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CACI Issues Guidance For Its Fiscal Year 2014

CACI International Inc (NYSE: CACI), a leading information solutions and services provider to the federal government, issued its guidance for its Fiscal Year 2014 (FY14), which begins July 1, 2013, and reiterated its Fiscal Year 2013 (FY13) revenue and net income guidance.

Guidance for Fiscal Year 2014

For FY14 we expect revenue to be between $3.5 billion and $3.7 billion. We expect net income to be between $142 million and $152 million and diluted earnings per share (EPS) to be between $5.70 and $6.10. Our FY14 guidance assumes that the number of diluted weighted average shares will be approximately 24.9 million. We expect that operating cash flow for the year will be approximately $225 million. The guidance does not include the impact of future acquisitions.

The table below summarizes our FY14 guidance ranges and represents our views as of June 26, 2013:

         

(In millions except for earnings per share)

      Fiscal Year 2014
Revenue       $3,500 - $3,700
Net income attributable to CACI       $142 - $152
Effective corporate tax rate       39%
Diluted earnings per share       $5.70 - $6.10
Diluted weighted average shares       24.9
     

Commentary

Ken Asbury, CACI’s President and CEO said, “In FY14 we will continue to focus on a strategy of winning business in our large addressable market, driving operational excellence in the delivery of our solutions and services to our customers, and accelerating our mergers and acquisitions program to broaden and deepen new and existing customer relationships and expand our capabilities. We expect that the U.S. Government will operate under sequestration during our full fiscal year beginning July 1 st, and that the uncertain environment the industry is experiencing will continue. In addition, we believe that continuing resolutions for the government’s FY14 are highly likely. Our FY14 planning process factored in the risks from uncertainty, as we understand them today.

“The expense reduction actions we have taken position us to be more competitive for future organic earnings and cash flow growth. With M&A continuing as the top priority for the deployment of our capital, we also intend to accelerate growth in areas where we see the opportunity to acquire businesses that are strategic and cultural fits with CACI. We are confident these actions will advance our goal of building long-term shareholder value.”

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