CACI International – CACI – Confident in competitive position and strategic direction

CACI International Inc (NYSE: CACI), a leading information solutions and services provider to the federal government, announced results for its fourth fiscal quarter and full fiscal year ended June 30, 2012.

CACI – Fourth Quarter Results

Revenue decreased 1.5 percent from the fourth quarter of FY11 primarily as a result of a lower volume of pass-through other direct costs. Pro forma operating income grew 9.8 percent over the prior year period to $76.7 million, principally due to solid growth of 8.6 percent in direct labor. Net income attributable to CACI for the fourth quarter of Fiscal Year 2012 (FY12) was $43.4 million, or $1.59 diluted earnings per share, an increase of 6.0 percent over pro forma net income attributable to CACI of $40.9 million, or $1.28 pro forma diluted earnings per share, for the same period in FY11. The larger increase in pro forma diluted earnings per share was due to the 4 million share repurchase program initiated in mid-June 2012. Net cash provided by operations in the quarter was $121.9 million.

During the year ended June 30, 2010, we completed two domestic acquisitions with acquisition-related contingent consideration, or earn-outs, which represented potential additional purchase consideration based on the acquired company’s performance post-acquisition. The fair values of the expected earn-outs were recorded as liabilities on the balance sheet as of each acquisition date, and were re-measured each quarter, with any change in the fair values of the liabilities reflected in the income statement. In the fourth quarter of FY11, the liabilities decreased, and operating income increased by $8.2 million. There were no earn-out adjustments or payments made in the fourth quarter of FY12. The performance period for both acquisitions is complete and no further payments will be due.

Dan Allen, CACI’s President and CEO, said, “We are pleased to report a solid fourth quarter of financial results, closing out a strong Fiscal 2012 in which we achieved record levels in revenue, net income, earnings per share, and operating cash flow. We attribute this performance to both our success in capturing new business in high-growth, high-priority segments of our large addressable market, and our commitment to operational excellence, which drives strong program performance and accounts for our consistently high recompete win rate. We continue to achieve healthy direct labor growth, the main driver of our profitability, while pass-through other direct costs slowed as expected.

“As we look to FY 2013 and beyond, we are confident in our competitive position and strategic direction. Market conditions remain challenging, and budget uncertainty is affecting our clients, but our forward indicators remain strong thanks to our record awards and funding orders in Fiscal 2012. In addition, CACI’s solutions and services are very closely aligned with the priorities outlined in the January 2012 DoD Strategic Guidance, and we believe they will remain aligned in a difficult budget environment. We are committed to enhancing shareholder value and achieving our revenue, net income, and cash flow goals through all economic and budget cycles.”

About CACI

CACI provides information solutions and services in support of national security missions and government transformation for Intelligence, Defense, and Federal Civilian clients. A member of the Fortune 1000 Largest Companies and the Russell 2000 Index, CACI provides dynamic careers for approximately 14,900 employees working in over 120 offices worldwide.

More Posts by this author

• Gold Prices held Steady as Investors wait Bolder Actions from ECB after Merkel’s Support’ Silver Prices Lower
• U.S. Stock Futures Mix Ahead of Confidence Data
• Children’s Place Reports Q2 Results (PLCE)
• Gold Prices Edge Higher on Merkel’s Comments, Monetary Easing Hopes
• Stocks End Higher; All Three Major Indexes Finish at Session Highs
• Gold Prices Settle Higher on Monetary Easing Hopes; Silver Prices also Gain
• Stocks Headed for a Higher Finish

Post Written By: Ed Liston Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.