CACI Issues Fiscal Year 2011 Guidance
29 Giugno 2010 - 10:01PM
Business Wire
CACI International Inc (NYSE: CACI), a leading professional
services and information technology provider to the federal
government, issued its guidance for its Fiscal Year 2011 (FY11),
which begins July 1, 2010, and reiterated its FY 2010 (FY10)
guidance.
Guidance for Fiscal Year 2011
For FY11, we expect revenue to range from $3.25 billion to $3.40
billion, an increase of 5 to 10 percent above the midpoint of FY10
revenue guidance. We expect net income to range from $116 million
to $122 million, an increase of 10 to 15 percent above the midpoint
of FY10 net income guidance. We expect that diluted earnings per
share (EPS) will be between $3.70 and $3.90, an increase of 8 to 13
percent above the midpoint of FY10 diluted EPS guidance. FY11
guidance does not include any impacts from future acquisitions or
share repurchases.
The table below summarizes the guidance
ranges for FY11:
In millions except EPS
FY 2011
Guidance
Revenue $3,250-$3,400 Net income
$116-$122 Diluted earnings per share $3.70-$3.90
Diluted weighted average shares 31.3
Commentary
Commenting on the FY11 guidance, Paul Cofoni, CACI’s President
and CEO, said, “Our FY11 annual guidance reflects our strong
confidence in our growth strategy to provide mission-critical
services in well-funded areas to support national security
priorities. We expect to build on our competitive advantages,
leverage the innovation in our core competencies, and capitalize on
attractive opportunities in existing, adjacent, and new markets,
organically and through acquisitions. We expect the continuing
asymmetric threats to our national security will drive the strong
demand for our distinctive services.
We applaud the recent announcements from the Office of
Management and Budget to improve the efficiency and effectiveness
of government and from the Department of Defense to improve the way
it does business. We view these initiatives as opportunities for
CACI to further deploy our services and solutions in Lean Six Sigma
and CMMI® to help the government achieve its objectives. We believe
that our solid, long-term customer relationships and our track
record of performance will help us maintain our high recompete win
rate, win new business and position us to establish new customer
relationships in growth areas such as healthcare, cyber, and
special operations.
“Earlier today, we announced that our Board of Directors
authorized management to repurchase up to 1 million shares of CACI
stock. This demonstrates both the Board of Directors’ and
management’s confidence in our future growth prospects. The current
trading range for CACI stock provides an exceptional investment
value. We believe that in FY11 we will continue our history of
successfully meeting our financial goals of at least double-digit
earnings growth, mid- to high-single-digit organic revenue growth
and strong, consistent cash flow.”
Guidance Assumptions
Following are the assumptions supporting our FY11 guidance:
- We expect the use of
Intelligence Community resources will continue to be the most
effective way to preempt and defeat terrorism, and that the demand
for our services in support of the Intelligence Community will
remain high.
- We expect the proposed freeze on
non-national security-related discretionary appropriations will
have minimal effect on the programs we support for our federal
civilian clients.
- We expect profitable growth in
our domestic operations, particularly in the areas of command,
control, communications, computers, intelligence, surveillance and
reconnaissance (C4ISR), national intelligence, special operations,
and cyber, as the result of continued demand for our services and
solutions in today’s asymmetric threat environment.
- We expect our operating margin
will increase from FY10 and be at least 6.4 percent.
- We expect annual interest
expense will increase approximately $4 million as a result of our
plan to establish a new multi-year term loan and revolving credit
agreement. The current financing facility matures in May 2011.
- We expect an effective corporate
tax rate of 39.5 percent, which assumes no net investment gains or
losses in our deferred compensation plan assets in FY11.
- We project that cash flows from
operations will be in excess of $150 million and that capital
expenditures will range between $13 million and $17 million.
This guidance represents our views as of June 29, 2010.
Investors are reminded that actual results may differ for the
reasons described herein and in our filings with the Securities and
Exchange Commission.
