CACI Updates Fiscal Year 2014 Guidance
02 Aprile 2014 - 10:05PM
Business Wire
Conference call scheduled for April 3,
2014
CACI International Inc (NYSE: CACI), a leading information
solutions and services provider to the federal government,
announced today that it is updating its Fiscal Year 2014 (FY14)
annual guidance.
We are revising our guidance as a result of the impact of the
continued uncertainty our customers are experiencing despite the
passage of the omnibus appropriations bill in January. We continue
to experience delays in contract awards for new business to CACI,
lower run-rates on professional services contracts, and reductions
in Afghanistan-related material purchases. We now expect revenue
for FY14 to range between $3.5 billion and $3.6 billion. Net income
is now expected to range between $130 million and $140 million,
which includes approximately $13 million of one-time, pre-tax
expenses associated with our acquisition of Six3 Systems.
According to President and Chief Executive Officer Ken Asbury,
“Our lower FY14 guidance reflects reduced government spending and
delays in award activity. We are disappointed that these factors
have not been mitigated by the passing of the 2014 appropriations
act, as we had anticipated. However, the operational performance
across our company remains strong in this uncertain environment. We
are seeing results from the strengthening of our business
development initiatives, and we are very pleased with the progress
of our integration of Six3 Systems and its performance. We remain
confident in our market-driven strategy. Our commitment to winning
business and delivering solutions and services aligned with our
customers’ high-priority missions will enable us to continue to
provide long-term value to our shareholders.”
The table below summarizes our revised FY14 guidance ranges and
represents our views as of April 2, 2014:
(In millions except for earnings per
share)
Current Fiscal Year2014
Guidance
Previous Fiscal Year2014
Guidance
Revenue $3,500 - $3,600 $3,650 - $3,800
Net income attributable to CACI $130 - $140
$142 - $152 Effective corporate tax rate 38%
39% Diluted earnings per share $5.12 -
$5.51 $5.59 - $5.98 Diluted weighted average shares
25.4 25.4
Following are the key changes related to our revised FY14
guidance:
- We expect that our direct labor costs
will be flat to up slightly when compared with FY13, and our other
direct costs will be 7 percent to 10 percent lower than FY13.
- We expect that our indirect costs and
selling expenses will be about the same as FY13, with the ongoing
operating costs of Six3 Systems and the associated one-time
transaction costs offset by cost efficiencies in our base
business.
- We expect that our fourth quarter net
income will be higher than our third quarter due to higher award
fees, greater contributions by Six3 Systems, increased volume of
high margin product sales, modestly higher direct labor, and lower
interest expense.
Six3 Systems continues to perform consistent with our earlier
expectations, and there is no change from our previous guidance
with respect to depreciation and intangible amortization, net
interest expense and our diluted share count.
Fiscal Third Quarter 2014
We will release our fiscal third quarter results on Wednesday,
April 30, 2014 after the close of markets with a conference call
scheduled for 8:30 AM ET on Thursday, May 1, 2014. We are currently
developing our FY15 Plan, and plan to provide FY15 guidance at the
end of June.
Conference Call Information
We have scheduled a conference call for 8:30 AM Eastern Time
Thursday, April 3, during which management will make a presentation
regarding this announcement. A brief question-and-answer session
will follow. You can listen to the conference call and view the
accompanying exhibits over the Internet by logging on to our
homepage, www.caci.com, at the scheduled time, or you may dial
877-303-9143 and enter the confirmation code 21585323. A replay of
the call will also be available over the Internet, and can be
accessed through our homepage (www.caci.com) by clicking on the
CACI Investor Info button.
CACI provides information solutions and services in support of
national security missions and government transformation for
Intelligence, Defense, and Federal Civilian customers. A Fortune
magazine World’s Most Admired Company in the IT Services industry,
CACI is a member of the Fortune 1000 Largest Companies, the Russell
2000 Index, and the S&P SmallCap 600 Index. CACI provides
dynamic careers for over 15,500 employees in 120 offices worldwide.
Visit www.caci.com.
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: the successful integration of our
acquisition of Six3 Systems, actual revenue and earnings realized
by Six3 Systems, and the performance of the Six3 Systems business;
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; failure to achieve contract awards in connection with
re-competes 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, implementation of
spending cuts (sequestration) under the Budget Control Act of 2011
and the Bipartisan Budget Act of 2013; changes in budgetary
priorities or in the event of a priority need for funds, such as
homeland security; 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 audits and reviews conducted by the
Defense Contract Audit Agency, the Defense Contract Management
Agency, or other governmental 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 our Securities and Exchange Commission filings.
CACI-Financial
CACI International IncCorporate Communications and Media:Jody
Brown, Executive Vice President, Public
Relations703-841-7801jbrown@caci.comorInvestor Relations:David
Dragics, Senior Vice President, Investor
Relations866-606-3471ddragics@caci.com
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