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

August 15, 2007
(Date of Report)

CACI International Inc
(Exact name of registrant as specified in its Charter)

Delaware
 
000-31400
 
54-1345899
(State or other jurisdiction
of incorporation)
 
(Commission File Number)
 
(IRS Employer Identification Number)

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:

o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
   
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
   
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the exchange Act (17 CFR 240.14d-2(b))
   
o
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:    RESULTS OF OPERATIONS AND FINANCIAL CONDITION; REGULATION FD DISCLOSURE

On August 15, 2007, the Registrant released its financial results for the fourth quarter and full fiscal year 2007.

A copy of the Registrant’s press release announcing the financial results as well as the schedule for a conference call and “web cast” on August 16, 2007 are attached as Exhibit 99 to this current report on Form 8-K.

ITEM 9.01:    FINANCIAL STATEMENTS AND EXHIBITS

(d)
Exhibits.

Exhibit
99
Press Release dated August 15, 2007, announcing CACI’s fourth quarter and fiscal year
2007 financial results.

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
 
Registrant


By:
/s/ Arnold D. Morse
 
Arnold D. Morse
Senior Vice President,
Chief Legal Officer and Secretary
 

 
CACI Reports Fiscal 2007 Fourth Quarter and Annual Results
 
Contract awards increased 68% for the year to a record $3.3 billion
 
Contract funding orders increased 23% for the year to a record $2.2 billion
 
Revenue increased 10.4% for the year to a record $1.9 billion
 
 
Arlington, VA, August 15, 2007 — CACI International Inc (NYSE: CAI), a leading information technology and network solutions provider to the federal government, announced results today for its fourth fiscal quarter and twelve months ended June 30, 2007. CACI provides innovative solutions to meet America’s needs in national security, intelligence, homeland security, and the transformation of government, and is a leading strategic consolidator in its market space.
 
Fourth Quarter Results
 
For the fourth quarter of Fiscal Year 2007 (FY07), we reported record revenue of $520.4 million, up 9.0 percent over fourth quarter of Fiscal Year 2006 (FY06) revenue of $477.3 million. The increase in revenue during the quarter was driven primarily by organic growth of 7.2 percent. Operating income for the quarter was $37.9 million compared with operating income of $40.7 million in the year earlier quarter. The operating margin was 7.3 percent compared with 8.5 percent in the year earlier quarter. The decrease in the operating margin was primarily due to significantly higher other direct costs (ODCs). The effective tax rate for the quarter was 38.4 percent versus 37.3 percent in the fourth quarter of FY06. Net income for the fourth quarter was $20.8 million, or $0.67 per diluted share, compared with $22.1 million, or $0.71 per diluted share, for the fourth quarter of FY06. Operating cash flow for the quarter increased to $47.3 million from $13.2 million in the year earlier quarter. Days sales outstanding at the end of the quarter were 66 compared with 74 days at the end of the fourth quarter of FY06.
 
Fourth Quarter Highlights
 
Major highlights and accomplishments during the fourth quarter of FY07 include:

·  
Contract awards with an estimated value to CACI of $1.0 billion, a record quarterly amount, were up 215 percent over the fourth quarter of FY06. Almost three quarters of the estimated value of these awards is for recompeted work. The awards in the quarter include:
o  
The six-year, $950 million ceiling, multiple award Mega 3 automated litigation support contract with the Department of Justice (DOJ). This award continues our strong partnership with the DOJ, which encompasses multiple recompete wins since 1978.
o  
The five-year, $710 million ceiling, multiple award blanket purchase agreement from the Department of State to support its Security Assurance Services and Innovations (SASI) program. The award continues our relationship and expands our involvement with the Department’s enterprise-wide information technology.
o  
The five-year, $250 million ceiling, multiple award, indefinite delivery, indefinite quantity (IDIQ) contract from the U.S. Transportation Command (USTRANSCOM) to provide management and logistics services. This award provides us a strategic presence in another major command within the Department of Defense (DoD).
o  
The five-year, $74 million task order under the General Services Administration (GSA) ANSWER contract vehicle to support our new client, the Department of Housing and Urban Development’s (HUD) Office of Community Planning and Development (CPD). The scope of this work includes modernization of existing CPD environments and transformation of CPD systems into the HUD enterprise architecture. In addition, we are ranked second in the estimated value of new task orders won under the ANSWER contract this government fiscal year.
o  
The five-year, $48 million IDIQ contract to continue Readiness Based Sparing (RBS) for the U.S. Navy’s Naval Supply Systems Command. The award continues a series of RBS-related contracts we have won to support Navy logistics since 1978.
o  
Approximately $172 million in awards on the U.S. Army Strategic Services Sourcing (S3) contract. Since March of 2006, we have received over $780 million in awards from this contract vehicle.
o  
Previously unannounced awards totaling approximately $44 million to support national security and the Intelligence Community.
 
