Defense contractor Science Applications International Corp., or SAIC Inc., has completed the reclassification of its class A preferred stock into common stock.
The reclassification became effective Monday. SAIC's stockholders approved the move at the company's annual meeting June 19.
SAIC asked shareholders to approve the change because it felt its dual-class structure was confusing to investors and more costly to administer.
SAIC has said it expects revenue to increase 6 to 9 percent and earnings per share to increase 11 to 18 percent in its 2010 fiscal year. It reported revenue of $10.1 billion for its fiscal year that ended Jan. 31, 2009.
SAIC shares fell 18 cents to close at $18.27 Tuesday on the New York Stock Exchange.