CACI International Inc
) reported strong third quarter fiscal 2013 results (ended Mar
31, 2013) with earnings of $1.62 per share compared to $1.37 in
the year-earlier quarter. The year-over-year increase in earnings
was driven by high share repurchase activities. However, net
income for the reported quarter decreased 0.5% year over year to
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On a non-GAAP basis, adjusted earnings stood at $2.08 per share
versus $1.83 per share in the year-ago quarter. The adjusted
earnings beat the Zacks Consensus Estimate of $1.65.
Revenues came in at $906.2 million, down 2.3% year over year due
to continued troubles in Afghanistan, partially offset by an
increase in direct labor. The quarterly sales missed the Zacks
Consensus Estimate of $941 million.
Contract funding orders aggregated $655 million for the quarter,
bringing year-to-date tally to $2.69 billion. Total backlog at
Mar 31, 2013 was $7.2 billion while funded backlog was $1.9
In terms of customer mix, the Department of Defense accounted for
about 73.7% of total revenue in the reported quarter. Federal
Civilian Agencies contributed about 20.5%, while Commercial
customers accounted for 5.3% and State and Local Governments
added 0.5% to total revenue.
Operating income stood at $68.6 million in the reported quarter
versus $69 million in the year ago quarter. Earnings before
interest, taxes, depreciation and amortization (EBITDA) stood at
$83.1 million versus $82.9 million in the year ago quarter.
Significant Quarter Developments
CACI International received $555 million worth of contract awards
in the quarter, up 1.5% from the year-ago quarter. During the
reported quarter, CACI International procured awards in all ten
markets with approximately one-third in the high-growth markets
of Business Systems, Cyberspace, Healthcare and Integrated
During the reported quarter, CACI International was selected as
one of the primary contractors for $21 million contract to
provide educational support to the National Defense University
(NDU). Additionally, an $11 billion, five-year contract was
obtained to support the Department of Homeland Security on the
technical, acquisition and business support services.
Balance Sheet and Cash Flows
The company ended the quarter with cash and cash equivalents of
$56.2 million. Long-term debt totaled $677.0 million, up from
$527.3 million at June 30, 2012.
In the third quarter of fiscal 2013, net cash provided by
operating activities was $142.4 million versus $144.8 million in
the previous-year period.
The company revised its guidance for fiscal 2013. The company
decreased its net income guidance from $157 million to $163
million to the range of $151 million to $157 million. Revenues
are projected to be between $3,650 million and $3,750 million,
down from the earlier projections of $3,700 million and $3,900
million. Earnings are expected to be within $6.29 and $6.55 per
share, down from the earlier guidance of $6.54 and $6.79 in
Moving ahead, CACI international remains focused on its strategy
to grow in large markets, increase new business initiatives,
drive operational excellence, and leverage mergers and
acquisitions to further increase its market share and create
long-term value for its shareholders.
CACI International currently has a Zacks Rank #4 (Sell). Other
stocks that look promising and are worth considering in the
CSG Systems International Inc
), each carrying a Zacks Rank #1 (Strong Buy).