·  
The raising of attractively priced debt through the sale of $300 million in 2.125 percent convertible senior subordinated notes due in 2014. This positions us to drive our acquisition activity.
 
·  
The repurchase of $45.5 million, or one million shares, of our common stock.
 
·  
The acquisitions of Institute for Quality Management (IQM) and Wexford Group International (Wexford). The IQM acquisition increases our performance management consulting and operational support services in the intelligence and national security markets. The acquisition of Wexford expands our presence in the DoD and increases the management and technical consulting capabilities we offer our clients.
 
1
Full Year FY07 Results

For all of FY07, we reported record revenue of $1.94 billion, up 10.4 percent over FY06 revenue of $1.76 billion. Operating income for the year was $145.9 million compared with $150.3 million reported in FY06. The operating margin was 7.5 percent for FY07 compared with 8.6 percent for FY06. The effective tax rate for FY07 was 37.3 percent compared with 36.2 percent for FY06. Net income for FY07 was $78.5 million, or $2.51 per diluted share, compared with net income of $84.8 million, or $2.72 per diluted share, for FY06. Operating cash flow for FY07 increased to $168.0 million from $107.1 million in FY06.

FY07 Highlights

Major highlights and accomplishments during FY07 include:

·  
Contract awards totaling $3.3 billion, a record annual amount and a 68 percent increase over contract awards received in FY06. These awards include:
o  
The Department of Homeland Security (DHS) Enterprise Acquisition Gateway for Leading Edge Solutions (EAGLE) award. The award is a prime position, enabling us to provide management support services to DHS.
o  
A prime position as a large contractor on the 20-year, $36 billion, multiple award, IDIQ U.S. Army Field and Installation Readiness Support Team (FIRST) contract. The contract is new work and represents a significant opportunity to expand our core engineering and logistics business.
o  
A prime position as a large contractor on the nine-year, $20 billion, multiple award, IDIQ U.S. Army Information Technology Enterprise Solutions 2 Services (ITES-2S) contract. The award strengthens our position as a top provider of information technology services to the DoD and the rest of the federal government.
o  
The five-year, $330 million Systems Engineering and Technical Assistance (SETA) services contract by the U.S. Navy as part of a joint venture.
o  
Over $732 million in awards on the U.S. Army’s S3 contract during FY07.
o  
Over $400 million in classified national security and intelligence work.
·  
Record contract funding orders totaling over $2.16 billion, a 23 percent increase over contract funding orders of $1.76 billion received in FY06.
·  
Record year-end funded backlog of $1.2 billion as of June 30 th , up 26 percent over last year’s funded backlog of $983 million. Total backlog at the end of FY07 was $6.4 billion, 39 percent higher than the year-end FY06 backlog of $4.6 billion.
·  
Receiving four Capability Maturity Model ® Integration (CMMI ® ) Maturity Level 3 ratings. This rating is a set of credentials for a process improvement approach that provides clients with the assurance that their projects will be completed following the rigorous CMMI standards.
·  
One of the first systems integrators serving the federal government to receive the ISO 20000 certification. ISO 20000 certified organizations have developed and implemented repeatable, high-quality processes on a contract that can be projected across the business operating group.
·  
The selection of CACI-NSR as a recipient of the James S. Cogswell Outstanding Industrial Security Achievement Award, one of only 30 out of nearly 12,000 cleared DoD contractors to receive the award in 2007.
 
