SAE International ended 2017 financially sound and well positioned to provide ongoing support for realization of the Long-Range Strategic Roadmap.
The Consolidated Statements of Financial Position reflect total assets of $103.9 million at the end of 2017. This increase of $5.5 million from 2016 is primarily due to increases in accounts receivable and investments.
The Consolidated Statements of Activities and Changes in Net Assets reflect operating revenue of $92.0 million and a net loss from operations of $1.0 million. Revenue growth was attributable to a combination of impressive financial results from Publications, Media, and Educational activities with a continued emphasis on new products, global expansion, and our mission. The loss from operations is attributable to a one-time non-cash goodwill impairment charge of $2.0 million.
Non-operating results increased net assets by $15.6 million, causing total net assets to increase by $14.6M to $50.4 million at December 31, 2017. The increase is primarily attributed to a positive non-cash pension adjustment of $8.6 million and investment gains of $7.3 million.
SAE’s financial health continues to improve each year. As of December 31, 2017, SAE had cash on hand of $6.9 million and investments of $59.9 million. In addition, SAE reduced debt from $0.4 million to $0 million. The strong Statement of Financial Position and the increasing demand for SAE programs, products, and services has SAE poised to continue delivering value and achieving its strategic objectives.