Defense, intelligence work push CACI to record year
Net revenue for the fourth quarter was $848.7 million, up 16.4 percent over same quarter 2009
- By David Hubler
- Aug 18, 2010
Strong performances by CACI International Inc.’s defense and intelligence businesses pushed the government contractor’s fiscal fourth quarter and fiscal year to revenue and earnings records.
Revenue for the company's fiscal 2010 hit more than $3.1 billion, compared to $2.7 billion in fiscal 2009, according to CACI's Aug. 17 announcement. For the fourth quarter, the company reported revenue of $848.7 million, compared to $728.9 million in the fourth quarter last year.
Fiscal 2010 fourth-quarter net income reached $29.9 million, an increase of 8.8 percent over net income of $27.5 million for the same period last year.
Net income growth was attributed to solid operating performance, lower interest expense and a lower tax rate, the company statement said.
“The 16.4 percent increase in revenue in the quarter was driven by organic growth of 14.3 percent, reflecting the continued strong performance of our defense and intelligence businesses, driven primarily by growth in the core competencies of C4ISR, logistics and material rReadiness, and integrated security and intelligence solutions,” CACI said.
For the full year, net income was a record $106.5 million, an 18.7 percent increase over net income of $89.7 million in fiscal 2009.
CACI attributed the net income growth to solid operating performance, lower interest expense and a lower tax rate.
The 15.3 percent increase in revenue in fiscal 2010 was driven by organic growth of 13.4 percent, reflecting the strong performance of CACI’s defense and intelligence businesses throughout the year, the company said.
For fiscal 2010, the estimated value of contract awards received totaled $2.0 billion
Operating cash flow was $86.4 million in the fourth quarter or 52.6 percent higher than in the same quarter 2009.
Record operating cash flow of $209.3 million for the fiscal year was 38.7 percent higher than the amount reported in fiscal 2009.
In a statement on the financial results, CACI President and Chief Executive Officer Paul Cofoni said, “This marks the third consecutive year that we have met or exceeded our guidance in top- and bottom-line performance. Fiscal 2010 was a record year for revenue, net income, diluted earnings per share, operating cash flow and contract funding orders.”
Cofoni added that CACI also completed three strategic acquisitions that have added to the company’s cyber security and information technology modernization solutions portfolio.
“Our growth continues to be driven by the key support we provide to the warfighter in the critical, well-funded national security priorities of C4ISR and intelligence,” he said, adding that “We believe that FY11 will be another solid year for CACI.”
Cofoni said the company’s strengths are aligned with the government’s well-funded, high priority areas in the proposed federal budget for the next fiscal year.
“We believe there will be negligible impact on our operations from the Secretary of Defense’s recommendations to eliminate the Joint Forces Command, the office for Network and Information Integration and the J-6,” he said.
“We have been informed that the work we do for the Business Transformation Agency will continue following its transition to other organizations,” he added.
“We believe the initiatives to improve efficiency and effectiveness recently announced by the Secretary of Defense and the Office of Management and Budget will present new opportunities for our services and solutions that support the warfighter and the modernization of government,” Cofoni said.
CACI, of Arlington, Va., ranks No. 16 on Washington Technology’s 2010 Top 100 list of the largest federal 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.