CACI reports mixed financial results
Company's organic growth rate hits negative numbers
- By Nick Wakeman
- Nov 01, 2012
CACI International Inc. reported slight growth in its overall revenue for its latest quarter, but organic revenue growth was in the negative territory.
The company said that revenue overall grew by 2.1 percent after certain adjustments for its fiscal 2013 first quarter. But when revenue from acquisitions was backed out, revenue dropped by 1.9 percent, going from $912.4 million to $894.7 million for the quarter ended Sept. 30.
Net income fell from $42.1 million to $35.7 million, a 15.3 percent drop, but earnings per share rose because of a stock buy-back program the company initiated.
The company said it had growth in eight of the 10 markets it services, with declines coming in its C4ISR and intelligence markets because of the drawdowns in Iraq and Afghanistan. It had strong growth in health care, business systems, enterprise IT and investigative and litigation support.
The company saw revenue from the Defense Department drop 3.8 percent in the quarter, but civilian agency revenue grew 30.3 percent. The Defense Department represents 75.7 percent of the quarter’s revenue, or $705 million, while civilian agencies account for 18.7 percent of revenue, or $184.7 million.
Revenue from commercial customers represents 5.2 percent or $48.2 million, and state and local contributed 0.4 percent of revenue, or $3.3 million.
Some of the quarters numbers are off year to year because last year’s quarter had some significant upticks that the recent quarter did not, the company said.
Some of those include a large commercial product sale that generated $12 million in revenue and $6.1 million in net income in the quarter last year, and a more profitable than expected fixed-price contract that added $500,000 to net income for the quarter and $7.1 million in net income for all of CACI’s fiscal 2011.
Nick Wakeman is the editor-in-chief of Washington Technology. Follow him on Twitter: @nick_wakeman.