SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarter Ended March 31, 1997
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Name of each exchange on which registered
------------------- -----------------------------------------
None None
|
Securities registered pursuant to Section 12(g) of the Act:
Indicate the number of shares outstanding of each of the registrant's classes of common stock, as of March 31, 1997: CACI International Inc Common Stock, $0.10 par value, 10,675,000 shares.
CACI INTERNATIONAL INC AND SUBSIDIARIES
Item 1. Financial Statements
Unaudited Consolidated Balance Sheets as of March 31, 1997 and June 30, 1996
Unaudited Consolidated Statements of Operations for the Three Months Ended March 31, 1997 and 1996
Unaudited Consolidated Statements of Operations for the Nine Months Ended March 31, 1997 and 1996
Unaudited Consolidated Statements of Cash Flows for the Nine Months Ended March 31, 1997 and 1996
Notes to Unaudited Consolidated Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 1. Legal Proceedings
Item 5. Forward Looking Statements
SIGNATURES
INDEX TO EXHIBITS
PART 1
CACI INTERNATIONAL INC AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands) ASSETS
------
March 31, 1997 June 30, 1996
-------------- -------------
CURRENT ASSETS (Unaudited)
Cash and equivalents $ 2,660 $ 1,778
Accounts receivable:
Billed 61,010 59,330
Unbilled 12,344 7,770
-------- --------
Total accounts receivable 73,354 67,100
-------- --------
Income taxes receivable 1,549 1,627
Deferred income taxes 141 133
Prepaid expenses and other 4,741 3,593
-------- --------
TOTAL CURRENT ASSETS 82,445 74,231
-------- --------
PROPERTY AND EQUIPMENT, NET
Equipment and furniture 28,141 24,007
Leasehold improvements 2,134 2,186
-------- --------
Property and equipment, at cost 30,275 26,193
Accumulated depreciation and
amoritzation (19,568) (17,138)
-------- --------
TOTAL PROPERTY AND EQUIPMENT, NET 10,707 9,055
-------- --------
ACCOUNTS RECEIVABLE, LONG TERM 6,544 7,289
GOODWILL, NET 15,621 10,548
OTHER ASSETS 2,319 1,813
DEFERRED INCOME TAXES 299 372
-------- --------
TOTAL ASSETS $ 117,935 $ 103,308
======== ========
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CACI INTERNATIONAL INC AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------
CURRENT LIABILITIES
Note payable $ 0 $ 9,987
Accounts payable and accrued expenses 16,548 19,196
Accrued compensation and benefits 12,235 13,406
Deferred rent expense 835 724
Deferred income taxes 2,562 2,243
-------- --------
TOTAL CURRENT LIABILITIES 32,180 45,556
-------- --------
NOTES PAYABLE 15,000 0
DEFERRED RENT EXPENSES 1,734 2,274
DEFERRED INCOME TAXES 230 140
SHAREHOLDERS' EQUITY
Common stock -
$.10 par value, 40,000,000 shares
authorized, 14,201,000 and 13,755,000
shares issued 1,420 1,376
Capital in excess of par 10,477 6,239
Retained earnings 71,151 62,628
Cumulative currency translation
adjustments (595) 1,243)
Treasury stock, at cost
(3,526,000 shares) (13,662) (13,662)
-------- --------
TOTAL SHAREHOLDERS' EQUITY 68,791 55,338
-------- --------
TOTAL LIABILITIES & SHAREHOLDERS'
EQUITY $ 117,935 $ 103,308
======== ========
See notes to consolidated financial statements (unaudited).
