CACI makes its $1 billion goal

With the release of its fourth quarter earnings, CACI International Inc. hit a milestone that Chairman, President and Chief Executive Officer Jack London set several years ago: become a $1 billion-a-year company by 2005.

CACI of Arlington, Va., reported revenue of $228.6 million in the fourth quarter, which puts the company on track to hit the $1 billion revenue mark in 2004. The revenue projection does not include acquisitions, London said.

The company made four acquisitions during its fiscal 2003, which ended June 30. CACI has signed a letter of intent for another acquisition, but London declined to name the company.

"It fits the profile of companies we have been acquiring," he said. Most of those companies are in the federal, defense and intelligence markets with expertise in communications, logistics, systems integration and space.

London said he is sticking with the company's goal of 12 percent to 15 percent in internal growth with another 5 percent to 8 percent coming from acquisitions. With an overall growth rate of 20 percent, the company should hit $2 billion in annual revenue in the next four to five years, he said.

For all of fiscal 2003, CACI had $843.1 million in revenue compared to $681.9 million in 2002. Net income for 2003 was $44.7 million compared to $30.5 million in 2002.

During trading today, CACI's stock hit a new 52-week high of $44.99. The previous high was $43.09. The stock's low in the last year is $29.81.