Arlington, VA, August 12, 2009 - CACI International Inc (NYSE:CACI), a leading professional services and information technology solutions provider to the federal government, announced results today for its fourth fiscal quarter and twelve months ended June 30, 2009. CACI provides innovative solutions to meet America's needs in national defense, intelligence, homeland security, and the improvement of government services, and is a leading strategic consolidator in its market space.
Fourth Quarter Results
For the fourth quarter of Fiscal Year 2009 (FY09), we reported record revenue of $728.9 million, up 11.3 percent over fourth quarter of Fiscal Year 2008 (FY08) revenue of $655.0 million. The increase in revenue during the quarter was driven by organic growth of 10.5 percent. Operating income for the quarter was a record $52.6 million, up 13.4 percent, compared with operating income of $46.4 million in the year earlier quarter. The operating margin was 7.2 percent compared with 7.1 percent in the fourth quarter of FY08. Our effective tax rate decreased to 38.8 percent from 40.8 percent in the year earlier quarter as a result of gains realized in the fourth quarter of FY09 on assets invested in our deferred compensation plan. Net income for the fourth quarter was a record $29.0 million, up 23.0 percent compared with $23.5 million for the fourth quarter of FY08. Diluted earnings per share were a record $0.95, up 24.5 percent, compared with $0.77 per diluted share in the year earlier quarter. Cash generated by operations was $56.6 million compared with $81.5 million in the year earlier quarter. Days sales outstanding at the end of the quarter were 59 compared with 60 days at the end of the fourth quarter of FY08. Diluted cash earnings per share, a non-GAAP measure, were $1.27, up 15.4 percent, compared with diluted cash earnings per share of $1.10 in the fourth quarter of FY08.
Fourth Quarter Contract Funding Orders and Awards
Fourth Quarter Appointments and Industry Recognition
Commenting on the company's financial results, Paul Cofoni, CACI's President and CEO, said, "Our record results for both the quarter and the year validate our strategy to focus our solutions in the well-funded and critical areas of defense, intelligence, homeland security, and IT modernization. National security remains at the top of our government's greatest challenges, and we will continue to concentrate our resources to help our clients preserve the freedom and liberty of our nation's citizens. Even with multiple domestic issues facing our country, we cannot lose sight of ever-increasing threats from determined, persistent, and well-resourced terrorist organizations. There is no margin for error in our national security posture.
"Looking ahead we expect to see continued strong performance in CACI's U.S. operations. We anticipate continued demand for our valuable and proven solutions to keep our nation safe and implement efficient and cost-effective IT solutions to modernize federal agencies. We are positioned to expand our capabilities in defense healthcare logistics and IT modernization and address new opportunities in cyber security, smart power, and energy. We expect to see continued growth in our highly profitable U.K. operations, including greater penetration into the public sector.
"Our fundamentals are strong. We expect FY10 to be another year of double-digit earnings per share growth, mid to high single digit organic revenue growth and strong cash generation. We believe we are aligned with the priorities of the current administration, and perfectly positioned to win new business on complex, large-scale contracts. We are confident that our aggressive and experienced leadership team will continue to make CACI a leader in our markets, provide high-quality and best-value solutions to our clients, and build long-term shareholder value."
Full Year FY09 Results
For all of FY09, we reported record revenue of $2.73 billion, up 12.8 percent over FY08 revenue of $2.42 billion. Organic revenue growth for the year was 9.9 percent. Operating income in FY09 was a record $184.1 million, up 13.1 percent, compared with $162.8 million reported in FY08. Net income in FY09 was a record $95.5 million, 14.6 percent higher than net income of $83.3 million for FY08. Diluted earnings per share were a record $3.14, up 15.3 percent, compared with $2.72 per diluted share reported a year earlier. Operating cash flow for FY09 was $151.1 million, compared with $160.1 million for FY08. Diluted cash earnings per share were $4.46, up 9.7 percent, compared with diluted cash earnings per share of $4.07 in FY08.