2
CEO Commentary
 
Commenting on the results, Paul Cofoni, CACI’s President and CEO, said, “We continue to focus our growth strategy on the nation’s highest priorities of defense, intelligence, homeland security, and the modernization of government services. We believe the need to fund these national security priorities will not decrease. As a result of this focus, we generated record revenue in the fourth quarter and for the full-year. We won a record amount of awards in the fourth quarter and for the full-year, a favorable indicator of our long-term growth. We successfully defended our base of business by winning our major recompetes during the quarter, including Mega 3 and Readiness Based Sparing, two awards that attest to the strong and lasting partnerships we have with the Department of Justice and the U.S. Navy. During the quarter, we won all of our major recompetes and won significant new business across the federal government. Our federal civilian work expanded with key contract awards from the Department of Homeland Security, the Department of State and the Department of Housing and Urban Development. Just recently, we were awarded a prime position on the General Services Administration's $50 billion Alliant contract vehicle, adding to that expansion. Finally, through our corporate development and merger and acquisition program, we completed the acquisition of two consulting and professional services companies which we believe will enhance our position in the Intelligence Community and DoD. We believe our accomplishments in FY07 underscore our efforts to make a real difference in fulfilling our clients' needs and meeting our nation's challenges.”

“We enter FY08 with a proven growth strategy and a strong foundation of awards and funding. In a highly competitive market, we are taking the necessary steps to continue to grow our base of business and improve our profitability. We are also pursuing larger contracts that help our clients solve their most difficult problems and position us as a key partner. We are executing on our corporate development and merger and acquisition program with the goal of increasing our capabilities and accelerating our revenue and earnings growth. We are confident we will be able to build on our recent accomplishments during FY08 and beyond, and enhance shareholder value.”  
3
CACI Reaffirms its FY08 Guidance

We are reaffirming our Fiscal Year 2008 (FY08) guidance which we issued on June 28, 2007.   The table below summarizes the guidance ranges for FY08:

(In millions except for earnings per share)
Fiscal Year 2008
Revenue
$2,050 - $2,150
Net income
$76.5 - $85.7
Diluted earnings per share
$2.50 - $2.80
Diluted weighted average shares
30.6

FY08 forecasted revenue includes approximately $125 million from our recent acquisitions of IQM and Wexford. Forecasted revenue and diluted EPS do not include any amounts from future acquisitions.

This guidance represents our views as of August 15, 2007. Investors are reminded that actual results may differ from these estimates for the reasons described below and in our filings with the Securities and Exchange Commission.
 
Conference Call Information
 
We have scheduled a conference call for 8:30 AM Eastern Time Thursday, August 16 th , during which members of our senior management will be making a brief presentation focusing on fourth quarter results and operating trends. A question-and-answer session will follow to further discuss our results and our future expectations. 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 1-800-565-5442 and enter the confirmation code 6846282. A replay of the call will also be available over the Internet beginning at 1:00 PM Eastern Time Thursday, August 16 th , and can be accessed through our homepage ( www.caci.com ) by clicking on the CACI Investor Info button.

About CACI

CACI International Inc provides the IT and network solutions needed to prevail in today's new era of national security, intelligence, and e-government. From systems integration and managed network solutions to knowledge management, engineering, simulation, and information assurance, we deliver the IT applications and infrastructures our federal customers use to improve communications and collaboration, secure the integrity of information systems and networks, enhance data collection and analysis, and increase efficiency and mission effectiveness. Our solutions lead the transformation of defense and intelligence, assure homeland security, enhance decision-making, and help government to work smarter, faster, and more responsively. CACI has been named to the Fortune 1000 Largest Companies of 2006 and the Russell 1000 index. CACI provides dynamic careers for approximately 10,500 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 .
4
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 terrorist activities or war; changes in interest rates; currency fluctuations; 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 in the event of a priority need for funds, such as homeland security, the war on terrorism or rebuilding Iraq; 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; 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.
 