|
CACI INTERNATIONAL INC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(Dollars in thousands) Three Months Ended March 31,
---------------------------
1997 1996
---- ----
REVENUE $ 70,907 $ 62,324
-------- --------
COSTS AND EXPENSES:
Direct costs 39,137 32,602
Indirect costs and selling expenses 24,594 23,858
Depreciation and amortization 1,857 1,374
-------- --------
Total operating expenses 65,588 57,834
-------- --------
Operating income 5,319 4,490
Interest expense 428 246
-------- --------
INCOME BEFORE INCOME TAXES 4,891 4,244
INCOME TAXES 1,912 1,657
-------- --------
NET INCOME $ 2,979 $ 2,587
======== ========
EARNINGS PER COMMON AND
COMMON EQUIVALENT SHARE $ 0.27 $ 0.24
======== ========
AVERAGE NUMBER OF SHARES AND
EQUIVALENT SHARES OUTSTANDING 11,075 10,679
======== ========
Dividends paid per share NONE NONE
---- ----
|
See notes to consolidated financial statements (unaudited).
CACI INTERNATIONAL INC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(Dollars in thousands) Nine Months Ended March 31,
--------------------------
1997 1996
---- ----
REVENUE $ 202,462 $ 179,266
-------- --------
COSTS AND EXPENSES:
Direct costs 108,683 95,282
Indirect costs and selling expenses 73,858 67,821
Depreciation and amortization 4,825 4,007
-------- --------
Total operating expenses 187,366 167,110
-------- --------
Operating income 15,096 12,156
Interest expense 889 416
-------- --------
INCOME BEFORE INCOME TAXES 14,207 11,740
INCOME TAXES 5,684 4,582
-------- --------
NET INCOME $ 8,523 $ 7,158
======== ========
EARNINGS PER COMMON AND
COMMON EQUIVALENT SHARE $ 0.78 $ 0.67
======== ========
AVERAGE NUMBER OF SHARES AND
EQUIVALENT SHARES OUTSTANDING 10,981 10,682
======== ========
Dividends paid per share NONE NONE
---- ----
|
See notes to consolidated financial statements (unaudited).
CACI INTERNATIONAL INC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(Dollars in thousands)
Nine Months Ended March 31,
--------------------------
1997 1996
---- ----
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $ 8,523 $ 7,158
Reconciliation of net income to net cash
provided by operating activities:
Depreciation and amortization 4,825 4,007
Provision for deferred income taxes 473 1,407
Loss on sale of property and equipment 17 71
Changes in operating assets and liabilities:
Accounts receivable (2,686) (1,545)
Prepaid expenses and other assets 428 210
Accounts payable and accrued expenses (3,726) 770
Accrued compensation and benefits (1,246) (2,152)
Deferred rent expense (429) (336)
Income taxes receivable 123 (2,632)
-------- --------
Net cash provided by operating activities 6,302 6,958
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisitions of property and equipment (4,629) (2,987)
Purchase of businesses (9,386) (14,000)
Proceeds from sale of property & equipment 9 40
Other (808) (433)
-------- --------
Net cash used in investing activities (14,814) (17,380)
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds under line-of-credit 90,272 80,789
Payments under line-of-credit (85,258) (71,275)
Proceeds from stock options 4,282 791
-------- --------
Net cash provided by financing activities 9,296 10,305
-------- --------
Effect of changes in currency rates on cash
and equivalents 100 (41)
-------- --------
Net increase (decrease) in cash and
equivalents 884 (158)
Cash and equivalents, beginning of period 1,776 1,996
-------- --------
Cash and equivalents, end of period $ 2,660 $ 1,838
======== ========
SUPPLEMENTAL DISCLOSURES OF CASH FLOW
INFORMATION
Cash paid during the period for
Income taxes, net of refunds $ 1,764 $ 5,337
======== ========
Interest $ 784 $ 416
======== ========
|
See notes to consolidated financial statements (unaudited).
CACI INTERNATIONAL INC AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
The accompanying unaudited consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and note disclosures normally included in the annual financial statements, prepared in accordance with generally accepted accounting principles, have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make the information presented not misleading.