FY09 Contract Funding Orders and Awards
FY09 Industry Recognition
CACI Reaffirms Its FY10 Guidance
We are reaffirming our Fiscal Year 2010 (FY10) guidance which we issued on June 25, 2009. In addition to the assumptions supporting our FY10 guidance outlined at the time we issued it, every key performance metric trend for our U.S. Operations continues to point in a positive direction: contract awards, contract funding orders, our win rates for both new and recompeted business, the growth of our pipeline of qualified opportunities, and hiring and retention. This guidance also includes the adoption of Financial Accounting Standards Board Staff Position No. APB 14-1, Accounting for Convertible Debt Instruments That May be Settled in Cash Upon Conversion (Including Partial Cash Settlement). The table below summarizes the guidance ranges for FY10:
This guidance does not include any contributions from future acquisitions.
This guidance represents our views as of August 12, 2009. Investors are reminded that actual results may differ from these estimates for the reasons described below and in our filings with the Securities and Exchange Commission.
Conference Call Information
We have scheduled a conference call for 8:30 AM Eastern Time Thursday, August 13th, during which members of our senior management team will be making a brief presentation focusing on fourth quarter results and operating trends followed by a question-and-answer session. You can listen to the conference call and view the accompanying exhibits over the Internet by logging on to our homepage, www.caci.com, at the scheduled time, or you may dial 1-800-967-7134 and enter the confirmation code 9640622. A replay of the call will also be available over the Internet beginning at 1:00 PM Eastern Time Thursday, August 13th, and can be accessed through our homepage (www.caci.com) by clicking on the CACI Investor Info button.
CACI International Inc provides the professional services and IT solutions needed to prevail in today's defense, intelligence, homeland security, and federal civilian government arenas. We deliver enterprise IT and network services; data, information, and knowledge management services; business system solutions; logistics and material readiness; C4ISR integration services; cyber solutions; integrated security and intelligence solutions; and program management and SETA support services. CACI services and solutions help our federal clients provide for national security, improve communications and collaboration, secure the integrity of information systems and networks, enhance data collection and analysis, and increase efficiency and mission effectiveness. We add value to our clients' operations, increase their skills and capabilities, and enhance their missions. CACI is a member of the Fortune 1000 Largest Companies and the Russell 2000 index. CACI provides dynamic careers for approximately 12,500 employees working in over 120 offices in the U.S. and Europe. CACI is the IT provider for a networked world. Visit CACI on the web at www.caci.com and www.asymmetricthreat.net.
There are statements made herein which do not address historical facts, and therefore could be interpreted to be forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such statements are subject to factors that could cause actual results to differ materially from anticipated results. The factors that could cause actual results to differ materially from those anticipated include, but are not limited to, the following: regional and national economic conditions in the United States and the United Kingdom, including conditions that result from a prolonged recession; terrorist activities or war; changes in interest rates; currency fluctuations; significant fluctuations in the equity markets; failure to achieve contract awards in connection with recompetes for present business and/or competition for new business; the risks and uncertainties associated with client interest in and purchases of new products and/or services; continued funding of U.S. government or other public sector projects, based on a change in spending patterns, or in the event of a priority need for funds, such as homeland security, the war on terrorism, rebuilding Iraq, or an economic stimulus package; government contract procurement (such as bid protest, small business set asides, loss of work due to organizational conflicts of interest, etc.) and termination risks; the results of government investigations into allegations of improper actions related to the provision of services in support of U.S. military operations in Iraq; the results of government audit and reviews conducted by the Defense Contract Audit Agency or other governmental entities with cognizant oversight; individual business decisions of our clients; paradigm shifts in technology; competitive factors such as pricing pressures and/or competition to hire and retain employees (particularly those with security clearances); market speculation regarding our continued independence; material changes in laws or regulations applicable to our businesses, particularly in connection with (i) government contracts for services, (ii) outsourcing of activities that have been performed by the government, (iii) competition for task orders under Government Wide Acquisition Contracts ("GWACs") and/or schedule contracts with the General Services Administration; and (iv) accounting for convertible debt instruments; our own ability to achieve the objectives of near term or long range business plans; and other risks described in the company's Securities and Exchange Commission filings.
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