News Column

CACI Reports Results for Its Fiscal 2014 Fourth Quarter and Full Year

August 20, 2014

Revenue of $905.7 million in the quarter

Net income of $36.5 million in the quarter

Diluted earnings per share of $1.49 in the quarter

Contract awards increased 24 percent in the quarter

Reiterates FY15 guidance

ARLINGTON, Va.--(BUSINESS WIRE)-- CACI International Inc (NYSE: CACI), a leading information solutions and services provider to the federal government, announced results today for its fourth fiscal quarter ended June 30, 2014.

CEO Commentary and Outlook

Ken Asbury, CACI’s President and CEO said, “We concluded a solid Fiscal Year 2014 in a challenging market. We generated strong cash flow, and contract awards and contract funding orders were significantly higher for both the quarter and full year. As threats around the world persist and become more sophisticated, the innovative, affordable solutions and services CACI offers will become even more important to our customers. The integration of Six3 Systems has strengthened our capability to support our customers in countering global threats and our position in market areas such as C4ISR, Cyber, and Intelligence. Going forward, we are confident that our disciplined approach to business development, our commitment to operational excellence, and deployment of capital for acquisitions will continue to position CACI for solid long-term performance and increase shareholder value.”

Fourth Quarter Results

             
(in millions except per-share data)   Q4, FY14   Q4, FY13   % Change
Revenue   $905.7   $912.9   -0.8%
Operating income   $69.2   $67.9   2.0%
Net income attributable to CACI   $36.5   $37.9   -3.7%
Diluted earnings per share   $1.49   $1.56   -4.5%
     


Revenue for the fourth quarter of Fiscal Year 2014 (FY14) decreased 0.8 percent compared to the fourth fiscal quarter of Fiscal Year 2013 (FY13), primarily as a result of fewer Afghanistan-related material purchases and subcontract labor, lower run rates on professional services contracts, and delays in planned contract awards. The increase in operating income in the quarter was due primarily to higher gross profit offsetting a full quarter of amortization of intangibles associated with the Six3 Systems (Six3) acquisition. Interest expense increased in the quarter as a result of interest incurred on the additional debt associated with the acquisition of Six3. Diluted earnings per share were impacted by the dilutive effect of our convertible notes which matured on May 1, 2014. Net cash provided by operations in the quarter was $52.3 million.

During our fourth quarter Six3 generated $114.7 million of revenue and $5.8 million of net income. Revenue was lower than expected due to lower professional services revenue and fewer material purchases in the quarter. Six3’s net income includes $5.0 million of pre-tax acquisition-related intangible amortization and $1.7 million of pre-tax retention bonus related expenses. We are on track to meet our calendar year 2014 accretion goals for the acquisition of Six3 of at least 5 percent accretive to our GAAP earnings per share and at least 10 percent accretive to diluted adjusted earnings per share, excluding transaction expenses.

Additional Financial Metrics

             
    Q4, FY14   Q4, FY13   % Change
Earnings before interest, taxes, depreciation and amortization (EBITDA), a non-GAAP measure (in millions)   $87.5   $81.9   6.9%
Diluted adjusted earnings per share, a non-GAAP measure   $2.05   $2.06   -0.4%
Days sales outstanding   59   58    
     


Contract Awards and Contract Funding

Our contract awards were $698 million in the fourth quarter of FY14, 24.4 percent higher than $561 million of contract awards in the fourth quarter of FY13. For all of FY14, contract awards were $3.95 billion, 14.7 percent higher than the $3.44 billion of awards received in FY13.

IDIQ awards during the quarter included:

  • A five-year, $408 million blanket purchase agreement to provide training support for the Department of Defense’s Joint Improvised Explosive Device Defeat Organization (JIEDDO). This new award continues our long-standing work with JIEDDO and further distinguishes us as a premier provider of solutions and services in the asymmetric warfare space.
  • Two three-year contracts with the U.S. Navy’s Bureau of Naval Personnel (BUPERS): a $31 million award to provide business processing reengineering and related support; and a $22 million award to provide personnel and pay business process transition services. We have been doing work as a subcontractor for BUPERS since 2008, and these two prime contract awards increase our presence in the Business Systems Solutions market area.

