CACI International Inc (NYSE: CACI), a leading information solutions and services provider to the federal government, announced results today for its third fiscal quarter ended March 31, 2014. CEO Commentary and Outlook Ken Asbury, CACI’s President and CEO said, “Our third quarter results are in line with our expectations, and we are reiterating our guidance for the remainder of this fiscal year. We generated strong cash flow, secured a significant number of contract awards in a very competitive market, and delivered excellent performance for our customers. We are also pleased with our progress integrating Six3 Systems into CACI. We remain focused on strengthening the aspects of our business we control and believe our market-driven strategy and strong operational excellence will enhance our competitive position and deliver long-term shareholder value.” Third Quarter Results
(in millions except per-share data)
Net income attributable to CACI
Diluted earnings per share
Revenue for the third quarter of Fiscal Year 2014 (FY14) decreased 0.6 percent compared to the third fiscal quarter of Fiscal Year 2013 (FY13). The decrease in revenue in the third quarter was driven primarily by delays in planned awards, lower run rates on professional services contracts, and reductions in Afghanistan-related material purchases. The decrease in operating income in the quarter was due primarily to reductions in revenue and 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 mature on May 1, 2014. Net cash provided by operations in the quarter was $101.7 million.