CACI Announces Repurchase of Four Million Shares of Its Common Stock
August 29 2011 - 9:55AM
Business Wire
CACI International Inc (NYSE: CACI) announced today that, under
its previously announced share repurchase authorization, it entered
into an agreement with Bank of America N.A. to repurchase 4.0
million shares of its common stock under an accelerated share
repurchase (ASR) agreement.
Paul Cofoni, CACI’s President and Chief Executive Officer, said,
“This accelerated share repurchase transaction is part of our
balanced capital deployment strategy and is consistent with our
history of driving value for our shareholders.”
Dr. J.P. (Jack) London, CACI’s Executive Chairman and Chairman
of the Board, added, “This share repurchase represents our
confidence in CACI’s future growth prospects, as we continue to
provide valuable services to our many customers.”
Under the ASR, CACI purchased 4.0 million shares of its
outstanding common stock at an initial price of $52.42 per share,
for an aggregate price of approximately $209.7 million. These
shares will be immediately excluded from CACI’s outstanding share
count, and, as a result, the company now expects its full Fiscal
Year 2012 (FY12) diluted share count to be approximately 28
million. The final diluted share count will be dependent upon a
number of factors, including CACI’s average FY12 stock price.
The total cost of the shares repurchased under the ASR will be
determined based upon the volume weighted average price of CACI’s
common stock over the term of the ASR, less an agreed-upon
discount. Depending on the total cost of the shares, CACI may
receive additional shares of common stock or cash upon completion
of the transaction, or be required to remit a settlement amount
payable to Bank of America N.A. in cash or common stock at CACI’s
election.
Celebrating our 50th year in business, CACI sustains an
exceptional record of success by providing professional services
and IT solutions needed to prevail in the areas of defense,
intelligence, homeland security, and IT modernization and
government transformation. We deliver enterprise IT and network
services; data, information, and knowledge management services;
business system solutions; logistics and material readiness; C4ISR
solutions and services; cyber solutions; integrated security and
intelligence solutions; and program management and SETA support
services. CACI solutions help federal clients provide for national
security, improve communications and collaboration, secure
information systems and networks, enhance data collection and
analysis, and increase efficiency and mission effectiveness. A
member of the Fortune 1000 Largest Companies and the Russell 2000
index, CACI provides dynamic careers for approximately 13,900
employees working in over 120 offices in the U.S. and Europe. 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 risk factors set forth in CACI’s most recent Annual
Report on Form 10-K, and other such filings that CACI makes with
the Securities and Exchange Commission from time to time. Any
forward-looking statements should not be unduly relied upon and
only speak as of the date hereof.
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