CACI International Inc.
) reported its net income of $35.7 million or $1.49 per diluted
share in its first quarter of fiscal 2013 (ended September 30,
2012), compared to $35.1 million or $1.18 per diluted share in
the previous year period and $43.4 million or $1.59 per diluted
share in its fourth quarter of fiscal 2012. The results were in
line with the Zacks Consensus Estimate of $1.49 per share.
The annual surge in the earnings was driven by the company's
Revenue came in at $931.2 million, up 2.1% year over year but
down 1.9% sequentially. The record sales during the quarter
surpassed the Zacks Consensus Estimate of $930 million. Contract
funding orders in the quarter came in at $1.4 billion, decreasing
11.9% year over year but up 56.8% sequentially.
As of September 30, 2012, total funded backlog was $2.45
billion, rising 24.4% sequentially. Total backlog amounted to
$8.0 billion at the end of the quarter.
In terms of a customer mix, the Department of Defense
accounted for about 75.7% of total revenue. Federal Civilian
Agencies contributed about 18.7% to total revenue. Commercial
customers accounted for 5.2% of total revenue and State and Local
Governments added 0.4% to total revenue.
Operating income came in at $64.7 million, decreasing 14.4%
annually and 15.6% sequentially.
Balance Sheet and Cash Flows
The company ended the quarter with cash and cash equivalents
of $48.6 million, up from $15.7 million at the end of the
previous quarter. Net long-term debt amounted to approximately
$671.2 million, up from $532 million at the end of the previous
In the first quarter of fiscal 2013, net cash provided by
operating activities was $67.7 million versus $56.1 million in
the previous year period. Cash used for capital expenditures was
$5.9 million, rising from $3.1 million in the year-ago
The company repurchased 4 million shares with an average price
of $53.72 per share during July 2012.
Management reiterated its guidance for the full year of fiscal
2013. The company expects net income to be within the range of
$160 million to $167 million in the fiscal year of 2013. Revenues
are projected to be between $3,800 million and $4,000 million for
the full fiscal year. Effective tax rate is expected to be at
39.0% in fiscal 2013. Diluted earnings per share are also
projected to lie between $6.64 and $6.93 range.
Based in Arlington, Virginia, CACI International delivers IT
applications and infrastructure to improve communications and
secure the integrity of information systems and networks, enhance
data collection and analysis, and increase efficiency and mission
effectiveness. CACI International competes primarily in the
government IT services arena, its competitors are:
CGI Group, Inc.
ManTech International Corporation
), all of whom are strong rivals with their own particular
At present we have a Neutral recommendation on CACI
International. The stock currently carries a Zacks #3 Rank, which
translates into a short-term rating of Hold.
CACI INTL A (CACI): Free Stock Analysis
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