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

January 27, 2010
(Date of Report)

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

Delaware

001-31400

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:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 

Pre-commencement communications pursuant to Rule 14d-2(b) under the exchange Act (17 CFR 240.14d-2(b))
 

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 January 27, 2010, the Registrant released its financial results for the second quarter of fiscal year 2010.

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 January 28, 2010 is 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 January 27, 2010 announcing CACI’s financial results for the second quarter of fiscal year 2010.

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

Exhibit 99

CACI Reports Record Fiscal 2010 Second Quarter Results

Diluted earnings per share increased 25.2 percent to $0.85

Revenue increased 15.5 percent to $776.7 million, driven by 13 percent organic growth

Contract funding orders increased 11.2 percent to $599 million

Raised annual guidance

ARLINGTON, Va.--(BUSINESS WIRE)--January 27, 2010--CACI International Inc (NYSE: CACI), a leading professional services and information technology solutions provider to the federal government, announced results today for its second fiscal quarter ended December 31, 2009.

We are pleased to report record net income of $26.1 million for the second quarter of Fiscal Year 2010 (FY10). This was a 26.1 percent increase over the same period last year. The 15.5 percent increase in revenue in the quarter was driven by organic growth of 13.0 percent, reflecting the continued strong performance of our defense and intelligence businesses.

Commenting on the company’s financial results, Paul Cofoni, CACI’s President and CEO, said, “Our strong results this quarter were driven by successful implementation of our strategy to provide mission-critical services in support of well-funded national security priorities, as well as a significantly lower tax rate. We continued to meet our financial goals of double-digit earnings growth and mid to high single-digit organic revenue growth while generating strong cash flows. We experienced growth in all of our core competencies, with the strongest increase in C4ISR Integration Services. Funding orders increased notwithstanding that the government operated under a continuing resolution during most of the quarter. We are pleased to announce we are raising our Fiscal Year 2010 guidance. We reaffirm our commitment to delivering superior results for our shareholders.”

Second Quarter Results

             
(in millions except per-share data)   Q2, FY10   Q2, FY09   % Change
Revenue   $776.7   $672.5   15.5%
Operating income   $47.5   $45.2   4.9%
Net income   $26.1   $20.7   26.1%
Diluted earnings per share   $0.85   $0.68   25.2%
     

Net income and diluted earnings per share grew as a result of growth in operating income, reduced net interest expense and a lower corporate tax rate due primarily to the performance of investments in CACI’s deferred compensation plan.


Additional Financial Metrics

             
($ in millions, except per share data)   Q2, FY10   Q2, FY09   % Change
Earnings before interest, taxes, depreciation and amortization (EBITDA), a non-GAAP measure   $61.0   $56.7   7.6%
Diluted cash earnings per share, a non-GAAP measure   $1.30   $1.05   23.6%
Days sales outstanding   62   64    
     

Second Quarter Contract Funding Orders and Awards

Second Quarter Recognition

CEO Commentary

Mr. Cofoni commented, “Recent events including the ‘Christmas Bomber’ attempt, the suicide attack on CIA employees in Afghanistan, the Ft. Hood shootings, and the cyber attacks on Google and other large companies show that threats to our national security continue. These underscore the continuing need for the services we provide our government customers. With the signing of the FY10 budget in late December, we expect continued strong funding in the key areas in which we operate and the pace of awards to increase for the remainder of our fiscal year. Consistent with our strategy to be a strategic consolidator through prudent deployment of our capital, this quarter we have completed two acquisitions, one in the U.K., which provides web enablement services, and one domestically, which provides commercial security technology. We also announced an agreement to acquire SystemWare, Inc., which provides unique solutions for cybersecurity and counterintelligence applications. Cybersecurity is also the topic of our next Asymmetric Threat Symposium in March, co-sponsored with the United States Naval Institute. We continue to collaborate with other thought leaders to advance the state of thinking on countering asymmetric threats. Looking forward, we are confident in our ability to deliver double-digit earnings growth and mid to high single-digit organic revenue growth in FY10 and FY11 through the strong execution of our strategy.”


First Half Results

             
(in millions except per-share data)   6 Months, FY10   6 Months, FY09   % Change
Revenue   $1,516.2   $1,327.3   14.2%
Operating income   $93.5   $86.6   8.0%
Net income   $49.9   $40.2   24.0%
Diluted earnings per share   $1.64   $1.32   23.8%
     

Revenue in all of our core competencies grew with the strongest increase in C4ISR Integration Services. Operating income increased in the first half as a result of solid growth in both direct labor and other direct costs.

