CACI International Inc (NYSE: CACI), a leading information solutions and services provider to the federal government, announced results today for its first fiscal quarter ended September 30, 2012:
- Revenue of $931.2 million
- Operating income of $64.7 million
- Net income attributable to CACI of $35.7 million
- Diluted earnings per share of $1.49
CEO Commentary and Outlook
Dan Allen, CACI’s President and CEO, said, “We are pleased to report solid first quarter results that were in line with our expectations. We delivered first quarter record revenue, earnings per share, operating cash flow, and achieved our net income goal, all resulting from our ongoing market-driven strategy. We had a strong quarter of awards, particularly from our C4ISR, Business Systems, Healthcare, and Logistics and Material Readiness markets. Funding in the quarter also was strong, which increased our funded backlog by 24 percent over our year-end FY12 level, indicating that our FY13 performance is proceeding according to our plan.
“Going forward, we will continue to execute our market-driven strategy, focusing on high priority, mission-critical markets and our commitment to operational excellence. Sequestration remains an issue, but we believe, even if it does occur, it will have minimal impact on CACI in this fiscal year. Our strategy is working and our first quarter results give us confidence that we will continue to perform within our FY13 guidance.”First Quarter Comparisons When analyzing our performance, we believe a better insight and a more meaningful comparison of our Fiscal Year 2013 (FY13) results with those of Fiscal Year 2012 (FY12) can be made by adjusting for three material one-time items that positively impacted our results last year. These items, which we discussed when we released both our first quarter FY12 results and our FY13 annual guidance, are:
- A large commercial product sale that generated $12.0 million of revenue and $6.1 million of net income in the first quarter of FY12
- Greater-than-expected profitability on a large fixed-price contract that generated $0.5 million in additional net income in the first quarter of FY12 and $7.1 million during the full year of FY12
- A $0.4 million increase in net income in the first quarter of FY12 associated with a reduction in the fair value of contingent consideration related to a prior year acquisition
|(in millions except per share data)||Q1, FY13||Q1, FY12As Adjusted(see page 12)||% Change|
|Net income attributable to CACI||$35.7||$35.1||1.7%|
|Diluted earnings per share||$1.49||$1.18||26.6%|
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