CACI's Record 2Q, Guidance Raised - Analyst Blog
February 06 2012 - 6:15AM
Zacks
CACI International
Inc. (CACI) reported pro forma net income of $41.1
million or $1.51 per diluted share in its second quarter financial
results of fiscal 2012, compared to $32.9 million or $1.06 per
diluted share in the previous year period. This comprehensively
beat the Zacks Consensus Estimate of $1.39 per share.
Revenues
Pro forma revenues came in at
$973.2 million, up 12.2% year over year and 5.3% sequentially.
Contract funding orders in the quarter were $605 million, rising
17% year over year but falling 62.2% sequentially.
As of December 31, 2011, total
funded backlog was $2.19 billion, up 0.5% year over year but down
13.1% sequentially. Total backlog amounted to $8.0 billion at the
end of December 31, 2011, rising 7.4% annually.
In terms of a customer mix, the
Department of Defense accounted for 79.0% of total revenue. Federal
Civilian Agencies contributed about 16.3% of total revenue.
Commercial customers accounted for 4.3% of total revenue and State
and Local Governments added 0.4% to total revenue.
Margins
Pro forma operating margin came in
at 7.7%, up from 6.8% in the year-ago quarter and 8.2%, in the
previous quarter. This was directly attributable to the 26.8%
annual rise in operating income coming in at $74.7 million,
evolving from direct labor growth and production efficiencies
attained.
Balance Sheet and Cash
Flows
The company ended the quarter with
cash and cash equivalents of $24 million, down from $28.6 million
at the end of the previous quarter. Net long-term debt amounted to
approximately $590 million, rising from $528 million at the end of
the previous quarter.
Net cash provided for operating
activities during the first six months of fiscal 2012 ameliorated
to $85.3 million versus $68.5 million during the first six months
of fiscal 2011. During this time, cash used for capital
expenditures was $7.1 million rising from $5.8 million during the
first six months of fiscal 2011. Cash used for share repurchases
amounted to $209.7 million during the first six months of fiscal
2012.
Outlook
The strong quarterly and overall
six months’ performance of the company induced CACI to raise its
2012 guidance on the whole. The company now expects net income
between $162 million - $168 million, up from the previous estimate
of $157 million - $163 million.
Diluted EPS is projected to fall
between $5.72 and $5.94, up from the previous guidance range of
$5.55 and $5.80. Effective corporate tax rate is expected to
diminish to 39.8% from its prior projection of 39.9% and overall
revenue estimates have been reiterated to fall between $3,850
million and $4,050 million in fiscal 2012.
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