Additional Financial Metrics

             
($ in millions, except per share data)  

6 Months,

FY10

 

6 Months,

FY09

  % Change
Earnings before interest, taxes, depreciation and amortization (EBITDA), a non-GAAP measure   $117.9   $110.0   7.2%
Diluted cash earnings per share, a non-GAAP measure   $2.51   $2.10   19.7%
     

CACI Updates Its FY10 Guidance

We are updating our FY10 guidance. The table below summarizes the guidance ranges for FY10:

         
(In millions except for earnings per share)  

Current FY10

Guidance

 

Previous FY10

Guidance

Revenue   $3,050-$3,125   $2,950-$3,050
Net income   $101.0-$107.1   $99.5 - $105.6
Diluted earnings per share   $3.30-$3.50   $3.25 - $3.45
Diluted weighted average shares   30.6   30.6
   

This guidance represents our views as of January 27, 2010. 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, January 28 th , during which members of our senior management team will be making a brief presentation focusing on second quarter results and operating trends followed by a question-and-answer session. 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 1-877-627-6581 and enter the confirmation code 8683408. A replay of the call will also be available over the Internet beginning at 1:00 PM Eastern Time Thursday, January 28 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 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; 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 12,800 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 www.caci.com and 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; changes in our effective tax rate; finalization of accounting for business combinations, including valuation of intangibles and contingent consideration; 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 or 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 government entities 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 the company’s Securities and Exchange Commission filings.

(Financial Tables follow)


 
Selected Financial Data
 
CACI International Inc
Condensed Consolidated Statements of Operations (Unaudited)
(Amounts in thousands, except per share amounts)
           
Quarter Ended Six Months Ended
12/31/2009 12/31/2008 12/31/2009 12/31/2008
  As adjusted* % Change   As adjusted* % Change
Revenue $ 776,727   $ 672,507   15.5 % $ 1,516,245   $ 1,327,267   14.2 %
Costs of revenue
Direct costs 543,117 461,488 17.7 % 1,053,657 905,033 16.4 %
Indirect costs and selling expenses 172,603 153,981 12.1 % 344,398 311,852 10.4 %
Depreciation and amortization   13,546     11,789   14.9 %   24,701     23,815   3.7 %
Total costs of revenue   729,266     627,258   16.3 %   1,422,756     1,240,700   14.7 %
Operating income 47,461 45,249 4.9 % 93,489 86,567 8.0 %
Interest expense, net   7,124     8,107   -12.1 %   14,386     16,161   -11.0 %
Income before income taxes 40,337 37,142 8.6 % 79,103 70,406 12.4 %
Income taxes   14,233     16,110   -11.7 %   28,918     29,785   -2.9 %

Net income before noncontrolling interest in earnings of joint venture

26,104 21,032 24.1 % 50,185 40,621 23.5 %

Noncontrolling interest in earnings of joint venture

  (52 )   (370 )   (278 )   (379 )
Net income attributable to CACI $ 26,052   $ 20,662   26.1 % $ 49,907   $ 40,242   24.0 %
 
Basic earnings per share $ 0.87 $ 0.69 25.2 % $ 1.66 $ 1.34 23.7 %
Diluted earnings per share $ 0.85 $ 0.68 25.2 % $ 1.64 $ 1.32 23.8 %
 
Weighted average shares used in per share computations:
Basic 30,109 29,895 30,071 29,999
Diluted 30,580 30,362 30,522 30,465
 
 
Statement of Operations Data (Unaudited)
 
Quarter Ended Six Months Ended
12/31/2009 12/31/2008 12/31/2009 12/31/2008
      As adjusted* % Change       As adjusted* % Change
Operating income margin 6.1 % 6.7 % 6.2 % 6.5 %
Tax rate 35.3 % 43.8 % 36.7 % 42.5 %
Net income margin 3.4 % 3.1 % 3.3 % 3.0 %
 
EBITDA** $ 60,955 $ 56,668 7.6 % $ 117,912 $ 110,003 7.2 %
EBITDA Margin 7.8 % 8.4 % 7.8 % 8.3 %
 
Cash net income** $ 39,871 $ 32,024 24.5 % $ 76,560 $ 63,826 20.0 %
Diluted cash earnings per share $ 1.30 $ 1.05 23.6 % $ 2.51 $ 2.10 19.7 %
 
 

*Certain balances for the period ended December 31, 2008 have been adjusted to reflect the retroactive application of new accounting standards related to convertible debt and minority interest.

