiscal year.
The calculations don't include changes in the present value of pension benefits, making the AP total different in most cases from the total that companies report to the Securities and Exchange Commission.
Tyson posts jump in income
NEW YORK (AP) -- Meat producer Tyson Foods Inc. posted an 89 percent jump in third-quarter net income, helped by higher beef and pork prices and a chicken business that's recovering.
The company has been working through an industrywide downturn brought on by a combination of higher production costs and slumping demand as shoppers cut back on trips out to eat.
The Springdale, Ark.-based company said its prepared foods unit struggled in the quarter because of rising ingredient costs but still made money.
The company reported net income of $248 million or 65 cents per share in the quarter ending July 3, up from $131 million, or 35 cents per share last year.
Revenue rose 11.6 percent to $7.44 billion.