In the opinion of management, the accompanying unaudited consolidated financial statements reflect all necessary adjustments and reclassifications (all of which are of a normal, recurring nature) that are necessary for fair presentation for the periods presented. It is suggested that these consolidated financial statements be read in conjunction with the consolidated financial statements and the notes thereto included in the Company's latest annual report to the Securities and Exchange Commission on Form 10-K for the year ended June 30, 1996.
Total accounts receivable are net of allowance for doubtful accounts of $2,448,000 and $2,245,000 at March 31, 1997 and June 30, 1996, respectively. Accounts receivable are classified as follows:
(Dollars in thousands)
March 31, 1997 June 30, 1996
-------------- -------------
BILLED AND BILLABLE RECEIVABLES:
Billed receivables $ 52,641 $ 53,836
Billable receivables at end of period 8,369 5,494
-------- --------
TOTAL BILLED AND BILLABLE RECEIVABLES 61,010 59,330
-------- --------
UNBILLED RECEIVABLES:
Unbilled pending receipt of contractual
documents authorizing billing 12,173 7,598
Unbilled retainages and fee withholds
expected to be billed within the
next 12 months 171 172
-------- --------
12,344 7,770
Unbilled retainages and fee withholds
expected to be billed beyond the
next 12 months 6,544 7,289
-------- --------
TOTAL UNBILLED RECEIVABLES 18,888 15,059
-------- --------
TOTAL ACCOUNTS RECEIVABLE $ 79,898 $ 74,389
======== ========
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CACI INTERNATIONAL INC AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
On October 1, 1996, the Company acquired the majority of contracts and assets of Sunset Resources, Inc. ("SRI"). SRI is an engineering and information technology firm that has focused on logistics and engineering support services to the U.S. Air Force and are experts in electronic commerce. The purchase price of the acquisition was financed primarily through bank borrowing under the Company's existing line of credit. The purchase price was allocated to the assets and liabilities using their fair values at the date of acquisition. The excess of the purchase price over the fair value of the net assets acquired was $4.6 million. This excess has been recorded as goodwill and will be amortized on a straight line basis over 15 years. The preliminary purchase price allocation is subject to change during the year following the acquisition as additional information concerning net asset valuation is obtained. Therefore, the final allocation may differ from the preliminary allocation.
On January 3, 1997, the Company acquired the business of Sales Performance Analysis Limited ("SPA") including the intellectual property rights to certain software products for $2.6 million. SPA develops and markets a unique range of specialized software products and services that enable companies to make more effective use of their field forces through the optimal configuration of sales and services territories. SPA's annual revenue prior to acquisition was $2.0 million. It is currently estimated that some $0.7 million of the purchase consideration will be allocated to goodwill, which will be amortized over 15 years, with $1.7 million allocated to software which will be amortized over 5 years, and $0.2 million allocated to tangible assets.
At the end of fiscal year 1996, the Company had a $25 million revolving credit agreement scheduled to expire on March 31, 1997. On July 26, 1996, the Company entered into a new three-year $50 million revolving credit agreement. Because the new credit facility extends the term of the agreement from a one-year to a three-year credit facility effective in fiscal 1997, the Company has classified its March 31, 1997, line of credit balance as a long term debt, while the June 30, 1996, line of credit balance remains classified as a short term debt.
In March 1997, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 128, "Earnings Per Share" (EPS) which simplifies the standards for computing EPS previously found in APB Opinion No. 15 and makes them comparable to international EPS standards. The Statement is effective for financial statements issued for periods ending after December 15, 1997. Had the following statement been effective for the quarters and the nine months ended March 31, 1997 and 1996, earnings per share would have been presented as follows:
CACI INTERNATIONAL INC AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
E. Earnings per Share (Cont.)
Three Months Ended Nine Months Ended
------------------ -----------------
March 31, March 31,
-------- --------
1996 1997 1996 1997
---- ---- ---- ----
Earnings per common share $0.28 $0.25 $0.82 $0.71
Earnings per common share-
assuming dilution $0.27 $0.24 $0.78 $0.67
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The Company is involved in various lawsuits, claims, and administrative proceedings arising in the normal course of business. Based on the information available as of May 14, 1997, management is of the opinion that any liability or loss associated with such matters will not have a material adverse effect on the Company's financial condition.