**See Reconciliation of Net Income to Earnings before Interest, Taxes, Depreciation and Amortization and to Cash net income on page 10.

 

 
Selected Financial Data (Continued)
 
CACI International Inc
Condensed Consolidated Balance Sheets (Unaudited)
(Amounts in thousands)
  12/31/2009   6/30/2009
  As adjusted*
ASSETS:
Current assets
Cash and cash equivalents $ 147,847 $ 208,488
Accounts receivable, net 534,935 477,025
Prepaid expenses and other current assets   49,570   39,319
Total current assets 732,352 724,832
 
Goodwill and intangible assets, net 1,276,983 1,181,579
Property and equipment, net 57,633 30,923
Other long-term assets   72,067   68,745
Total assets $ 2,139,035 $ 2,006,079
 
LIABILITIES AND SHAREHOLDERS' EQUITY:
Current liabilities
Current portion of long-term debt $ 8,296 $ 9,464
Accounts payable 101,371 87,300
Accrued compensation and benefits 137,406 137,843
Other accrued expenses and current liabilities   105,072   83,297
Total current liabilities 352,145 317,904
 
Long-term debt, net of current portion 524,279 570,078
Other long-term liabilities   162,475   88,489
Total liabilities   1,038,899   976,471
 
Shareholders' equity   1,100,136   1,029,608
Total liabilities and shareholders' equity $ 2,139,035 $ 2,006,079
 
 

*Certain balances as of June 30, 2009 have been adjusted to reflect the retroactive application of new accounting standards related to convertible debt and minority interest.

 

 
Selected Financial Data (Continued)
 
CACI International Inc
Condensed Consolidated Statements of Cash Flows (Unaudited)
(Amounts in thousands)
   
Six Months Ended
12/31/2009 12/31/2008
      As adjusted*
CASH FLOWS FROM OPERATING ACTIVITIES:

Net income before noncontrolling interest in earnings of joint venture

$ 50,185 $ 40,621

Reconciliation of net income to net cash provided by operating activities:

Depreciation and amortization 24,701 23,815
Non-cash interest expense 5,160 4,822
Amortization of deferred financing costs 1,282 1,120
Stock-based compensation expense 12,745 9,077
Provision for deferred income taxes 1,896 5,392

Changes in operating assets and liabilities, net of effect of business acquisitions:

Accounts receivable, net (51,110 ) (46,175 )
Prepaid expenses and other current assets (4,082 ) 6,735
Accounts payable and accrued expenses 26,437 (1,640 )
Accrued compensation and benefits (4,614 ) (13,432 )
Income taxes receivable and payable (4,957 ) (11,163 )
Other liabilities   9,506     (5,007 )
Net cash provided by operating activities   67,149     14,165  
 
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures (16,111 ) (4,924 )
Purchases of businesses, net of cash acquired (62,004 ) -
Other   (203 )   (442 )
Net cash used in investing activities   (78,318 )   (5,366 )
 
CASH FLOWS FROM FINANCING ACTIVITIES:
Net payments under credit facilities (52,114 ) (2,174 )
Proceeds from employee stock purchase plans 2,796 3,783
Proceeds from exercise of stock options 2,623 130
Purchase of common stock (1,743 ) (21,868 )
Other   558     (1,049 )
Net cash used in financing activities   (47,880 )   (21,178 )
Effect of exchange rate changes on cash and cash equivalents   (1,592 )   (2,701 )
Net decrease in cash and cash equivalents (60,641 ) (15,080 )
Cash and cash equivalents, beginning of period   208,488     120,396  
Cash and cash equivalents, end of period $ 147,847   $ 105,316  
 
 

* Certain balances for the period ended December 31, 2008 have been adjusted to reflect the retroactive application of new accounting standards related to convertible debt and minority interest.