For investor information contact: 
For other information contact:
David Dragics, Senior Vice President, Investor Relations 
Jody Brown, Executive Vice President, Public Relations
866-606-3471, ddragics@caci.com  
(703) 841-7801, jbrown@caci.com
Capability Maturity Model and CMMI are registered trademarks of Carnegie Mellon University
 
(Financial tables follow)
 
5

Selected Financial Data
 
                           
CACI International Inc
                         
Condensed Consolidated Statements of Operations (Unaudited)
                         
(Amounts in thousands, except per share amounts)
                         
                           
   
Quarter Ended
     
Twelve Months Ended
     
   
6/30/2007
 
6/30/2006
 
% Change
 
6/30/2007
 
6/30/2006
 
% Change
 
Revenue
 
$
520,385
 
$
477,329
   
9.0
%
$
1,937,972
 
$
1,755,324
   
10.4
%
Costs of revenue
                                     
Direct costs
   
347,798
   
314,192
   
10.7
%
 
1,267,677
   
1,134,951
   
11.7
%
Indirect costs and selling expenses
   
124,877
   
112,548
   
11.0
%
 
485,359
   
436,656
   
11.2
%
Depreciation and amortization
   
9,836
   
9,842
   
-0.1
%
 
39,083
   
33,437
   
16.9
%
Total costs of revenue
   
482,511
   
436,582
   
10.5
%
 
1,792,119
   
1,605,044
   
11.7
%
Operating income
   
37,874
   
40,747
   
-7.1
%
 
145,853
   
150,280
   
-2.9
%
Interest expense, net
   
4,080
   
5,543
   
-26.4
%
 
20,585
   
17,279
   
19.1
%
Income before income taxes
   
33,794
   
35,204
   
-4.0
%
 
125,268
   
133,001
   
-5.8
%
Income taxes
   
12,970
   
13,114
   
-1.1
%
 
46,736
   
48,161
   
-3.0
%
Net income
 
$
20,824
 
$
22,090
   
-5.7
%
$
78,532
 
$
84,840
   
-7.4
%
                                       
Basic earnings per share
 
$
0.68
 
$
0.72
   
-5.3
%
$
2.56
 
$
2.81
   
-8.6
%
Diluted earnings per share
 
$
0.67
 
$
0.71
   
-4.5
%
$
2.51
 
$
2.72
   
-7.7
%
                                       
Weighted average shares used in per share computations:
                                     
Basic
   
30,414
   
30,544
         
30,643
   
30,242
       
Diluted
   
30,896
   
31,300
         
31,256
   
31,161
       
                                       
   
Statement of Operations Data (Unaudited)                        
       
   
Quarter Ended    
         
Twelve Months Ended      
       
   
6/30/2007  
   
6/30/2006
         
6/30/2007
   
6/30/2006
       
Operating profit margin
   
7.3
%
 
8.5
%
       
7.5
%
 
8.6
%
     
Tax rate
   
38.4
%
 
37.3
%
       
37.3
%
 
36.2
%
     
Net profit margin
   
4.0
%
 
4.6
%
       
4.1
%
 
4.8
%
     
 
6
 
Selected Financial Data (Continued)
 
           
CACI International Inc
         
Condensed Consolidated Balance Sheets (Unaudited)
         
(Amounts in thousands)
         
           
   
6/30/2007
 
6/30/2006
 
ASSETS:
         
Current assets
         
Cash and cash equivalents 
 
$
285,682
 
$
24,650
 
Accounts receivable, net 
   
386,150
   
392,013
 
Other current assets 
   
37,171
   
33,166
 
Total current assets
   
709,003
   
449,829
 
               
Goodwill and intangible assets, net
   
962,090
   
832,184
 
Property and equipment, net
   
22,695
   
25,082
 
Other long-term assets
   
98,159
   
60,995
 
Total assets
 
$
1,791,947
 
$
1,368,090
 
               
LIABILITIES AND SHAREHOLDERS' EQUITY:
             
Current liabilities
             
Notes payable 
 
$
7,643
 
$
3,543
 
Accounts payable 
   
59,827
   
44,921
 
Accrued compensation and benefits 
   
96,978
   
93,398
 
Other current liabilities 
   
130,573
   
69,503
 
Total current liabilities
   
295,021
   
211,365
 
               
Notes payable, long-term
   
635,772
   
364,317
 
Other long-term liabilities
   
47,307
   
47,049
 
Total liabilities
   
978,100
   
622,731
 
               
Shareholders' equity
   
813,847
   
745,359
 
Total liabilities and shareholders' equity
 
$
1,791,947
 
$
1,368,090
 
7

Selected Financial Data (Continued)
 