    Contract funding orders in the fourth quarter were $906.8 million, 25.7 percent higher than the year earlier quarter. For all of FY14, contract funding orders were $3.6 billion, 5.7 percent higher than the $3.4 billion reported for FY13. Our total backlog at June 30, 2014 was $7.1 billion. Funded backlog at June 30, 2014 was $1.6 billion. As part of our integration of Six3 into CACI’s operations, we will begin including their contribution to backlog effective July 1, 2014.

    Fourth Quarter Highlights and Recognition

  • Our Digital Forensics Laboratory, a full-service computer and audio forensics facility, has been accredited by the American Society of Crime Laboratory Directors/Laboratory Accreditation Board. This accreditation demonstrates that CACI’s lab, part of the company’s capabilities in Investigation & Litigation Support, meets or exceeds established testing and calibration requirements and industry digital forensic standards. In addition to assuring our customers that they are receiving the highest caliber services, the accreditation strengthens our position in the Cyber and Investigation & Litigation Support markets.
  • CACI’s Executive Chairman and Chairman of the Board, Dr. J.P. (Jack) London, received two major honors during the quarter. The Marine Corps Scholarship Foundation gave him the “Semper Fidelis” award, which is presented annually to individuals whose service to our nation exemplifies the Marine Corps motto to remain “Always Faithful.” Dr. London also received the Corporate Leadership Award from TechAmerica Foundation, recognizing his leadership and outstanding contributions to the technology sector.
  • Our recruiting team continued to gain recognition for their veterans hiring program. Military Times and Forbes magazine both listed CACI in their top ten best employers for veterans in 2014, again demonstrating our commitment to recruiting and hiring veterans.
  • Continuing CACI’s role as a top thought leader in national security, we announced our eighth symposium in the Asymmetric Threat symposia series, Cyber, Electronic Warfare, and Critical Infrastructure Strategies for National Security, to be held on October 1, 2014. The symposium is co-sponsored by CACI, the Association of Old Crows and the Center for Security Policy.

    Twelve Months Results

                 
    (in millions except per-share data)  

    Twelve

    Months,

    FY14

     

    Twelve

    Months,

    FY13

     

    % Change

    Revenue   $3,564.6   $3,682.0   -3.2%
    Operating income   $257.4   $270.8   -5.0%
    Net income attributable to CACI   $135.3   $151.7   -10.8%
    Diluted earnings per share   $5.38   $6.35   -15.3%
         


    Revenue decreased 3.2 percent compared to revenue for FY13 due to a reduction in Afghanistan-related material purchases and subcontract labor, delays in planned awards, lower run rates on professional services contracts, and the government shutdown in October. The decrease in operating income in FY14 was due primarily to one-time acquisition-related expenses and the amortization of intangibles for Six3. Diluted earnings per share were impacted by the dilutive effect of our convertible notes which matured on May 1, 2014. Net cash provided by operations in FY14 was $198.6 million.

    During FY14 Six3 generated $268.4 million of revenue and $8.9 million of net income. Six3’s net income includes $12.9 million of pre-tax acquisition-related intangible amortization and $4.2 million of pre-tax retention bonus related expenses.

    Additional Financial Metrics

                 
       

    Twelve

    Months,

    FY14

     

    Twelve

    Months,

    FY13

      % Change
    Earnings before interest, taxes, depreciation and amortization (EBITDA), a non-GAAP measure (in millions)   $323.6   $326.6   -0.9%
    Diluted adjusted earnings per share, a non-GAAP measure   $7.58   $8.33   -9.0%
         



    CACI Reiterates Its FY15 Guidance

    We are reiterating the FY15 guidance we issued on June 25, 2014. The table below summarizes our FY15 guidance ranges and represents our views as of August 20, 2014:

         

     

    (In millions except for tax rate and earnings per share)

     

    FY 2015

    Guidance

    Revenue   $3,300 - $3,600
    Net income attributable to CACI   $125 - $135
    Effective corporate tax rate   38.5%
    Diluted earnings per share   $5.10 - $5.51
    Diluted weighted average shares   24.5
     


    Conference Call Information

    We have scheduled a conference call for 8:30 AM Eastern Time Thursday, August 21, 2014 during which members of our senior management team will be making a brief presentation focusing on fourth 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 877-303-9143 and enter the confirmation code 70753158. A replay of the call will also be available over the Internet beginning at 1:00 PM Eastern Time Thursday, August 21, 2014 and can be accessed through our homepage (www.caci.com) by clicking on the CACI Investor Info button.

