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...


For all of FY08, we reported record revenue of $2.42 billion, up 24.9 percent over FY07 revenue of $1.94 billion. Organic revenue growth for the year was 13.8 percent compared with 1.2 percent in FY07. Operating income in FY08 was a record $162.8 million, up 11.6 percent over $145.9 million reported in FY07. The operating margin was 6.7 percent for FY08 compared with 7.5 percent for FY07. The effective tax rate for FY08 was 39.5 percent versus 37.3 percent for FY07. Net income for FY08 was $83.3 million, 6.1 percent higher than net income of $78.5 million for FY07. Diluted earnings per share were $2.72, an 8.4 percent increase over the $2.51 reported a year earlier. Operating cash flow for FY08 was $160.1 million compared with $168.0 million for FY07. EBITDA was a record $210.3 million for FY08, an increase of 13.7 percent over the previous record EBITDA of $184.9 million realized for FY07. The EBITDA margin for FY08 was 8.7 percent compared to 9.5 percent for FY07.

-- Record operating income of $162.8 million, exceeding the previous record of $150.3 million in FY06 by 8.4 percent.

-- Record contract funding orders totaling over $2.50 billion, a 15.9 percent increase over contract funding orders of $2.16 billion received in FY07.

-- Record year-end funded backlog of $1.4 billion as of June 30th , up 12.2 percent over last year's funded backlog of $1.2 billion. Total backlog at the end of FY08 was $7.0 billion, 10.3 percent higher than the year-end FY07 backlog of $6.4 billion.

-- The acquisitions of Athena Innovative Solutions, Inc. and Dragon Development Corporation. The Athena acquisition makes us the largest government contractor supporting the national intelligence assets in Charlottesville, VA . The Dragon acquisition increases our presence and capabilities with the National Security Agency.

-- CACI's entire National Solutions Group being rated at Maturity Level 3 of the Software Engineering Institute's Capability Maturity Model(R) Integration (CMMI(R)). CMMI Level 3 is now mandatory on an increasing number of DoD integration, management and software contracts.

-- Recognition of CACI as a recipient of the "Best Overall Government Contractor Ethics Program" rating from the Ethisphere Institute, placing third among the 100 largest government contractors.

-- Recognition of CACI as the 2nd Most Admired IT Services Company, as well as the 2nd Most Admired Virginia Company in Fortune magazine's Most Admired Companies listing.

CEO Commentary

Commenting on the company's financial results, Paul Cofoni , CACI's President and CEO, said, "Our solid, fourth quarter growth of net income and record diluted earnings per share and record revenue resulted in the strong second half performance which we promised at the beginning of our FY08. We are very pleased with our double-digit growth of net income and EPS in the second half of FY08. We had another year of strong operating cash flow. Our acquisitions delivered bottom line results that exceeded our expectations and contributed to our earnings per share. They also significantly increased our presence with key customers in the Intelligence Community. We continue to evaluate acquisition opportunities that will be accretive to our bottom line and leverage our capabilities with both existing and new customers. Between acquisitions and organic growth, we added approximately 1,600 people, raising our total employee population to nearly 12,000 highly qualified individuals at fiscal year end. Over 4,200 of these people hold a Top Secret or higher clearance, an increase of 29 percent from a year ago. They significantly increase our capability to support the Intelligence Community and the Defense Department. All these solid performance results contribute to positive momentum for Fiscal Year 2009 and beyond, and give us great confidence in meeting our long-term financial goals of consistently achieving at least eight to ten percent organic revenue growth and growth of net income by at least 15 percent, while continuously pursuing opportunities to improve our profit margin."

Mr. Cofoni continued: "We believe our nation's highest priority is the long-term challenge of asymmetric global terrorism. Our goal is to place CACI at the center of our clients' efforts to meet this challenge, with valuable solutions and cleared, dedicated personnel to help our clients enhance U.S. and global security. Our focus is congruent with the new 2008 National Defense Strategy and the views of both presidential candidates. This convergence of thinking from both defense and political leaders validates our growth strategy.