REVENUE
The table below sets forth the customer mix in revenue with related percentages of total revenue for the three and nine months ended on March 31, 1997 (FY 1997) and March 31, 1996 (FY 1996), respectively:
(Dollars in thousands, except as percents)
Third Quarter
------------------------------------
FY97 FY96
----------------- -----------------
Department of Defense $36,718 51.8% $34,000 54.5%
Federal Civilian Agencies 18,221 25.7% 14,410 23.1%
Commercial 14,639 20.6% 12,323 19.8%
State & Local Governments 1,329 1.9% 1,591 2.6%
------- ------ ------- ------
Total $70,907 100.0% $62,324 100.0%
======= ====== ======= ======
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First Nine Months
--------------------------------------
FY97 FY96
------------------ ------------------
Department of Defense $105,203 52.0% $ 94,946 52.9%
Federal Civilian Agencies 50,611 25.0% 43,943 24.5%
Commercial 41,240 20.4% 34,515 19.3%
State & Local Governments 5,408 2.6% 5,862 3.3%
-------- ------ -------- ------
Total $202,462 100.0% $179,266 100.0%
======== ====== ======== ======
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During the three months ("third quarter") and nine months ended March 31, 1997, the Company's total revenue increased by 14%, or $8.6 million, and by 13%, or $23.2 million, respectively, over the same periods last year. The increases were primarily the result of the acquisitions described below, coupled with internal growth in Federal civilian agencies and commercial products and services revenues.
For the quarter and the first nine months ending March 31, 1997, acquisitions contributed $4.2 million and $16.7 million to revenue growth in the respective periods . On September 1, 1995, the Company acquired Automated Sciences Group, Inc. ("ASG") which contributed approximately $2.8 million to the FY 1997 first quarter revenue versus $1.2 million for the same quarter last year. On January 1, 1996, IMS Technologies, Inc. ("IMS") was acquired, and it contributed revenue of approximately $8.3 million for the six months ending December 31, 1996. On October 1, 1996, the Company acquired the majority of contracts and assets of Sunset Resources, Inc. ("SRI"), which added revenues of approximately $4.2 million and $6.8 million, respectively, for the quarter and nine months ending March 31, 1997.
Revenue from the Department of Defense ("DoD") increased by 8%, to $36.7 million, for the quarter, and by 11%, to $105.2 million, for the first nine months. For the quarter, the growth was primarily the result of the SRI acquisition discussed above. The first nine months growth was primarily the result of ASG and SRI acquisitions.
Total revenue from Federal Civilian Agencies increased by 26% to $18.2 million, for the quarter, and by 15%, to $50.6 million, for the first nine months in FY 1997. Federal Civilian Agencies revenue is primarily derived from Department of Justice ("DoJ") litigation support efforts. These services are dependent on the level of DoJ litigation that the Company is supporting at any period of time and have fluctuated from quarter to quarter. FY 1997 third quarter DoJ revenue increased sharply to $14.7 million versus last year's third quarter $11.1 million. For the first nine months of FY 1997, revenue from DoJ was $38.4 million compared to $36.2 million for the same period last year.
The Federal Civilian Agencies third quarter revenue growth was primarily the result of the quarter's increased DoJ litigation support level while the year-to-date growth is the result of the IMS acquisition discussed above coupled with the third quarter DoJ revenue increase.
During the three and nine months ended March 31, 1997, Commercial revenue increased by 19%, or $2.3 million, and 19%, or $6.7 million, respectively, over the same periods last year. These increases are primarily the result of increases in sales of simulation and marketing analysis software products coupled with higher commercial litigation support and systems sales. The nature of the Company's proprietary software products business is inherently less predictable than the Company's longer-term contract work with the Federal Government and may fluctuate from quarter to quarter.