    CACI provides information solutions and services in support of national security missions and government transformation for Intelligence, Defense, and Federal Civilian customers. A Fortune magazine World’s Most Admired Company in the IT Services industry, CACI is a member of the Fortune 1000 Largest Companies, the Russell 2000 Index, and the S&P SmallCap 600 Index. CACI provides dynamic careers for over 15,300 employees in 120 offices worldwide. Visit 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:actual revenue and earnings realized by Six3 Systems, and the performance of the Six3 Systems business; regional and national economic conditions in the United States and globally; terrorist activities or war; changes in interest rates; currency fluctuations; significant fluctuations in the equity markets; changes in our effective tax rate; failure to achieve contract awards in connection with re-competes 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, implementation of spending cuts (sequestration) under the Budget Control Act of 2011 and the Bipartisan Budget Act of 2013;changes in budgetary priorities or in the event of a priority need for funds, such as homeland security; 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 audits and reviews conducted by the Defense Contract Audit Agency, the Defense Contract Management Agency, or other governmental 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; the ability to successfully integrate the operations of our recent and any future acquisitions; our own ability to achieve the objectives of near term or long range business plans; and other risks described in our Securities and Exchange Commission filings.

    CACI-Financial

     
    Selected Financial Data
             
    CACI International Inc
    Condensed Consolidated Statements of Operations (Unaudited)
    (Amounts in thousands, except per share amounts)
     
    Quarter EndedTwelve Months Ended
    6/30/20146/30/2013 % Change 6/30/20146/30/2013 % Change
    Revenue $ 905,718   $ 912,931   -0.8 % $ 3,564,562   $ 3,681,990   -3.2 %
    Costs of revenue
    Direct costs 612,646 627,195 -2.3 % 2,426,520 2,535,606 -4.3 %
    Indirect costs and selling expenses 205,754 204,090 0.8 % 815,458 821,465 -0.7 %
    Depreciation and amortization   18,083     13,744   31.6 %   65,181     54,078   20.5 %
    Total costs of revenue   836,483     845,029   -1.0 %   3,307,159     3,411,149   -3.0 %
    Operating income 69,235 67,902 2.0 % 257,403 270,841 -5.0 %
    Interest expense and other, net   9,834     6,510   51.1 %   38,158     25,818   47.8 %
    Income before income taxes 59,401 61,392 -3.2 % 219,245 245,023 -10.5 %
    Income taxes   22,793     23,173   -1.6 %   83,326     92,347   -9.8 %

    Net income including portion attributable to noncontrolling interest in earnings of joint venture

    36,608 38,219 -4.2 % 135,919 152,676 -11.0 %

    Noncontrolling interest in earnings of joint venture

      (74 )   (281 ) -73.7 %   (603 )   (987 ) -38.9 %
     
    Net income attributable to CACI $ 36,534   $ 37,938   -3.7 % $ 135,316   $ 151,689   -10.8 %
     
    Basic earnings per share $ 1.55 $ 1.64 -5.2 % $ 5.78 $ 6.59 -12.4 %
    Diluted earnings per share $ 1.49 $ 1.56 -4.5 % $ 5.38 $ 6.35 -15.3 %
     
    Weighted average shares used in per share computations:
    Basic 23,498 23,136 23,429 23,010
    Diluted 24,517 24,318 25,155 23,885
     
     
    Statement of Operations Data (Unaudited)
     
    Quarter EndedTwelve Months Ended
    6/30/20146/30/2013 % Change 6/30/20146/30/2013 % Change
    Operating income margin 7.6 % 7.4 % 7.2 % 7.4 %
    Tax rate 38.4 % 37.9 % 38.1 % 37.8 %
    Net income margin 4.0 % 4.2 % 3.8 % 4.1 %
     
    EBITDA** $ 87,482 $ 81,856 6.9 % $ 323,622 $ 326,567 -0.9 %
    EBITDA Margin 9.7 % 9.0 % 9.1 % 8.9 %
     
