CACI International Inc. (CACI) reported its pro forma net income of $43.4 million or $1.59 per diluted share in its fourth quarter of fiscal 2012, compared to $40.9 million or $1.28 per diluted share in the previous year period and $40.9 million or $1.45 per diluted share in its third quarter of fiscal 2012. This beat the Zacks Consensus Estimate of $1.51 per share.
For the full year of fiscal 2012, pro forma net income was $167.1 million or $5.94 per diluted share compared to $138.1 million or $4.41 per diluted share in fiscal 2011. The results were within management’s guidance range of $5.74 to $5.95 per diluted share and also surpassed the Zacks Consensus Estimate of $5.87 per share.
Revenues
Pro forma revenues came in at $948.9 million, down 1.5% year over year but up 2.3% sequentially, substantially missing the Zacks Consensus Estimate of $965 million. Contract funding orders in the quarter came in at $901.1 million, increasing 3.4% year over year and 12.6% sequentially.
As of June 30, 2012, total funded backlog was $1.97 billion, rising 7.2% year over year but falling 3.4% sequentially. Total backlog amounted to $7.18 billion at the end of the quarter, rising 5.9% annually.
In terms of a customer mix, the Department of Defense accounted for about 76.3% of total revenue. Federal Civilian Agencies contributed about 17.8% to total revenue. Commercial customers accounted for 5.5% of total revenue and State and Local Governments added 0.4% to total revenue.
In fiscal 2012, pro forma revenues came to $3,774.5 million, rising 5.5% annually. The results were within management’s guidance range of $3,730 million – $3,830 million. In terms of a customer mix, the Department of Defense accounted for about 78.0% of total revenue in fiscal 2012. Federal Civilian Agencies contributed about 16.5% to total revenue. Commercial customers accounted for 5.1% of total revenue and State and Local Governments added 0.4% to total revenue.
Income
Pro forma operating income came in at $76.7 million, increasing 9.8% annually and 5.4% sequentially. For the fiscal year of 2012, pro forma operating income amounted to $299.3 million, rising 24% annually.
Balance Sheet and Cash Flows
The company ended the quarter with cash and cash equivalents of $15.7 million, down from $48.9 million at the end of the previous quarter. Net long-term debt amounted to approximately $532 million, down from $565.8 million at the end of the previous quarter.
In fiscal 2012, net cash provided by operating activities was $266.7 million versus $226 million in fiscal 2011. Cash used for capital expenditures was $18.3 million, rising from $14.4 million in fiscal 2011.
As of July 27, 2012, the company has repurchased 4 million shares with an average price of $53.72 per share.
Outlook
The company expects net income to be within the range of $160 million to $167 million in the fiscal year of 2013. Revenues are projected to be between $3,800 million – $4,000 million for the full fiscal year. Effective tax rate is expected to be at 39.5% in fiscal 2013. Diluted earnings per share are also projected to lie between $6.64 and $6.93 range.
At present we have a ‘Neutral’ recommendation on CACI International. The stock currently carries a Zacks #2 Rank, which translates into a short-term rating of ‘Buy’.
CACI INTL A (CACI): Free Stock Analysis Report
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