CACI International Inc (NYSE: CACI), a leading
professional services and information technology solutions provider
to the federal government, issued its guidance for its Fiscal Year
2013 (FY13), which begins July 1, 2012, and reiterated its Fiscal
Year 2012 (FY12) revenue and net income guidance.
Guidance for Fiscal Year 2013
For FY13, we expect revenue to be between $3.8 billion and $4.0
billion. We expect net income to be between $160 million and $167
million and that diluted earnings per share (EPS) will be between
$6.60 and $6.90. We expect that operating cash flow for the year
will be approximately $225 million. FY13 guidance includes the
effect of the new four million share repurchase program announced
today but does not include any impact from future acquisitions.
We would like to remind investors that, when comparing our FY13
net income guidance with our FY12 net income, two material one-time
events occurred in FY12 that positively impacted our
results. The first one-time event was a large commercial
product sale that generated $6 million of net income. The second
one-time event was the greater-than-expected profitability on a
large fixed price contract, which generated $7 million in
additional net income.
The table below summarizes our FY13 guidance ranges and
represents our views as of June 6, 2012:
(In millions except for earnings per share)
Fiscal Year 2013 Revenue $3,800 - $4,000 Net
income attributable to CACI $160 - $167 Effective corporate
tax rate 39.5% Diluted earnings per share $6.60 -
$6.90 Diluted weighted average shares 24.2
Commentary
Paul Cofoni, CACI’s President and Chief Executive Officer, said,
“We are pleased to inform our investor community that CACI’s FY13
guidance reflects our confidence in delivering positive revenue and
earnings growth. Our rigorous and comprehensive strategic planning
process gives us great confidence in our FY13 guidance.
“Our FY13 guidance reflects both market realities and our belief
in the company’s capacity to continue to grow. We see many
opportunities in our specific markets and core capabilities to
maintain leading performance despite industry headwinds. For FY13,
we expect low-to-mid single-digit growth in revenue and mid-to-high
single-digit growth in net income. We are confident that direct
labor growth, the most important driver of our bottom-line
performance which has contributed to our improved operating margin,
will continue for the balance of this fiscal year and into FY13.
This confidence is driven by our highest ever inventory of
submitted proposals, more than 400 firm open hiring requisitions,
strong funded backlog, and our expectation that contract awards
will exceed a record $4 billion in FY12.
“With our large addressable market, CACI is well positioned to
meet the demands of the government’s highest priorities and expand
into additional robust growth areas. Our innovative solutions and
excellent program performance have established trusted business
relationships in which our clients know they can rely on CACI to
serve them in achieving their critical missions supporting our
nation’s security and enhancing government services.
“We remain optimistic in our agility and competitiveness in the
high-priority markets of defense, intelligence, homeland security,
and government transformation, with the expectation of higher
growth opportunities in transformation, cyberspace, healthcare IT,
and Special Operations in FY13.”
FY12 Revenue and Net Income Guidance Reiterated
We are reiterating the FY12 revenue and net
income guidance we issued on May 2, 2012. The table below
summarizes our FY12 guidance ranges and represents our views as of
June 6, 2012:
(In millions except for earnings per share)
Fiscal Year 2012 Revenue $3,730 - $3,830 Net
income attributable to CACI $163 - $169 Effective corporate
tax rate 39.5% Diluted earnings per share $5.80 -
$6.01 Diluted weighted average shares 28.1
Conference Call Information
We have scheduled a conference call for 8:30 AM Eastern Time
Thursday, June 7, 2012. 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
82814812. A replay of the call will be available over the Internet
beginning on June 7th, and can be accessed through CACI’s homepage
by clicking on the Investors button.
About CACI
Celebrating our 50th year in business, CACI sustains an
exceptional record of success by providing professional services
and IT solutions needed to prevail in the areas of defense,
intelligence, homeland security, and IT modernization and
government transformation. We deliver enterprise IT and network
services; data, information, and knowledge management services;
business system solutions; logistics and material readiness; C4ISR
solutions and services; cyber solutions; integrated security and
intelligence solutions; and program management and SETA support
services. CACI solutions help federal clients provide for national
security, improve communications and collaboration, secure
information systems and networks, enhance data collection and
analysis, and increase efficiency and mission effectiveness. A
member of the Fortune 1000 Largest Companies and the Russell 2000
index, CACI provides dynamic careers for approximately 14,600
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 globally (including the impact
of uncertainty regarding U.S. debt limits and actions taken related
thereto); terrorist activities or war; changes in interest rates;
currency fluctuations; significant fluctuations in the equity
markets; changes in our effective tax rate; valuation of contingent
consideration in connection with business combinations; 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 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, the Defense
Contract Management Agency, or other government entities with
cognizant oversight; 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 and any future 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.
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