Here is Caci's fourth quarter info.
Anybody think Caci headed up from here.
From a logical point of view this seems like it should be one of the hottest year 2k stocks considering it's reasonable valuation and long term contracts.
ARLINGTON, Va., Aug. 14 /PRNewswire/ -- CACI International Inc
(Nasdaq: CACI) today announced financial results for its fiscal fourth quarter
and year ended June 30, 1997. The results are in line with previously
announced statements (made June 20, 1997) regarding several factors that
impacted profitability in the fourth quarter.
For the year, revenues were $273.0 million, an increase of 12% over the
$244.6 million reported for the same period last year. Net income was $10.1
million, or $0.92 per share, as compared with $10.0 million, or $0.92 per
share, a year ago.
For the quarter, revenues rose 8% to $70.5 million, as compared to fourth
quarter 1996 revenues of $65.3 million. Net income for the quarter decreased
to $1.5 million, or $0.14 per share, from $2.7 million, or $0.25 per share,
last year.
Dr. J.P. (Jack) London, CACI Chairman and Chief Executive Officer said,
"The fundamentals of our business and our marketplace remain strong. Clearly,
we were disappointed in the fourth quarter results. This quarter's earnings
shortfall primarily related to losses on a fixed-price document-coding project
and reduced profits from our Marketing Systems Group. With recent
improvements in productivity, we believe we are on track to resolve the
document-coding problems within the reserves established in the fourth
quarter, and we are hopeful of returning to more normal profit levels in the
Marketing Systems Group early in the upcoming year. Our focus clearly is on
the prospects for FY 1998.
"We enter the year with a backlog in excess of $1.0 billion. In addition,
we were recently awarded several new contracts, with some additional awards
yet to be definitized. With this solid backlog base, these recent contract
awards, a full pipeline of bid opportunities, and strong demand for our
proprietary software (such as COMNET III(TM) our telecommunications simulation
product), we have in place the components to fuel our growth in the coming
year. Also, we continue to market our Year 2000 solution -- to Federal, state
and commercial prospects. Our principal Y2K target is the Federal Government,
and as very few procurements have been awarded, the announcement today of
CACI's selection as the prime on the highly visible FDIC contract, was an
important one."
CACI is an information technology products and services provider that
specializes in developing and integrating systems, software, and simulation
products in support of government agencies and commercial enterprises
worldwide. Celebrating 35 years in businesses, the company has approximately
3,400 employees and operates out of approximately 70 offices in the U.S. and
Europe.
Several comments set forth above represent forward-looking statements.
These statements are subject to important factors that could cause actual
results to differ materially from the statements made today. The factors
which could cause a material difference in results include, but are not
limited to the following: regional and national economic conditions; changes
in interest rates; changes in government spending policies and/or decisions
concerning specific programs; the individual business decisions of CACI's
customers and clients; developments in technology; competitive factors and
pricing pressures; changes in the regulation of CACI's business; and CACI's
own ability to obtain the results now projected or anticipated.
Summary Financial Tables
CACI International Inc
(Dollars in thousands, except per share amounts)
Quarter Ended Twelve Months
Ended
Income Statement Data: 6/30/97 6/30/96 6/30/97 6/30/96
Revenues $70,522 $65,349 $272,984 $244,615
Costs and Expenses
Direct cost 39,750 37,902 148,433 133,184
Indirect cost and selling expenses 25,950 21,339 99,808 89,160
Depreciation and amortization 2,027 1,503 6,852 5,510
Operating Expenses 67,727 60,744 255,093 227,854
Operating Income 2,795 4,605 17,891 16,761
Interest 216 189 1,105 605
Pretax Earnings 2,579 4,416 16,786 16,156
Tax Provision 1,030 1,723 6,714 6,305
Net Income $1,549 $2,693 $10,072 $9,851
Earnings Per Share $0.14 $0.25 $0.92 $0.92
Equivalent Shares 11,076 10,816 11,005 10,716
Balance Sheet Data: 6/30/97 6/30/96
Current Assets $79,532 $74,231
Current Liabilities 37,518 45,556
Working Capital 42,014 28,675
Total Debt 8,800 9,987
Stockholders' Equity 70,774 55,338
Total Assets 118,860 103,308 |