The following table sets forth the amounts and the relative percentage that certain items of expense and earnings bear to revenue for the three months and nine months ended March 31, 1997 and March 31, 1996, respectively.
Dollar Amount (in thousands)
---------------------------------------------
Third Quarter First Nine Months
---------------------------------------------
FY97 FY96 FY97 FY96
---------------------------------------------
Revenue $ 70,907 $ 62,324 $202,462 $179,266
Costs and expenses
Direct costs 39,137 32,602 108,683 95,282
Indirect costs 24,594 23,858 73,858 67,821
Depreciation and
amortization 1,857 1,374 4,825 4,007
------- ------- ------- -------
Total operating expenses 65,588 57,834 187,366 167,110
Income from operations 5,319 4,490 15,096 12,156
Interest expense 428 246 889 416
------- ------- ------- -------
Earnings before income
taxes 4,891 4,244 14,207 11,740
Income taxes 1,912 1,657 5,684 4,582
------- ------- ------- -------
Net income $ 2,979 $ 2,587 $ 8,523 $ 7,158
======= ======= ======= =======
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Percentage of Revenue
---------------------------------------------
Third Quarter First Nine Months
---------------------------------------------
FY97 FY96 FY97 FY96
---------------------------------------------
Revenue 100.0% 100.0% 100.0% 100.0%
Costs and expenses
Direct costs 55.2% 52.3% 53.7% 53.2%
Indirect costs 34.7% 38.3% 36.5% 37.8%
Depreciation and
amortization 2.6% 2.2% 2.3% 2.2%
------ ------ ------ ------
Total operating expenses 92.5% 92.8% 92.5% 93.2%
Income from operations 7.5% 7.2% 7.5% 6.8%
Interest expense 0.6% 0.4% 0.5% 0.2%
------ ------ ------ ------
Earnings before income
taxes 6.9% 6.8% 7.0% 6.6%
Income taxes 2.7% 2.6% 2.8% 2.6%
------ ------ ------ ------
Net income 4.2% 4.2% 4.2% 4.0%
====== ====== ====== ======
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Compared with the third quarter of FY 1996, operating income increased by 18% to $5.3 million, from $4.5 million. For the first nine months of FY 1997, operating income increased to $15.1 million from $12.2 million, or 24%. Operating income increased as a result of revenue increases, as well as from margin improvements. Operating income in the third quarter of FY 1997 benefitted from a $0.3 million pretax gain on the sale of a small, non- strategic software product business that had generated approximately $1.5 million in annual revenues. The operating income for the first nine months of FY 1997 also includes a $0.5 million favorable impact of prior year indirect cost rates settlements which were the subject of routine government audits.
For the quarter, direct costs increased by $6.5 million, or 20%, largely due to growth in the business. Direct costs include direct labor and other direct costs (i.e. non-labor direct costs) which generally are passed to the customer without significant mark-up. Direct labor, the principal driver of profit bearing revenue, increased by 7% in the third quarter of FY 1997 versus the same period last year. Other direct costs, which historically have larger quarter to quarter variances, increased by approximately $5.0 million, or 48%. These higher other direct costs are the principal reason for the increase in the percentage of total direct costs in the most recent quarter. For the first nine months of FY 1997, direct costs increased by $13.4 million, or 14%, as a result of a 20% increase in other direct costs and a 10% increase in direct labor.
Indirect costs include fringe benefits, indirect labor, marketing and bid & proposal costs, and other discretionary costs. Fringe benefits, representing the largest category of indirect expenses, increased proportionally to total labor costs. Total indirect costs increased by $0.7 million, or 3%, for the quarter, and, by $6.0 million, or 9%, for the first nine months of the year, primarily as a result of increased revenue and related direct labor. Indirect costs increased at a lower rate in the most recent quarter due to management's increased attention to cost controls.
