CACI (CAI) sank 9% late Wednesday after the information technology contractor slashed earnings guidance, citing contract losses and delays.

The Arlington, Va., company said it expects fiscal second-quarter numbers to come in at the low end of its expectations. The company also said it expects to make $2.45 to $2.65 for the year on revenue of $1.88 billion to $1.95 billion.

Analysts were looking for a fiscal 2007 profit of $3 a share on revenue of $2.02 billion.

"This revised guidance is based upon unexpected reductions in demand on contracts supporting certain operations and maintenance activities in the Department of Defense," CACI said. "This is the result of the continuing high priority of funding for the warfighter in Iraq and Afghanistan. In addition, with the exception of the Department of Homeland Security, all federal civilian agencies are operating under a continuing resolution and are expected to do so for the remainder of the government fiscal year. These conditions are causing CACI's customers to defer or reduce work under current contracts."

Shares fell $5.10 late Wednesday to $50.

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