    Adjusted net income** $ 50,312 $ 50,088 0.4 % $ 190,640 $ 198,968 -4.2 %
    Diluted adjusted earnings per share $ 2.05 $ 2.06 -0.4 % $ 7.58 $ 8.33 -9.0 %
     
     

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

     


       
    Selected Financial Data (Continued)
     
    CACI International Inc
    Condensed Consolidated Balance Sheets (Unaudited)
    (Amounts in thousands)
     
    6/30/20146/30/2013
    ASSETS:
    Current assets
    Cash and cash equivalents $ 64,461 $ 64,337
    Accounts receivable, net 615,580 614,616
    Prepaid expenses and other current assets   55,808   44,828
    Total current assets 735,849 723,781
     
    Goodwill and intangible assets, net 2,418,979 1,581,153
    Property and equipment, net 68,485 65,510
    Other long-term assets   135,825   126,627
    Total assets $ 3,359,138 $ 2,497,071
     
    LIABILITIES AND SHAREHOLDERS' EQUITY:
    Current liabilities
    Current portion of long-term debt $ 41,563 $ 295,517
    Accounts payable 55,811 133,073
    Accrued compensation and benefits 183,361 166,538
    Other accrued expenses and current liabilities   141,852   147,366
    Total current liabilities 422,587 742,494
     
    Long-term debt, net of current portion 1,238,728 300,790
    Other long-term liabilities   338,657   246,215
    Total liabilities   1,999,972   1,289,499
     
    Shareholders' equity   1,359,166   1,207,572
    Total liabilities and shareholders' equity $ 3,359,138 $ 2,497,071
     


       
    CACI International Inc
    Condensed Consolidated Statements of Cash Flows (Unaudited)
    (Amounts in thousands)
     
    Twelve Months Ended
    6/30/20146/30/2013
    CASH FLOWS FROM OPERATING ACTIVITIES:

    Net income including portion attributable to noncontrolling interest in earnings of joint venture

    $ 135,919 $ 152,676

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

    Depreciation and amortization 65,181 54,078
    Non-cash interest expense 11,421 12,868
    Amortization of deferred financing costs 2,940 2,073
    Loss on extinguishment of debt 4,116 -
    Stock-based compensation expense 11,557 8,832
    Provision for deferred income taxes 15,559 31,102
    Distribution of earnings from unconsolidated joint ventures 2,169 5,627
    Equity in earnings of unconsolidated joint ventures (1,656 ) (2,620 )

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

    Accounts receivable, net 91,010 32,265
    Prepaid expenses and other current assets (6,835 ) (11,739 )
    Accounts payable and accrued expenses (121,148 ) (8,611 )
    Accrued compensation and benefits (20,416 ) (23,744 )
    Income taxes receivable and payable 6,710 (17,188 )
    Other liabilities   2,116     13,712  
    Net cash provided by operating activities   198,643     249,331  
     
    CASH FLOWS FROM INVESTING ACTIVITIES:
    Capital expenditures (15,279 ) (15,439 )
    Purchases of businesses, net of cash acquired (839,050 ) (107,021 )
    Investment in unconsolidated joint venture 3,550 (838 )
    Other   (876 )   (4,119 )
    Net cash used in investing activities   (851,655 )   (127,417 )
     
    CASH FLOWS FROM FINANCING ACTIVITIES:
    Net proceeds under credit facilities 660,850 46,888
    Payment of contingent consideration (3,294 ) (3,187 )
    Proceeds from employee stock purchase plans 3,527 4,505
    Proceeds from exercise of stock options - 13,050
    Repurchase of common stock (3,653 ) (127,529 )
    Payment of taxes for equity transactions (9,764 ) (7,605 )
    Other   3,836     853  
    Net cash provided by (used in) financing activities   651,502     (73,025 )
    Effect of exchange rate changes on cash and cash equivalents   1,634     (292 )
    Net increase in cash and cash equivalents 124 48,597
    Cash and cash equivalents, beginning of period   64,337     15,740  
    Cash and cash equivalents, end of period $ 64,461   $ 64,337  
     


     
    Selected Financial Data (Continued)
               

    Revenue by Customer Type (Unaudited)

