CACI International Inc.
) reported fourth quarter fiscal 2013 (ended Jun 30, 2013)
earnings of $37.9 million or $1.56 per share, down from $43.4
million or $1.59 in the year-earlier quarter. The year-over-year
decrease in earnings was due to the fall in top line. The
reported earnings missed the Zacks Consensus Estimate of $1.61.
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On a non-GAAP basis, adjusted earnings stood at $2.06 per share
versus $2.08 per share in the year-ago quarter. For fiscal 2013,
CACI International reported earnings of $151.7 million or $6.35
per share compared with $167.5 million or $5.96 in fiscal 2012.
Continued troubles in Afghanistan dragged the quarterly revenues
down 3.8% year over year to $912.9 million, despite increased
revenues in high-growth market areas of Business Systems,
Cyberspace, Healthcare, and Integrated Security Solutions. For
fiscal 2013, revenues declined 2.5% year over year to $3.7
Contract funding orders aggregated $722 million for the quarter,
bringing the tally for fiscal 2013 to $3.42 billion. Total
backlog at fiscal-end was $6.9 billion, while funded backlog was
In terms of customer mix, the Department of Defense accounted for
about 72.1% of total revenue in the reported quarter. Federal
Civilian Agencies contributed about 22.4%, while Commercial
customers accounted for 5.0% and State and Local Governments
added 0.5% to total revenue.
Operating income stood at $67.9 million in the reported quarter
versus $76.5 million in the year-ago quarter, a year-over-year
decrease of 11.2% primarily due to a $7 million one-time
severance and facilities-related expense. Earnings before
interest, taxes, depreciation and amortization (EBITDA) stood at
$81.9 million versus $90.9 million in the year-ago quarter.
CACI International received $561 million worth of contract awards
in the quarter. During the reported quarter, CACI International
procured awards in all 10 markets with half of them from the
high-growth markets of Business Systems, Cyberspace, Healthcare
and Integrated Security Solutions.
Balance Sheet and Cash Flows
The company ended fiscal 2013 with cash and cash equivalents of
$64.3 million. Long-term debt (net of current portion) totaled
$300.8 million, up from $527.3 million at fiscal-end 2012.
For the 12-month period ending Jun 30, 2013, net cash provided by
operating activities aggregated $249.3 million versus $271.2
million in the prior-year period.
The company reiterated its guidance for fiscal 2014. The outlook
is derived at by factoring the risks stemming from the
challenging macroeconomic environment. Moving ahead, CACI
International expects to diligently focus on its operating plans
to reward its shareholders with attractive risk-adjusted returns.
For fiscal 2014, CACI International expects revenues to be in the
range of $3.5 billion to $3.7 billion with earnings of $142
million to $152 million or $5.70 to $6.10 per share. Operating
cash flow is expected to be approximately $225 million without
assuming any impact of future acquisitions.
CACI International intends to drive operational excellence by
intensively focusing on its organic and inorganic growth strategy
and strengthening its existing customer relationships while
building newer ones. In addition, the company anticipates to
significantly benefit from its cost-reduction program. CACI
International also remains focused on its strategy to grow in
larger markets, 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
Computer Sciences Corporation
Lionbridge Technologies Inc.
), each carrying a Zacks Rank #2 (Buy).