Organic growth, core competencies spark CACI's record 2Q
Net income totaled $33.2 million, an increase of 27.6 percent from a year ago
CACI International Inc. racked up a record fiscal 2011 second quarter with net income of $33.2 million, an increase of 27.6 percent over the $26.1 million for the same period of fiscal 2010.
Revenue in the second quarter was $867.3 million, an increase of 11.7 percent over the $776.7 million for the same quarter in 2010, the company reported at the close of business Wednesday.
CACI officials attributed the revenue increase primarily to the company’s 9.7 percent organic growth, which they said reflected the continued growth in C4ISR services, data information and knowledge management, and integrated security and intelligence solutions core competencies.
The record second quarter resulted in net income of $33.2 million, an increase of 27.6 percent over the $26.1 million net income for the same period of fiscal 2010.
“We achieved our goal of mid- to high-single-digit organic revenue growth, delivered strong double-digit earnings growth, and generated record second quarter operating cash flow,” said Paul Cofoni, CACI president and CEO, in the company statement.
“Our strategy of focusing on mission-critical services and solutions in well-funded areas continues to be successful. It was a key factor in our winning a significant amount of new business during the quarter,” he added.
Contract funding orders in the quarter totaled $515 million. Contract funding orders for the first six months of fiscal 2011 were $2.0 billion, a 20.2 percent increase over the first six months of fiscal 2010.
Funded backlog at Dec. 31, 2010, was $2.2 billion, a 24.1 percent increase over the second quarter of fiscal 2010. Total backlog as of Dec. 31, 2011 was $7.45 billion.
During the second quarter, CACI won a prime position on the Air Force’s multiple-award, $460 million, seven-year indefinite delivery, indefinite quantity Network Centric Solutions-2 Enterprise Integration and Service Management contract.
Also during the quarter, the Army exercised the five-year option for its Strategic Services Sourcing (S3) contract.
CACI won contract awards during the quarter worth an estimated $829 million, a 47.8 percent increase over the second quarter of fiscal 2010.
Over 90 percent of those awards were for new business, the company said.
Second quarter awards included:
- A contract to support the Transformation and Systems Consolidation (TASC) program for the Homeland Security Department. This task order contract, which represents new business for CACI, consists of a five-year base period and five one-year option years with a ceiling value of $450 million.
Although this award was protested, contract performance was not stayed as a result of the protests. The Government Accountability Office is expected to render a decision on the protests in March, CACI said.
- Also, awards on the Army S3 contract vehicle totaling $136 million.
Contract awards for the first six months of fiscal 2011 totaled $2.3 billion, a 78.8 percent increase over the first six months of fiscal 2010.
Among other significant accomplishments, CACI completed the acquisitions of TechniGraphics Inc. and Applied Systems Research Inc., providers of geospatial and technical services to the intelligence community.
CACI International, of Arlington, Va., ranks No. 16 on Washington Technology’s 2010 Top 100 list of the largest federal government contractors.