    Quarter Ended
    (dollars in thousands) 6/30/2014     6/30/2013    

    $ Change

      % Change  
    Department of Defense $ 653,665 72.2 % $ 658,443 72.1 % $ (4,778 ) -0.7 %
    Federal Civilian Agencies 199,777 22.0 % 204,436 22.4 % (4,659 ) -2.3 %
    Commercial and other   52,276   5.8 %     50,052   5.5 %     2,224     4.4 %
    Total $ 905,718   100.0 %   $ 912,931   100.0 %   $ (7,213 )   -0.8 %
     
    Twelve Months Ended
    (dollars in thousands) 6/30/2014     6/30/2013    

    $Change

      % Change  
    Department of Defense $ 2,578,024 72.3 % $ 2,735,102 74.3 % $ (157,078 ) -5.7 %
    Federal Civilian Agencies 771,662 21.7 % 741,053 20.1 % 30,609 4.1 %
    Commercial and other   214,876   6.0 %     205,835   5.6 %     9,041     4.4 %
    Total $ 3,564,562   100.0 %   $ 3,681,990   100.0 %   $ (117,428 )   -3.2 %
     

    Revenue by Contract Type (Unaudited)

    Quarter Ended

    (dollars in thousands) 6/30/2014     6/30/2013    

    $Change

      % Change  
    Cost reimbursable $ 440,867 48.7 % $ 456,398 50.0 % $ (15,531 ) -3.4 %
    Fixed price 275,570 30.4 % 260,055 28.5 % 15,515 6.0 %
    Time and materials   189,281   20.9 %     196,478   21.5 %     (7,197 )   -3.7 %
    Total $ 905,718   100.0 %   $ 912,931   100.0 %   $ (7,213 )   -0.8 %
     
    Twelve Months Ended
    (dollars in thousands) 6/30/2014     6/30/2013    

    $Change

      % Change  
    Cost reimbursable $ 1,744,959 49.0 % $ 1,783,430 48.4 % $ (38,471 ) -2.2 %
    Fixed price 1,095,449 30.7 % 1,034,016 28.1 % 61,433 5.9 %
    Time and materials   724,154   20.3 %     864,544   23.5 %     (140,390 )   -16.2 %
    Total $ 3,564,562   100.0 %   $ 3,681,990   100.0 %   $ (117,428 )   -3.2 %
     

    Revenue Received as a Prime versus Subcontractor (Unaudited)

    Quarter Ended
    (dollars in thousands) 6/30/2014     6/30/2013    

    $Change

      % Change  
    Prime $ 809,376 89.4 % $ 811,009 88.8 % $ (1,633 ) -0.2 %
    Subcontractor   96,342   10.6 %     101,922   11.2 %     (5,580 )   -5.5 %
    Total $ 905,718   100.0 %   $ 912,931   100.0 %   $ (7,213 )   -0.8 %
     
    Twelve Months Ended
    (dollars in thousands) 6/30/2014     6/30/2013    

    $Change

      % Change  
    Prime $ 3,191,939 89.5 % $ 3,237,091 87.9 % $ (45,152 ) -1.4 %
    Subcontractor   372,623   10.5 %     444,899   12.1 %     (72,276 )   -16.2 %
    Total $ 3,564,562   100.0 %   $ 3,681,990   100.0 %   $ (117,428 )   -3.2 %
     


     

    Selected Financial Data (Continued)

           

    Contract Funding Orders Received (Unaudited)

    Quarter Ended

    (dollars in thousands)   6/30/2014     6/30/2013  

    $ Change

      % Change  
    Contract Funding Orders $ 906,836   $ 721,580   $ 185,256   25.7 %
    Twelve Months Ended
    (dollars in thousands)   6/30/2014     6/30/2013  

    $ Change

      % Change  
    Contract Funding Orders $ 3,610,314   $ 3,415,626   $ 194,688   5.7 %
     
     

    Direct Costs by Category (Unaudited)

     

    Quarter Ended

    (dollars in thousands) 6/30/2014     6/30/2013    

    $ Change

      % Change  
    Direct labor $ 263,959   43.1 %   $ 262,648   41.9 %   $ 1,311   0.5 %
    Other direct costs   348,687   56.9 %     364,547   58.1 %     (15,860 )   -4.4 %
    Total direct costs $ 612,646   100.0 %   $ 627,195   100.0 %   $ (14,549 )   -2.3 %
     
