Navy wins help propel CACI to record third quarter
Company also attributes mark to higher operating income, reduced net interest expense and lower corporate tax rate
- By David Hubler
- Apr 29, 2010
CACI International Inc. reported record net income of $26.7 million, or $0.87 diluted earnings per share, for fiscal third-quarter 2010, which ended March 31.
That was a 21.6 percent increase over the $22 million net income, or $0.72 diluted earnings per share, for the same period last year, according to a CACI announcement released after markets closed April 28.
The company attributed the growth of net income and diluted earnings per share to “higher operating income, reduced net interest expense and a lower corporate tax rate due primarily to the performance of investments in CACI’s deferred compensation plan and tax benefits related to software development,” the announcement stated.
The 16.3 percent increase in revenue in the quarter was driven by organic growth of 14.2 percent, reflecting the continued strong performance of CACI’s defense and intelligence businesses, the company said.
The company also reported $886 million in contract orders, a 19.2 percent increase over third-quarter fiscal 2009. Funded backlog was $1.9 billion, a 17 percent increase over the third quarter of fiscal 2009. Total backlog was $7.3 billion.
Among contract wins cited by CACI was a prime position on a new multiple-award, indefinite-delivery, indefinite-quantity five-year task order with a ceiling of $588 million to support the Navy’s Space and Naval Warfare (Spawar) Systems Command’s command and control operations.
Additional contract awards with an estimated value of $455 million included a $219 million Navy award to provide command, control, communications, computers, intelligence, surveillance, reconnaissance (C4ISR), and business software and maintenance services to the Spawar Systems Center Atlantic for up to five years and $65 million in previously unannounced awards from the intelligence community.
The company also completed its acquisition of SystemWare Inc., a $16 million designer, manufacturer and provider of signals acquisition and analysis systems that can monitor and detect cybersecurity vulnerabilities.
“We exceeded our financial goals of mid- to high-single-digit organic revenue growth and double-digit earnings growth," said Paul Cofoni, CACI president and chief executive officer, in the
statement. "We continued to experience growth in all of our core competencies, with another particularly strong quarter from C4ISR Integration Services."
CACI International, of Arlington, Va., ranks No. 20 on Washington Technology’s 2009 Top 100 list of the largest federal government prime contractors.
David Hubler is the former print managing editor for GCN and senior editor for Washington Technology. He is freelance writer living in Annandale, Va.