CACI Raises FY 2009 EPS Guidance to $3.09 to $3.16 per Share and Issues Fiscal Year 2010 Guidance
25 Giugno 2009 - 10:01PM
PR Newswire (US)
FY 2010 revenue projected at $2.85 billion to $2.95 billion, up 6%
to 9% ARLINGTON, Va., June 25 /PRNewswire-FirstCall/ -- CACI
International Inc (NYSE:CACI), a leading professional services and
information technology provider to the federal government, issued
its guidance for its Fiscal Year 2010 (FY10), which begins July 1,
2009. CACI provides innovative solutions to meet America's needs in
national defense, intelligence, homeland security, and the
transformation of government, and is a leading strategic
consolidator in its market space. Guidance for Fiscal Year 2009
Increased We are proud to announce that we are increasing our
annual guidance for Fiscal Year 2009 (FY09). The table below
summarizes the increased guidance ranges. Current Previous Guidance
Guidance In millions except EPS (As of 6/25/09) (As of 4/29/09)
Revenue $2,650-$2,750 $2,650-$2,750 Net income $94.1-$96.3
$90.0-$93.0 Diluted earnings per share $3.09-$3.16 $2.95-$3.05
Diluted weighted average shares 30.4 30.5 The major drivers behind
the increase in our guidance are: -- The continuing strong
performance of our US operations: $0.04 - $0.05 per share. -- A
better than expected performance in our UK operations: $0.01 -
$0.02 per share. -- Improvement in the company's effective
corporate tax rate due to the performance of investments in CACI's
deferred compensation plan: $0.05 per share. -- A net gain
associated with commercial legal matters: $0.03 per share. This
guidance represents our views as of June 25, 2009. Investors are
reminded that actual results may differ for the reasons described
herein and in our filings with the Securities and Exchange
Commission. Guidance for FY 2010 We are issuing our initial FY10
annual guidance. As we have previously communicated, beginning with
FY10 we are required to adopt Financial Accounting Standards Board
Staff Position No. APB 14-1, Accounting for Convertible Debt
Instruments That May be Settled in Cash Upon Conversion (Including
Partial Cash Settlement) (FSP 14-1) with regard to our $300
million, 2.125 percent convertible senior subordinated notes (the
Notes) that mature on May 1, 2014 and were issued on May 16, 2007.
This new standard requires that we recognize interest expense on
the Notes using an interest rate in effect at issuance for
comparable debt instruments that did not contain conversion
features. FSP 14-1 will have no impact on our cash flow. The
adoption of FSP 14-1 requires a retrospective application to the
date the Notes were issued. The table below reflects the impact of
FSP 14-1 on our annual results from the date the Notes were issued
through FY10. In millions except EPS FY2007 FY2008 FY2009 FY2010
Change in interest expense and other, net $1.1 $8.9 $9.5 $10.2
Change in income taxes $(0.4) $(3.5) $(3.7) $(4.0) Change in net
income $(0.6) $(5.4) $(5.8) $(6.2) Change in diluted earnings per
share $(0.02) $(0.18) $(0.19) $(0.20) We will reflect the new
accounting in our FY10 financial statements, beginning with our
Quarterly Report on Form 10-Q for the quarter ending September 30,
2009. The following table summarizes our guidance for FY10 and
shows the comparison with FY09 after the retrospective application
of FSP 14-1 on our current FY09 guidance ranges. In millions except
EPS FY 2009 FY 2010 With FSP 14-1 Revenue $2,850-$2,950
$2,650-$2,750 Net income $97.8-$103.9 $88.3-$90.5 Diluted earnings
per share $3.20-$3.40 $2.90-$2.97 Diluted weighted average shares
30.6 30.4 We project that cash flows from operations will be
approximately $130 million. Our guidance does not include any
impacts from future acquisitions. Following are the assumptions
supporting our guidance: -- We expect continued profitable growth
of our domestic operations during FY10. -- We believe we are
well-positioned to win new business in the administration's high
priority areas of cyber security, information technology
modernization, and smart power. -- We expect continued improved
performance of our United Kingdom operations during FY10. -- 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 FY10. This guidance represents our
views as of June 25, 2009. Investors are reminded that actual
results may differ for the reasons described herein and in our
filings with the Securities and Exchange Commission. Commentary
Commenting on the FY09 and FY10 guidance, Paul Cofoni, CACI's
President and CEO, said, "Our FY09 performance has been very
strong, and we are raising our earnings guidance accordingly. The
record level of awards and contract funding orders we are receiving
during our FY09 has helped to establish our best-ever funded
backlog and total backlog to date for CACI as we start FY10. We
believe this will result in continued, solid organic growth for us
during FY10. Our performance is especially impressive given the
challenges we have faced. Our FY10 guidance is consistent with our
annual financial goals of double-digit earnings growth, mid to high
single digit organic revenue growth, and strong cash flow. I am
proud of the extraordinary effort of our management team and the
contributions of our innovative and dedicated employees. Going
forward, our domestic operations are solidly positioned in the
well-funded and high-priority areas of defense, intelligence,
homeland security, and IT modernization. We remain agile in
responding to market changes and aligned with the administration's
priorities in cyber security, smart power, and IT modernization. We
believe our clients will continue to rely on our proven CACI
solutions to deliver the best value for our government and citizens
and help keep our nation safe. We continue to sustain our client
base while winning new business, including prime positions on
large, growing contracts. We generate strong cash flow and have a
solid balance sheet. And we remain active in pursuing strategic
acquisitions that provide attractive valuations, are accretive, and
bring added and complementary solutions to both new and existing
clients. As we enter FY10, we are confident that we can continue
our strong performance and make progress toward our vision of being
the best in all we do. We expect to be a leader in our markets,
bring value to our clients, deliver on our commitments, and build
long-term shareholder trust and value." Conference Call Information
We have scheduled a conference call for 8:30 AM ET Friday, June
26th. Interested parties can listen to the conference call and view
accompanying exhibits over the Internet by logging on to CACI's
Internet site at http://www.caci.com/ at the scheduled time. They
may also dial in to 877-718-5092, confirmation code 8354763. A
replay of the call will be available over the Internet, and can be
accessed through CACI's homepage by clicking on the CACI Investor
Info button. About CACI CACI International Inc provides the
professional services and IT solutions needed to prevail in today's
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 security, information assurance, and
information operations; 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. We add value to our clients' operations, increase
their skills and capabilities, and enhance their missions. CACI is
a member of the Fortune 1000 Largest Companies and the Russell 2000
index. CACI provides dynamic careers for approximately 12,400
employees working in over 120 offices in the U.S. and Europe. CACI
is the IT provider for a networked world. Visit CACI on the web at
http://www.caci.com/ and http://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; 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, 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 governmental entity 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; 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.
Corporate Communications and Media: Jody Brown, Executive Vice
President, Public Relations (703) 841-7801, Investor Relations:
David Dragics, Senior Vice President, Investor Relations (866)
606-3471, DATASOURCE: CACI International Inc CONTACT: Corporate
Communications and Media, Jody Brown, Executive Vice President,
Public Relations, +1-703-841-7801, , or Investor Relations, David
Dragics, Senior Vice President, Investor Relations,
+1-866-606-3471, , both of CACI International Inc Web Site:
http://www.caci.com/
Copyright