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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 fourth fiscal quarter ended June 30, 2014.
CEO Commentary and Outlook
Ken Asbury, CACI’s President and CEO said, “We concluded a solid Fiscal Year 2014 in a challenging market. We generated strong cash flow, and contract awards and contract funding orders were significantly higher for both the quarter and full year. As threats around the world persist and become more sophisticated, the innovative, affordable solutions and services CACI offers will become even more important to our customers. The integration of Six3 Systems has strengthened our capability to support our customers in countering global threats and our position in market areas such as C4ISR, Cyber, and Intelligence. Going forward, we are confident that our disciplined approach to business development, our commitment to operational excellence, and deployment of capital for acquisitions will continue to position CACI for solid long-term performance and increase shareholder value.”
Fourth Quarter Results
(in millions except per-share data)
Net income attributable to CACI
Diluted earnings per share
Revenue for the fourth quarter of Fiscal Year 2014 (FY14) decreased 0.8 percent compared to the fourth fiscal quarter of Fiscal Year 2013 (FY13), primarily as a result of fewer Afghanistan-related material purchases and subcontract labor, lower run rates on professional services contracts, and delays in planned contract awards. The increase in operating income in the quarter was due primarily to higher gross profit offsetting a full quarter of amortization of intangibles associated with the Six3 Systems (Six3) acquisition. Interest expense increased in the quarter as a result of interest incurred on the additional debt associated with the acquisition of Six3. Diluted earnings per share were impacted by the dilutive effect of our convertible notes which matured on May 1, 2014. Net cash provided by operations in the quarter was $52.3 million.