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CACI International Inc (NYSE: CACI), a leading information solutions and services provider to the federal government, announced results today for its second fiscal quarter ended December 31, 2013.
CEO Commentary and Outlook
Ken Asbury, CACI’s President and CEO, said, “Our results reflect solid execution of our strategy during a difficult period for our customers and our industry. During the quarter, we secured significant contract awards, received solid contract funding, and grew CACI net income by 8 percent, excluding Six3 Systems. We completed the acquisition of Six3 Systems, Inc., which positions CACI as a leader in advanced intelligence and cyber security offerings to our national security customers. Six3 brings a unique set of signals intelligence and cyber capabilities that are increasingly essential to protecting our country against growing international threats.
“We remain focused on those factors that we control, which contribute to profitability and build and deliver future shareholder value: winning new business, delivering consistent value to our customers, and using our capital to make investments that improve our future performance.”
Second Quarter Results
(in millions except per-share data)
Net income attributable to CACI
Diluted earnings per share
Revenue for the second quarter of Fiscal Year 2014 (FY14) decreased 4.0 percent compared to the second fiscal quarter of Fiscal Year 2013 (FY13). The decrease in revenue in the second quarter was driven primarily by federal government budget-related activities and the 16-day government shutdown in October. The decrease in operating income in the quarter was due primarily to $9.7 million of one-time acquisition-related expenses for Six3 Systems (Six3). Interest expense increased in the quarter as a result of $2.6 million of interest incurred on the additional debt associated with the acquisition of Six3. Net income attributable to CACI in the second quarter was $35.0 million, or $1.38 diluted earnings per share. The greater decrease in diluted earnings per share as compared to the decrease in net income is due to the dilutive effect of our convertible notes which mature in May 2014. Net cash provided by operations in the quarter was $17.3 million.