CACI
Issues Guidance for Its Fiscal Year 2008
FY
2008
revenue projected at $2.05 billion to $2.15 billion, up eight to 13
percent
FY
2008
diluted EPS projected to be $2.50 to $2.80, up one to 13 percent
FY
2008
operating cash flow in excess of $150 million
ARLINGTON,
Va., June 27 /PRNewswire-FirstCall/ -- CACI International Inc (NYSE: CAI),
a
leading information technology and network solutions provider to the federal
government, issued its guidance for its fiscal year 2008 (FY08) beginning July
1, 2007.
Guidance
for Fiscal Year 2008
For
all
of FY08, we expect revenue to range from $2.05 billion to $2.15 billion, an
increase of approximately 8 to 13 percent above the midpoint of fiscal year
2007
(FY07) revenue guidance. We expect that diluted earnings per share (EPS) will
be
between $2.50 and $2.80, an increase of approximately one to 13 percent above
the midpoint of FY07 diluted EPS guidance. FY08 forecasted revenue includes
approximately $125 million from our recent acquisitions of IQM, Inc. and Wexford
International Group, the latter of which is scheduled to close in the near
term.
Forecasted revenue and diluted EPS does not include any amounts from future
acquisitions. We also project that cash flows from operations will be in excess
of $150 million.
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
|
|
Following
are the areas of continuing management focus for FY08:
--
Sustaining our client base and maintaining a high recompete success
rate.
--
Pursuing opportunities in which CACI solutions provide a significant
client
advantage, including strategically important opportunities that
we
believe will lead to other work for CACI.
--
Targeting qualified, viable, and strategic acquisitions with strong
competencies
that complement CACI solutions and have high margins and
strong
growth.
--
Establishing CACI as the employer of choice for talented and qualified
individuals,
especially those with the highest security clearances, to
deliver
our solutions and fulfill our clients' urgent requirements.
The
following factors will result in continued margin pressure during FY08,
particularly in the first half of the fiscal year:
--
The
loss of two high-margin, recompeted contracts in the first half of
FY07.
--
The
prioritization of funding to combat zone warfighters, which has
slowed
spending on new programs and increased the importance of winning
recompeted
contracts and increasing market share.
This
guidance represents our views as of June 27, 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.
Commentary
Commenting
on the FY08 guidance, Dr. J.P. (Jack) London, CACI's Chairman, President and
Chief Executive Officer, said, "I have the greatest confidence in our top
management team, led by Paul Cofoni, our new President and CEO, and its ability
to achieve CACI's growth objectives, help the government solve its most
challenging problems, and increase long-term shareholder value. The record
level
of awards and contract funding orders we received during our FY07 has helped
to
establish a near-record funded backlog and total backlog for CACI as we start
FY08. We believe this will result in positive organic growth for us during
FY08.
"In
addition, our corporate development and mergers and acquisition (M&A)
program continues to be an important factor in augmenting our capabilities
and
accelerating our overall growth rate. We continue to identify excellent
acquisition candidates in the defense, intelligence, and homeland security
areas
with high growth potential. We have just completed our 35th successful
acquisition and are poised to close on another premier acquisition soon. Both
companies operate in key strategic areas with priority government funding.
Our
corporate development and M&A program has clearly demonstrated its value to
CACI.
"In
short, our core business is well positioned in a solid, long-term growth market.
The combination of record-breaking funding and contract awards and the
contribution of two outstanding acquisitions sets a solid basis for our
FY08."
London
continued: "CACI supports our government's highest priorities. We serve
government clients who are waging a 'long war' on global terrorism in which
the
freedom of millions is at stake. It is a struggle as critical and challenging
as
the Cold War and every battle that free nations undertake to preserve democracy.
Our clients are carrying out missions of tremendous importance, and we salute
and are proud to serve them as they engage our adversaries in defeating
terrorism around the world while protecting our borders at home."
Conference
Call Information
We
have
scheduled a conference call for 8:30 AM ET Thursday, June 28th. Interested
parties can listen to the conference call and view accompanying exhibits over
the Internet by logging on to CACI's Internet site at
www.shareholder.com/caci/medialist.cfm at the scheduled time. Or they may dial
in to 888-802-2269, confirmation code 6178479. A replay of the call will also
be
available over the Internet beginning approximately 1:00 PM ET, and can be
accessed through CACI's 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 national
security and intelligence, assure homeland security, enhance decision-making,
and help government to work smarter, faster, and more responsively. CACI is
a
member of the Fortune 1000 Largest Companies of 2007 and the Russell 1000 index.
CACI provides dynamic careers for approximately 10,200 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.
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; 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, 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);
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.
|
For
investor information contact:
|
For
other information contact:
|
|
David
Dragics,
|
Jody
Brown,
|
|
Senior
Vice President,
Investor
Relations
|
Executive
Vice President,
Public
Relations
|
|
(866)
606-3471, ddragics@caci.com
|
(703)
841-7801, jbrown@caci.com
|
SOURCE
CACI International Inc
-0-
06/27/2007
/CONTACT:
David Dragics, Senior Vice President, Investor Relations,
+1-866-606-3471,
ddragics@caci.com, or Jody Brown, Executive Vice President, Public Relations,
+1-703-841-7801, jbrown@caci.com, both of CACI International Inc/
/First
Call Analyst: /
/FCMN
Contact: ddragics@caci.com /
/Web
site: http://www.caci.com/
(CAI)
CO:
CACI
International Inc
ST:
Virginia
IN:
ITE
CPR
SU:
ERP
CCA