In fiscal 2012, net income increased to $240.0 million from $84.7 million in fiscal 2011, and Adjusted Net Income increased to $227.2 million from $157.5 million in fiscal 2011. Adjusted EBITDA increased 9.8 percent to $488.1 million in fiscal 2012 compared with $444.4 million in fiscal 2011, primarily as a result of the growth in Adjusted Operating Income. As discussed above related to fourth quarter results, full year Adjusted Operating Income and Adjusted EBITDA exclude a net restructuring charge of $11.2 million. In fiscal 2012, diluted EPS increased to $1.70 per share from $0.66 per share in fiscal 2011. In fiscal 2012, Adjusted Diluted EPS increased to $1.61 per share from $1.24 per share in fiscal 2011. Adjusted Diluted EPS for fiscal 2012 excludes the effects of a $0.25 per share benefit related to the reversal of tax reserves during fiscal 2012, as compared to a benefit of $0.09 per share excluded from Adjusted Diluted EPS for fiscal 2011.

Net cash provided by operating activities in fiscal 2012 was $360.0 million compared to $296.3 million in fiscal 2011. Free Cash Flow was $283.1 million in fiscal 2012, compared to $207.6 in fiscal 2011. Free Cash Flow in fiscal 2012 benefitted from a significant reduction in interest cost, and was offset by an increase in income tax payments.

Funded backlog as of March 31, 2012, was $2.90 billion, compared to $2.39 billion as of March 31, 2011. Booz Allen’s total backlog as of March 31, 2012, was $10.80 billion, compared to $10.92 billion as of March 31, 2011.

Financial Outlook

Given the uncertainty in the second half of Booz Allen’s fiscal year, which coincides with the beginning of a new government fiscal year, we are currently providing top-line guidance for only the first half of our fiscal year, which we expect to have revenue growth that is relatively flat to low-single digits. At the bottom line, for the full year, we are forecasting diluted EPS to be in the range of $1.62 to $1.72, and Adjusted Diluted EPS on the order of $1.71 to $1.81 per share, maintaining our prior guidance. Our overall EPS outlook reflects our confidence in our ability to manage our business with agility and precision, as illustrated by the cost restructuring actions taken in the fourth quarter of fiscal 2012, which we believe will continue to translate into improvements in operating margins.

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