           
CACI International Inc
         
Condensed Consolidated Statements of Cash Flows (Unaudited)
         
(Amounts in thousands)
         
   
Twelve Months Ended
 
   
6/30/2007
 
6/30/2006
 
CASH FLOWS FROM OPERATING ACTIVITIES:
         
Net income
 
$
78,532
 
$
84,840
 
Reconciliation of net income to net cash provided by
             
operating activities:
             
Depreciation and amortization
   
39,083
   
33,437
 
Amortization of deferred financing costs
   
1,603
   
1,421
 
Stock-based compensation expense
   
13,019
   
15,496
 
Deferred income tax expense
   
2,062
   
1,140
 
Changes in operating assets and liabilities,
             
net of effect of business acquisitions:
             
Accounts receivable, net
   
24,952
   
161
 
Other assets
   
(5,778
)
 
(8,487
)
Accounts payable and accrued expenses
   
11,276
   
(14,982
)
Accrued compensation and benefits
   
359
   
(3,324
)
Income taxes payable and receivable
   
(2,006
)
 
(10,572
)
Other liabilities
   
4,929
   
7,957
 
Net cash provided by operating activities
   
168,031
   
107,087
 
               
CASH FLOWS FROM INVESTING ACTIVITIES:
             
Capital expenditures
   
(7,898
)
 
(9,521
)
Purchases of businesses, net of cash acquired
   
(106,212
)
 
(244,293
)
Other
   
(2,063
)
 
(5,279
)
Net cash used in investing activities
   
(116,173
)
 
(259,093
)
               
CASH FLOWS FROM FINANCING ACTIVITIES:
             
Net proceeds under credit facilities
   
271,457
   
21,359
 
Convertible note hedge and related warrants, net
   
(27,870
)
 
-
 
Payment of financing costs
   
(7,346
)
 
-
 
Proceeds from employee stock transactions
   
5,378
   
7,158
 
Proceeds from exercise of stock options
   
8,524
   
10,422
 
Purchase of common stock for treasury
   
(50,275
)
 
(7,512
)
Other
   
8,083
   
11,883
 
Net cash provided by financing activities
   
207,951
   
43,310
 
Effect of changes in currency rates on cash
   
1,223
   
381
 
Net increase (decrease) in cash and cash equivalents
   
261,032
   
(108,315
)
Cash and cash equivalents, beginning of period
   
24,650
   
132,965
 
Cash and cash equivalents, end of period
 
$
285,682
 
$
24,650
 
 
8

Selected Financial Data (Continued)
   
                           
Revenue by Customer Type (Unaudited)    
 
   
Quarter Ended                
 
(dollars in thousands)
 
6/30/2007    
 
6/30/2006
 
$ Change
 
% Change
 
Department of Defense
 
$
376,983
   
72.5
%
$
347,982
   
72.9
%
$
29,001
   
8.3
%
Federal Civilian Agencies
   
112,113
   
21.5
%
 
102,383
   
21.5
%
 
9,730
   
9.5
%
Commercial
   
25,438
   
4.9
%
 
20,624
   
4.3
%
 
4,814
   
23.3
%
State and Local Governments
   
5,851
   
1.1
%
 
6,340
   
1.3
%
 
(489
)
 
-7.7
%
Total
 
$
520,385
   
100.0
%
$
477,329
   
100.0
%
$
43,056
   
9.0
%
                                       
   
Twelve Months Ended                          
 
(dollars in thousands)
   
6/30/2007
   
6/30/2006
 
$
Change
   
% Change
 
Department of Defense
 
$
1,393,735
   
71.9
%
$
1,282,582
   
73.1
%
$
111,153
   
8.7
%
Federal Civilian Agencies
   
431,752
   
22.3
%
 
374,502
   
21.3
%
 
57,250
   
15.3
%
Commercial
   
91,946
   
4.7
%
 
73,644
   
4.2
%
 
18,302
   
24.9
%
State and Local Governments
   
20,539
   
1.1
%
 
24,596
   
1.4
%
 
(4,057
)
 
-16.5
%
Total
 
$
1,937,972
   
100.0
%
$
1,755,324
   
100.0
%
$
182,648
   
10.4
%
                                       
   
Revenue by Contract Type (Unaudited)        
                   