FY10 Guidance Reiterated
We are reiterating our guidance for FY10
that we increased on April 28, 2010. We expect that our revenue,
net income and diluted EPS will be in the respective ranges
outlined in that guidance and summarized in the table below.
(In millions except for earnings per share)
Current FY 2010
Guidance
Revenue $3,050-$3,125 Net income
$103.8-$107.4 Diluted earnings per share
$3.38-$3.50 Diluted weighted average shares
30.7
Conference Call Information
We have scheduled a conference call for 8:30 AM ET Wednesday,
June 30th. Interested parties can listen to the conference call and
view accompanying exhibits over the Internet by logging on to
CACI’s Internet site at www.caci.com at the scheduled time. You may
also dial in to 1-877-303-9143, confirmation code 79818051. A
replay of the call will be available over the Internet beginning on
June 30th, and can be accessed through CACI’s homepage by clicking
on the Investors button.
About CACI
CACI provides professional services and IT solutions needed to
prevail in the defense, intelligence, homeland security, and
federal civilian government arenas. We deliver enterprise IT and
network services; data, information, and knowledge management
services; business system solutions; logistics and material
readiness; C4ISR integration services; cyber solutions; integrated
security and intelligence solutions; and program management and
SETA support services. CACI services and solutions help our federal
clients provide for national security, improve communications and
collaboration, secure the integrity of information systems and
networks, enhance data collection and analysis, and increase
efficiency and mission effectiveness. CACI is a member of the
Fortune 1000 Largest Companies and the Russell 2000 index. CACI
provides dynamic careers for approximately 13,100 employees working
in over 120 offices in the U.S. and Europe. Visit CACI on the web
at www.caci.com and www.asymmetricthreat.net.
There are statements made herein which do not address historical
facts, and therefore could be interpreted to be forward-looking
statements as that term is defined in the Private Securities
Litigation Reform Act of 1995. Such statements are subject to
factors that could cause actual results to differ materially from
anticipated results. The factors that could cause actual results to
differ materially from those anticipated include, but are not
limited to, the following: regional and national economic
conditions in the United States and the United Kingdom, including
conditions that result from a prolonged recession; terrorist
activities or war; changes in interest rates; currency
fluctuations; significant fluctuations in the equity markets;
changes in our effective tax rate; finalization of accounting for
business combinations, including valuation of intangibles and
contingent consideration; failure to achieve contract awards in
connection with recompetes for present business and/or competition
for new business; the risks and uncertainties associated with
client interest in and purchases of new products and/or services;
continued funding of U.S. government or other public sector
projects, based on a change in spending patterns, or in the event
of a priority need for funds, such as homeland security, the war on
terrorism or rebuilding Iraq, or an economic stimulus package;
government contract procurement (such as bid protest, small
business set asides, loss of work due to organizational conflicts
of interest, etc.) and termination risks; the results of government
investigations into allegations of improper actions related to the
provision of services in support of U.S. military operations in
Iraq; the results of government audits and reviews conducted by the
Defense Contract Audit Agency or other government entities with
cognizant oversight; the insourcing of contractor positions by the
government; individual business decisions of our clients; paradigm
shifts in technology; competitive factors such as pricing pressures
and/or competition to hire and retain employees (particularly those
with security clearances); market speculation regarding our
continued independence; material changes in laws or regulations
applicable to our businesses, particularly in connection with (i)
government contracts for services, (ii) outsourcing of activities
that have been performed by the government, and (iii) competition
for task orders under Government Wide Acquisition Contracts
(“GWACs”) and/or schedule contracts with the General Services
Administration; the ability to successfully integrate the
operations of our recent acquisitions; our own ability to achieve
the objectives of near term or long range business plans; and other
risks described in the company’s Securities and Exchange Commission
filings.
CMMI® is registered in the U.S. Patent and Trademark Office by
Carnegie Mellon University
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