 

 
Selected Financial Data (Continued)
 
Revenue by Customer Type (Unaudited)
  Quarter Ended              
(dollars in thousands) 12/31/2009   12/31/2008  

$ Change

  % Change
Department of Defense $ 602,667   77.6 %   $ 506,747   75.3 %   $ 95,920   18.9 %
Federal Civilian Agencies 129,800 16.7 % 139,720 20.8 % (9,920 ) -7.1 %
Commercial 40,161 5.2 % 20,831 3.1 % 19,330 92.8 %
State and Local Governments   4,099   0.5 %     5,209   0.8 %     (1,110 )   -21.3 %
Total $ 776,727   100.0 %   $ 672,507   100.0 %   $ 104,220     15.5 %
 
 
Six Months Ended              
(dollars in thousands) 12/31/2009   12/31/2008  

$ Change

  % Change
Department of Defense $ 1,174,962 77.5 % $ 999,708 75.3 % $ 175,254 17.5 %
Federal Civilian Agencies 262,747 17.3 % 271,551 20.5 % (8,804 ) -3.2 %
Commercial 69,220 4.6 % 45,515 3.4 % 23,705 52.1 %
State and Local Governments   9,316   0.6 %     10,493   0.8 %     (1,177 )   -11.2 %
Total $ 1,516,245   100.0 %   $ 1,327,267   100.0 %   $ 188,978     14.2 %
 
 
Revenue by Contract Type (Unaudited)
Quarter Ended              
(dollars in thousands) 12/31/2009   12/31/2008  

$ Change

  % Change
Time and materials $ 367,085 47.3 % $ 325,216 48.3 % $ 41,869 12.9 %
Cost reimbursable 247,958 31.9 % 213,585 31.8 % 34,373 16.1 %
Fixed price   161,684   20.8 %     133,706   19.9 %     27,978     20.9 %
Total $ 776,727   100.0 %   $ 672,507   100.0 %   $ 104,220     15.5 %
 
 
Six Months Ended              
(dollars in thousands) 12/31/2009   12/31/2008  

$ Change

  % Change
Time and materials $ 719,331 47.4 % $ 649,317 48.9 % $ 70,014 10.8 %
Cost reimbursable 489,005 32.3 % 407,236 30.7 % 81,769 20.1 %
Fixed price   307,909   20.3 %     270,714   20.4 %     37,195     13.7 %
Total $ 1,516,245   100.0 %   $ 1,327,267   100.0 %   $ 188,978     14.2 %
 
 
Revenue Received as a Prime versus Subcontractor (Unaudited)
Quarter Ended              
(dollars in thousands) 12/31/2009   12/31/2008  

$ Change

  % Change
Prime $ 655,120 84.3 % $ 557,254 82.9 % $ 97,866 17.6 %
Subcontractor   121,607   15.7 %     115,253   17.1 %     6,354     5.5 %
Total $ 776,727   100.0 %   $ 672,507   100.0 %   $ 104,220     15.5 %
 
 
Six Months Ended              
(dollars in thousands) 12/31/2009   12/31/2008  

$ Change

  % Change
Prime $ 1,284,335 84.7 % $ 1,094,925 82.5 % $ 189,410 17.3 %
Subcontractor   231,910   15.3 %     232,342   17.5 %     (432 )   -0.2 %
Total $ 1,516,245   100.0 %   $ 1,327,267   100.0 %   $ 188,978     14.2 %
 

 
Selected Financial Data (Continued)
 
Contract Funding Orders Received (Unaudited)
 
  Quarter Ended            
(dollars in thousands) 12/31/2009   12/31/2008  

$ Change

  % Change
Contract Funding Orders $ 598,928   $ 538,416   $ 60,512   11.2 %
 
Six Months Ended            
(dollars in thousands) 12/31/2009   12/31/2008  

$ Change

  % Change
Contract Funding Orders $ 1,640,783   $ 1,481,538   $ 159,245   10.7 %
     

Reconciliation of Total Revenue Growth and Organic Revenue Growth

(Unaudited)

We are presenting 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. We believe that this non-GAAP financial measure provides investors with useful information to evaluate the growth rate of our 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) 12/31/2009   12/31/2008   % Change   12/31/2009   12/31/2008   % Change
Revenue, as reported $ 776,727   $ 672,507   15.5 %   $ 2,919,140   $ 2,616,440   11.6 %
Less:
Acquired revenue   16,548                 34,456            
Organic revenue $ 760,179   $ 672,507   13.0 %   $ 2,884,684   $ 2,616,440   10.3 %
 

Selected Financial Data (Continued)

Reconciliation of Net Income to Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) and to Cash Net Income