    Twelve Months Ended
    (dollars in thousands) 6/30/2014     6/30/2013    

    $Change

      % Change  
    Direct labor $ 1,028,045 42.4 % $ 1,029,010 40.6 % $ (965 ) -0.1 %
    Other direct costs   1,398,475   57.6 %     1,506,596   59.4 %     (108,121 )   -7.2 %
    Total direct costs $ 2,426,520   100.0 %   $ 2,535,606   100.0 %   $ (109,086 )   -4.3 %
     


     
    Selected Financial Data (Continued)
     
    Reconciliation of Net Income to Earnings Before Interest, Taxes, Depreciation
    and Amortization (EBITDA) and to Adjusted Net Income
    (Unaudited)
     

    The Company views EBITDA, EBITDA margin, Adjusted Net Income and Diluted Adjusted 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 Adjusted 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 plus net interest expense, income taxes, and depreciation and amortization. EBITDA margin is EBITDA divided by revenue. Adjusted Net Income is defined by us as GAAP net income plus stock-based compensation expense, depreciation and amortization, and amortization of financing costs, net of related tax effects. Diluted Adjusted Earnings Per Share is Adjusted Net Income divided by diluted weighted-average shares, as reported. EBITDA and Adjusted 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   Twelve Months Ended
    (dollars in thousands)   6/30/2014       6/30/2013     % Change       6/30/2014       6/30/2013     % Change  
    Net income, as reported $ 36,534   $ 37,938   -3.7 %   $ 135,316   $ 151,689   -10.8 %
    Plus:
    Income taxes 22,793 23,173 -1.6 % 83,326 92,347 -9.8 %
    Interest income and expense, net 10,072 7,001 43.9 % 39,799 28,453 39.9 %
    Depreciation and amortization   18,083       13,744     31.6 %     65,181       54,078     20.5 %
    EBITDA $ 87,482     $ 81,856     6.9 %   $ 323,622     $ 326,567     -0.9 %
     
    Quarter Ended   Twelve Months Ended
    (dollars in thousands)   6/30/2014       6/30/2013     % Change       6/30/2014       6/30/2013     % Change  
    Revenue, as reported $ 905,718 $ 912,931 -0.8 % $ 3,564,562 $ 3,681,990 -3.2 %
    EBITDA $ 87,482     $ 81,856     6.9 %   $ 323,622     $ 326,567     -0.9 %
    EBITDA margin   9.7 %     9.0 %         9.1 %     8.9 %    
     
    Quarter Ended   Twelve Months Ended
    (dollars in thousands)   6/30/2014       6/30/2013     % Change       6/30/2014       6/30/2013     % Change  
    Net income, as reported $ 36,534 $ 37,938 -3.7 % $ 135,316 $ 151,689 -10.8 %
    Plus:
    Stock-based compensation 2,667 2,438 9.4 % 11,557 8,832 30.9 %
    Depreciation and amortization 18,083 13,744 31.6 % 65,181 54,078 20.5 %
    Amortization of financing costs 762 530 43.8 % 2,940 2,073 41.8 %
    Non-cash interest expense 1,176 3,295 -64.3 % 11,421 12,868 -11.2 %
    Less:
    Related tax effect   (8,910 )     (7,857 )   13.4 %     (35,775 )     (30,572 )   17.0 %
    Adjusted net income $ 50,312     $ 50,088     0.4 %   $ 190,640     $ 198,968     -4.2 %
     
    Quarter Ended   Twelve Months Ended
    (shares in thousands)   6/30/2014       6/30/2013     % Change       6/30/2014       6/30/2013     % Change  
    Diluted weighted average shares,
    as reported 24,517 24,318 25,155 23,885
    Diluted earnings per share, as reported $ 1.49     $ 1.56     -4.5 %   $ 5.38     $ 6.35     -15.3 %
    Diluted adjusted earnings per share $ 2.05     $ 2.06     -0.5 %   $ 7.58     $ 8.33     -9.0 %





    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

    Source: CACI International Inc


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    Source: Business Wire


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