U.S. SECURITIES AND EXCHANGE COMMISSION
Washington,
D.C. 20549
Form 8-K
CURRENT
REPORT
Pursuant to
Section 13 or 15(d) of
the
Securities Exchange Act of 1934
June
24, 2015
(Date
of Report)
CACI
International Inc
(Exact name of registrant as
specified in its Charter)
Delaware
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001-31400
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54-1345888
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(State or other jurisdiction
of incorporation)
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(Commission File Number)
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(IRS Employer Identification Number)
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1100 N. Glebe Road
Arlington,
Virginia 22201
(Address of Principal executive
offices)(ZIP code)
(703)
841-7800
(Registrant’s telephone number, including area
code)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions:
⃞
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
⃞
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
⃞
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
⃞
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
ITEMS 2.02
and 7.01:
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RESULTS OF OPERATIONS AND FINANCIAL CONDITION; REGULATION FD
DISCLOSURE
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On June 24, 2015, the Registrant issued its financial guidance for
fiscal year 2016. A copy of the Registrant’s press release announcing
the Registrant’s financial guidance for fiscal year 2016 as well as the
schedule for a conference call and “web cast” on June 25, 2015 is
attached as Exhibit 99 to this current report on Form 8-K.
ITEM 9.01:
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FINANCIAL STATEMENTS AND EXHIBITS
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(d) Exhibits
Exhibit 99
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Press Release dated June 24, 2015 announcing CACI’s financial
guidance for fiscal year 2016.
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Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
CACI International Inc
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Registrant
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By:
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/s/ J. William Koegel, Jr.
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J. William Koegel, Jr.
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Executive Vice President,
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General Counsel and Secretary
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Exhibit 99
CACI
Issues Guidance for Its Fiscal Year 2016
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Organic
revenue and higher net income growth projected
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Revenue
projected to be $3.3 billion to $3.5 billion
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Net
income projected to be $130 million to $140 million
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Diluted
EPS projected to be $5.24 to $5.65
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FY
2015 guidance reiterated
ARLINGTON, Va.--(BUSINESS WIRE)--June 24, 2015--CACI International Inc
(NYSE MKT: CACI), a leading information solutions and services provider
to the federal government, issued its guidance for its Fiscal Year 2016
(FY16), which begins July 1, 2015, and reiterated its Fiscal Year 2015
(FY15) guidance.
Commentary
Ken Asbury, CACI’s President and CEO said, “Our FY16 plan reflects the
results we have achieved in realigning our organization, executing our
strategy, creating an effective cost structure, and transforming our
business development process. The plan incorporates the record amount of
new business awards we received in FY15, and is tempered by the
experience we gained as we adapted to market uncertainty, delays in
awards, and protests of new business. Our focus on delivering larger,
higher-end solutions will drive organic revenue and net income growth
for FY16 and the long term.
“We are confident in our strategy and demonstrated ability to win and
retain business. CACI’s operational excellence, expanding capabilities,
and innovative solutions position us for continued growth in a highly
competitive market. We remain focused on our customers’ current and
emerging requirements and on delivering long-term value for our
shareholders.”
Guidance for Fiscal Year 2016
The table below summarizes our FY16 guidance ranges and represents our
views as of June 24, 2015:
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(In millions except for tax rate and earnings per share)
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Fiscal Year 2016 Guidance
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Revenue
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$3,300 - $3,500
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Net income attributable to CACI
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$130 - $140
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Effective corporate tax rate
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38.5%
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Diluted earnings per share
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$5.24 - $5.65
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Diluted weighted average shares
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24.8
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Following are the key factors related to our FY16 guidance:
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We expect that our direct labor costs will be between 10 and 12
percent greater than what we expect in FY15.
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Other direct costs will be 8 to 10 percent less than what we expect in
FY15, with greater declines in the first half of FY16.
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We anticipate that our indirect costs and selling expenses, driven by
fringe benefits on direct labor, will be 4 to 5 percent higher than
what we expect in FY15. Excluding the direct labor fringe benefit
increase, indirect costs and selling expenses are expected to be about
flat.
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Depreciation and amortization is expected to be approximately $58
million.
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Our operating margin is expected be slightly greater than 7.5 percent.
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Net interest expense is expected to be approximately $38 million.
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We expect that operating cash flow will be greater than $200 million.
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We expect capital expenditures will total approximately $15 to $20
million.
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We anticipate that first half revenue will be slightly lower than the
first half of FY15 with net income in the first quarter lower than the
year earlier period; however, we expect revenue to grow and favorable
earnings comparisons in the succeeding quarters of FY16 as we perform
on new business awarded in both FY15 and FY16.
FY15 Guidance Reiterated
We are reiterating the FY15 guidance we issued on April 29, 2015. The
table below summarizes our FY15 guidance and represents our views as of
June 24, 2015:
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(In millions except for tax rate and earnings per share)
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FY 2015 Guidance
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Revenue
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$3,300 - $3,350
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Net income attributable to CACI
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$125 - $130
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Effective corporate tax rate
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37.6%
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Diluted earnings per share
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$5.12 - $5.33
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Diluted weighted average shares
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24.4
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Conference Call Information
We have scheduled a conference call for 8:30 AM Eastern Time Thursday,
June 25, 2015, during which members of our senior management will be
making a brief presentation followed by a question-and-answer session to
discuss the guidance and management’s performance expectations for the
new fiscal year. You can listen to the conference call and view
accompanying exhibits over the Internet by logging on to CACI’s website
at www.caci.com at the scheduled time. You may also dial in to
1-877-303-9143, confirmation code 42188597. Slides of the presentation
will be available on our website during the call. A replay of the call
will also be available over the Internet, and can be accessed through
CACI’s website (www.caci.com).
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
16,700 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: regional and national economic conditions in the
United States and globally; 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
CONTACT:
CACI International Inc
Corporate Communications and Media:
Jody
Brown, Executive Vice President, Public Relations
703-841-7801
jbrown@caci.com
or
Investor
Relations:
David Dragics, Senior Vice President, Investor Relations
866-606-3471
ddragics@caci.com
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