(Unaudited)

The Company views EBITDA, EBITDA margin, Cash Net Income and Diluted Cash Earnings Per Share as important indicators of performance, consistent with the manner in which management measures and forecasts the Company’s performance. EBITDA is a commonly used non-GAAP measure when comparing our results with those of other companies. We believe Cash Net Income is a significant driver of long-term value and is used by investors to measure our performance. This measure in particular assists readers in further understanding our results and trends from period-to-period by removing certain non-cash items that do not impact the cash flow performance of our business. EBITDA is defined by us as GAAP net income attributable to CACI plus net interest expense, income taxes, and depreciation and amortization. EBITDA margin is EBITDA divided by revenue. Cash Net Income is defined by us as GAAP net income attributable to CACI plus stock-based compensation expense, depreciation and amortization, amortization of financing costs, and non-cash interest expense net of related tax effects. Diluted Cash Earnings Per Share is Cash Net Income divided by diluted weighted-average shares, as reported. EBITDA and Cash Net Income as defined by us may not be computed in the same manner as similarly titled measures used by other companies. These non-GAAP measures should not be considered in isolation or as a substitute for performance measures prepared in accordance with GAAP.

 
  Quarter Ended   Six Months Ended
(dollars in thousands) 12/31/2009   12/31/2008     12/31/2009   12/31/2008  
        As adjusted*   % Change           As adjusted*   % Change
Net income attributable to CACI $ 26,052 $ 20,662 26.1 % $ 49,907 $ 40,242 24.0 %
Plus:
Income taxes 14,233 16,110 -11.7 % 28,918 29,785 -2.9 %
Interest expense, net 7,124 8,107 -12.1 % 14,386 16,161 -11.0 %
Depreciation and amortization   13,546       11,789     14.9 %     24,701       23,815     3.7 %
EBITDA $ 60,955     $ 56,668     7.6 %   $ 117,912     $ 110,003     7.2 %
 
 
Quarter Ended   Six Months Ended
(dollars in thousands) 12/31/2009 12/31/2008 12/31/2009 12/31/2008
        As adjusted*   % Change           As adjusted*   % Change
Revenue, as reported $ 776,727 $ 672,507 15.5 % $ 1,516,245 $ 1,327,267 14.2 %
EBITDA $ 60,955     $ 56,668     7.6 %   $ 117,912     $ 110,003     7.2 %

EBITDA margin

  7.8 %     8.4 %           7.8 %     8.3 %      
 
 
Quarter Ended   Six Months Ended
(dollars in thousands) 12/31/2009 12/31/2008 12/31/2009 12/31/2008
        As adjusted*   % Change           As adjusted*   % Change
Net income attributable to CACI $ 26,052 $ 20,662 26.1 % $ 49,907 $ 40,242 24.0 %
Plus:
Stock-based compensation 6,074 3,933 54.4 % 12,745 9,077 40.4 %
Depreciation and amortization 13,546 11,789 14.9 % 24,701 23,815 3.7 %
Amortization of financing costs 537 560 -4.1 % 1,282 1,120 14.5 %
Non-cash interest expense 2,597 2,427 7.0 % 5,160 4,822 7.0 %
Less:
Related tax effect   (8,935 )     (7,347 )   21.6 %     (17,235 )     (15,250 )   13.0 %
Cash net income $ 39,871     $ 32,024     24.5 %   $ 76,560     $ 63,826     20.0 %
 
 
Quarter Ended   Six Months Ended
(shares in thousands) 12/31/2009 12/31/2008 12/31/2009 12/31/2008
        As adjusted*   % Change           As adjusted*   % Change

Diluted weighted average shares, as reported

30,580 30,362 30,522 30,465
Diluted earnings per share $ 0.85     $ 0.68     25.2 %   $ 1.64     $ 1.32     23.8 %
Diluted cash earnings per share $ 1.30     $ 1.05     23.6 %   $ 2.51     $ 2.10     19.7 %
 
*Certain balances for the period ended December 31, 2008 have been adjusted to reflect the retroactive application of new accounting standards related to convertible debt and minority interest.

CONTACT:
CACI International Inc
Corporate Communications and Media:
Jody Brown, Executive Vice President, Public Relations
(703) 841-7801, jbrown@caci.com
or
Investor Relations:
David Dragics, Senior Vice President, Investor Relations
(866) 606-3471, ddragics@caci.com