   
Quarter Ended                          
 
(dollars in thousands)
   
6/30/2007      
   
6/30/2006      
 
$
Change
   
% Change
 
Time and materials
 
$
286,174
   
55.0
%
$
232,262
   
48.7
%
$
53,912
   
23.2
%
Cost reimbursable
   
140,622
   
27.0
%
 
142,698
   
29.9
%
 
(2,076
)
 
-1.5
%
Fixed price
   
93,589
   
18.0
%
 
102,369
   
21.4
%
 
(8,780
)
 
-8.6
%
Total
 
$
520,385
   
100.0
%
$
477,329
   
100.0
%
$
43,056
   
9.0
%
                                       
   
Twelve Months Ended                          
 
(dollars in thousands)
   
6/30/2007      
   
6/30/2006      
 
$
Change
   
% Change
 
Time and materials
 
$
1,021,129
   
52.7
%
$
899,151
   
51.2
%
$
121,978
   
13.6
%
Cost reimbursable
   
531,336
   
27.4
%
 
500,463
   
28.5
%
 
30,873
   
6.2
%
Fixed price
   
385,507
   
19.9
%
 
355,710
   
20.3
%
 
29,797
   
8.4
%
Total
 
$
1,937,972
   
100.0
%
$
1,755,324
   
100.0
%
$
182,648
   
10.4
%
                                       
Revenue Received as a Prime versus Subcontractor (Unaudited)          
   
Quarter Ended                          
 
(dollars in thousands)
   
6/30/2007      
   
6/30/2006      
 
$
Change
   
% Change
 
Prime
 
$
431,982
   
83.0
%
$
393,917
   
82.5
%
$
38,065
   
9.7
%
Subcontractor
   
88,403
   
17.0
%
 
83,412
   
17.5
%
 
4,991
   
6.0
%
Total
 
$
520,385
   
100.0
%
$
477,329
   
100.0
%
$
43,056
   
9.0
%
                                       
   
Twelve Months Ended                          
 
(dollars in thousands)
   
6/30/2007      
   
6/30/2006      
 
$
Change
   
% Change
 
Prime
 
$
1,590,923
   
82.1
%
$
1,449,622
   
82.6
%
$
141,301
   
9.8
%
Subcontractor
   
347,049
   
17.9
%
 
305,702
   
17.4
%
 
41,347
   
13.5
%
Total
 
$
1,937,972
   
100.0
%
$
1,755,324
   
100.0
%
$
182,648
   
10.4
%
9

Selected Financial Data (Continued)
 
                   
Contract Funding Orders Received (Unaudited)
 
   
Quarter Ended
         
(dollars in thousands)
 
6/30/2007
 
6/30/2006
 
$ Change
 
% Change
 
Contract Funding Orders
 
$
490,552
 
$
494,835
 
$
(4,283
)
 
-0.9
%
   
Twelve Months Ended  
             
(dollars in thousands)
   
6/30/2007
   
6/30/2006
 
$
Change
   
% Change
 
Contract Funding Orders
 
$
2,157,911
 
$
1,755,330
 
$
402,581
   
22.9
%
 
Reconciliation of Total Revenue Growth and Organic Revenue Growth
(Unaudited)
 
The Company has presented organic revenue growth to reflect the effect of acquisitions on total revenue growth. Revenue generated from the date a business is acquired through the first anniversary of that date is considered acquired revenue growth. All remaining revenue growth is considered organic. The Company believes that this non-GAAP financial measure provides investors with useful information to evaluate the growth rate of the Company’s core business. This non-GAAP measure should not be considered in isolation or as a substitute for performance measures prepared in accordance with GAAP.


   
  Quarter Ended
 
Twelve Months Ended
 
(dollars in thousands)
 
6/30/2007
 
6/30/2006
 
% Change
 
6/30/2007
 
6/30/2006
 
% Change
 
Revenue, as reported
 
$
520,385
 
$
477,329
   
9.0
%
$
1,937,972
 
$
1,755,324
   
10.4
%
Less:
                                     
Acquired revenue
   
8,902
   
-
         
160,716
   
-
       
Organic revenue
 
$
511,483
 
$
477,329
   
7.2
%
$
1,777,256
 
$
1,755,324
   
1.2
%
 
10