The depreciation and amortization expense increases of $0.5 million for the
quarter and $0.8 million for the first nine months were primarily the result
of the acquisitions previously discussed.
Interest expense for the three and nine month periods ending March 31, 1997
was $428,000 and $889,000, respectively. Compared to the same periods last
year, interest expense increased by $182,000 and $473,000, respectively.
These increases are the result of increased borrowings incurred to support
the acquisitions discussed above.
The effective income tax rate for the first nine months was 40% versus 39% for the same period last year. The increase in the effective tax rate is primarily the result of the increase in non-deductible amortization goodwill expense associated with the acquisitions discussed above.
For the first nine months of FY 1997, operations provided $6.3 million of cash compared to the $7.0 million in FY 1996. The FY 1997 decrease in cash provided by operating activities is largely the result of increases in working capital requirements to support the more rapid growth in revenue in FY 1997.
Investing activities used cash of approximately $14.8 million during the nine months ended March 31, 1997, versus $17.4 million for the same period last year. Acquisitions, discussed above, accounted for the majority of the investments, with most of the remaining investments allocated to the purchase of office and computer-related equipment for use in the performance of contracts and for increased efficiency in the Company's administration.
During the nine months ended March 31, 1997, the Company's financing activities provided cash of approximately $9.3 million, primarily from a $5.0 million increase in borrowings under the Company's revolving line of credit and from $4.3 million in proceeds and derived income tax benefits from exercises of stock options.
On October 1, 1996 the Company completed its acquisition of the business and most of the assets of SRI for $5.3 million. On January 3, 1997, the Company acquired the business of Sales Performance Analysis Limited for $2.6 million. Both acquisitions were financed with bank borrowings under the existing line of credit.
The Company maintains a $50 million unsecured revolving bank credit facility in the U.S., and a 500,000 pound sterling unsecured line of credit in London, England. These credit facilities expire on July 1999, and December 1997, respectively. At March 31, 1997, the Company had approximately $36 million available for borrowing under its revolving lines of credit. Accordingly, the Company believes that the combination of internally generated funds, available bank credit and cash on hand will provide the required liquidity and capital resources for the foreseeable future.
PART II
Reference is made to Part II, Item 1, Legal Proceedings, in the Registrant's Quarterly Report on Form 10-Q for the period ending December 31, 1996, for the most recently filed information concerning the suit filed on October 6, 1995 by Ceridian Corporation ("Ceridian") in the District Court for Hennepin County, Minnesota, against Registrant's wholly-owned subsidiary, CACI Systems Integration Inc. ("CACI"), alleging breach of contract, breach of warranty, and repudiation by CACI in connection with a contract for the development of a manufacturing system. In January 1996, CACI filed its answer and counterclaims, denying Ceridian's allegations and seeking damages from Ceridian for breach of contract, intentional and negligent misrepresentation, and tortious interference with contract.
Since the filing of the Registrant's report indicated above, the status of the litigation has not changed.
Reference is made to Part II, Item 1, Legal Proceedings, in the Registrant's Quarterly Report on Form 10-Q for the period ending December 31, 1996 for the most recently filed information concerning the lawsuit filed on June 25, 1996, by CACI, Inc.-Federal ("CACI"), the Registrant's wholly-owned subsidiary, in Superior Court for Maricopa County, Arizona, against the Arizona Department of Transportation ("ADOT"). This suit seeks the following: (i) a declaratory judgment that the disputes procedure mandated by the Arizona Procurement Code is unconstitutional; (ii) a declaratory judgment that ADOT cannot assert claims against CACI under the mandated disputes procedure; (iii) a declaratory judgment that ADOT is not entitled to recover consequential damages in connection with the dispute; (iv) $2,938,990 plus interest in breach of contract damages; (v) the return of CACI property seized by ADOT in connection with the termination of the contract; and (vi) lawyer's fees.
