CACI Reports Record Revenue and Operating Income for Fiscal 2008 Fourth Quarter and Full Year

ARLINGTON, Va. , Aug. 13 /PRNewswire-FirstCall/ -- CACI International Inc (NYSE: CAI), a leading professional services and information technology solutions provider to the federal government, announced results today for its fourth fiscal quarter...


ARLINGTON, Va. , Aug. 13 /PRNewswire-FirstCall/ -- CACI International Inc (NYSE: CAI), a leading professional services and information technology solutions provider to the federal government, announced results today for its fourth fiscal quarter and twelve months ended June 30, 2008 . CACI provides innovative solutions to meet America's needs in national defense, intelligence, homeland security, and the improvement of government services, and is a leading strategic consolidator in its market space.

Fourth Quarter Results

For the fourth quarter of Fiscal Year 2008 (FY08), we reported record revenue of $655.0 million, up 25.9 percent over fourth quarter of Fiscal Year 2007 (FY07) revenue of $520.4 million. The increase during the quarter was driven by organic growth of 12.3 percent and acquired revenue. Operating income for the quarter was a record $46.4 million, up 22.4 percent, compared with operating income of $37.9 million in the year earlier quarter. The operating margin was 7.1 percent compared with 7.3 percent in the fourth quarter of FY07. Income before taxes for the quarter was $39.8 million, 17.8 percent higher than what was reported in the fourth quarter of FY07. Our tax rate increased to 40.8 percent from 38.4 percent in the year earlier quarter. Net income for the fourth quarter was $23.5 million, 13.1 percent higher than the $20.8 million reported in the fourth quarter of FY07. Diluted earnings per share were a record $0.77, a 13.7 percent increase over the $0.67 reported in the year earlier quarter. Operating cash flow in the quarter increased to $81.5 million from $47.3 million in the year earlier quarter. Days sales outstanding at the end of the quarter were 60 compared with 66 at the end of the fourth quarter of FY07. Earnings before interest, taxes, depreciation and amortization (EBITDA), a non-GAAP measure, were a record $58.5 million in the quarter, an increase of 22.6 percent over EBITDA of $47.7 million in the fourth quarter of FY07. The EBITDA margin, a non-GAAP measure, was 8.9 percent compared with 9.2 percent in the year earlier quarter.

Fourth Quarter Highlights

Major highlights and accomplishments during the fourth quarter of FY08 include:

-- Contract funding orders totaling $639 million, a 30.3 percent increase over the fourth quarter of FY07.

-- Intelligence Community revenue 53.3 percent higher than the fourth quarter of FY07, growing to 36.6 percent of our revenue for the quarter compared to 30.1 percent a year ago.

-- A ten-year, multiple award, $12.2 billion ceiling indefinite delivery, indefinite quantity contract to support Defense Information Systems Agency (DISA) ENCORE II information technology solutions. This new business is our largest contract award with DISA.

-- Contract awards with an estimated value of $605 million, excluding the DISA ENCORE II award. The awards in the quarter include:

-- Award to CACI Executive Chairman Dr. J.P. (Jack) London of the Lifetime Achievement Award by the Association for Corporate Growth (ACG) National Capital chapter. The award recognized Dr. London's achievement in growing CACI from a small consulting firm into a worldwide professional services and IT company.

-- Award to CACI Chief Financial Officer Thomas Mutryn of the Corporate Executive Dealmaker of the Year Award by the ACG. The award recognized Mr. Mutryn's accomplishments in the structuring and sale of $300 million in convertible senior subordinated notes and completing four CACI acquisitions in 2007.

-- Election of CACI President and CEO Paul Cofoni as Chairman of the Board of the Armed Forces Communications and Electronics Association International, a non-profit organization with 32,000 members and 1,600 corporate members serving the military, government, industry and academia.

Full Year FY08 Results

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