Since the filing of Registrant's report indicated above, the status of the case has changed as follows. On March 31, 1997 ADOT filed its answer denying CACI's claims and asserting counterclaims seeking in excess of $100 million against CACI, primarily in the form of consequential damages. As a result of technical pleading errors, ADOT has agreed to redraft and file an amended Answer and Counterclaim within approximately 30 days.
This filing may contain "forward-looking" statements, as that term is defined in the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements concerning expectations of the Company's future performance in terms of revenue and earnings. The Company cautions investors that there can be no assurance that actual results will not differ materially from those projected or suggested in such forward- looking statements. Factors which could cause a material difference in results include, but are not limited to, the following: regional and national economic conditions; changes in interest rates; changes in government spending policies and/or decisions concerning specific programs; individual business decisions of customers and clients; developments in technology; competitive factors and pricing pressures; acts of God; and changes in government laws or regulations.
SIGNATURES
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 thereunto duly authorized.
Date: By: /s/
------------------ -----------------------------------
Dr. J.P. London
Chairman of the Board,
President, and Director
(Principal Executive Officer)
|
Date: By: /s/
------------------ ------------------------------------
James P. Allen
Executive Vice President,
Chief Financial Officer, and Treasurer
(Principal Financial and Accounting Officer)
|
CACI INTERNATIONAL INC AND SUBSIDIARIES
INDEX TO EXHIBITS
Exhibit
Number Title
- ------ -----
11 Computation of Earnings per Common and Common
Equivalent Share
|
EXHIBIT 11
CACI INTERNATIONAL INC AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER COMMON
AND COMMON EQUIVALENT SHARE
Three Months Ended March 31, Nine Months Ended March 31,
---------------------------- ---------------------------
1997 1996 1997 1996
------ ------ ------ ------
Net Income $ 2,979 $ 2,587 $ 8,523 $ 7,158
Average shares outstanding
during the period 10,633 10,162 10,445 10,117
Dilutive effect of stock
options after application
of treasury stock method 442 517 536 565
------ ------ ------ ------
Average number of shares
outstanding during the period 11,075 10,679 10,981 10,682
====== ====== ====== ======
Earnings per common and
common equivalent share: $ 0.27 $ 0.24 $ 0.78 $ 0.67
|
| ARTICLE 5 |
| THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM FORM 10-Q FOR FY 1997 QUARTER ENDED MARCH 31, 1997, AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. |
| PERIOD TYPE | 9 MOS |
| FISCAL YEAR END | JUN 30 1997 |
| PERIOD END | MAR 31 1997 |
| CASH | 2,660,000 |
| SECURITIES | 0 |
| RECEIVABLES | 75,802,000 |
| ALLOWANCES | (2,448,000) |
| INVENTORY | 0 |
| CURRENT ASSETS | 82,445,000 |
| PP&E | 30,275,000 |
| DEPRECIATION | (19,568,000) |
| TOTAL ASSETS | 117,935,000 |
| CURRENT LIABILITIES | 32,180,000 |
| BONDS | 15,000,000 |
| PREFERRED MANDATORY | 0 |
| PREFERRED | 0 |
| COMMON | 1,420,000 |
| OTHER SE | 67,371,000 |
| TOTAL LIABILITY AND EQUITY | 117,935,000 |
| SALES | 0 |
| TOTAL REVENUES | 202,462,000 |
| CGS | 0 |
| TOTAL COSTS | 108,683,000 |
| OTHER EXPENSES | 78,365,000 |
| LOSS PROVISION | 318,000 |
| INTEREST EXPENSE | 889,000 |
| INCOME PRETAX | 14,207,000 |
| INCOME TAX | 5,684,000 |
| INCOME CONTINUING | 8,523,000 |
| DISCONTINUED | 0 |
| EXTRAORDINARY | 0 |
| CHANGES | 0 |
| NET INCOME | 8,523,000 |
| EPS PRIMARY | 0.78 |
| EPS DILUTED | 0.78 |