CACI Issues Guidance for Its Fiscal Year 2017
June 22 2016 - 4:15PM
Business Wire
Revenue projected to be $4.05 to $4.25
billion
Net income projected to be $150 million to
$160 million
Operating cash flow expected to be greater
than $240 million
FY 2016 guidance reiterated
CACI International Inc (NYSE MKT: CACI), a leading
information solutions and services provider to the federal
government, issued its guidance for its Fiscal Year 2017 (FY17)
which begins July 1, 2016, and reiterated its Fiscal Year 2016
(FY16) guidance.
Commentary
Ken Asbury, CACI’s President and CEO said, “Our FY17 guidance
shows growth as a result of the successful integration and
performance of National Security Solutions (NSS) and strong
operating cash flow. We are entering the new fiscal year with a
large backlog of business, a healthy pipeline of enduring
opportunities, and the capabilities and enhanced position to pursue
larger, more complex business where customers are seeking solutions
rather than commoditized services.
“As we start FY17, we are confident in our market-focused
strategy of winning business, delivering operational excellence,
and deploying our capital for growth. We remain focused on
providing innovative solutions and services that advance our
customers’ most critical missions and produce long-term shareholder
value.”
Guidance for Fiscal Year 2017
The table below summarizes our FY17 guidance ranges and
represents our views as of June 22, 2016:
(In millions except for tax rate and
earnings per share)
Fiscal Year 2017
Guidance
Revenue $4,050 - $4,250 Net income attributable to
CACI $150 - $160 Effective corporate tax rate
38.0% Diluted earnings per share $6.02 - $6.43
Diluted weighted average shares 24.9
Following are the key factors related to our FY17 guidance:
- We expect that our gross profit margin
will range between 33 percent and 34 percent.
- We anticipate that our indirect costs
and selling expenses will be 12 percent to 14 percent higher than
what we expect in FY16, driven by the additional seven months of
NSS.
- Depreciation and amortization is
expected to be approximately $66 million.
- Net interest expense is expected to be
approximately $50 million.
- We expect that operating cash flow will
be greater than $240 million.
- We expect that capital expenditures
will total approximately $30 million, higher than in typical years
due to a large facility consolidation.
- We expect a seasonal percentage
decrease of quarterly revenue between the fourth quarter of FY16
and the first quarter of FY17 similar to the average of the last
three years.
FY16 Guidance Reiterated
We are reiterating the FY16 guidance we issued on April 27,
2016. The table below summarizes our FY16 guidance and represents
our views as of June 22, 2016:
(In millions except for tax rate and
earnings per share)
FY 2016 Guidance Revenue $3,700
- $3,800 Net income attributable to CACI $133 - $140
Effective corporate tax rate 37.6% Diluted earnings
per share $5.37 - $5.65 Diluted weighted average
shares 24.8
We have scheduled a conference call for 8:30 AM Eastern Time
Thursday, June 23, 2016, during which members of our senior
management will be making a brief presentation followed by a
question-and-answer session to discuss the guidance and
management’s performance expectations for the new fiscal year. You
can listen to the conference call and view accompanying exhibits
over the Internet by logging on to CACI’s website at www.caci.com
at the scheduled time. You may also dial in to 1-888-771-4371,
confirmation code 42651103. Slides of the presentation will be
available on our website during the call. A replay of the call will
also be available over the Internet, and can be accessed through
CACI’s website (www.caci.com).
CACI provides information solutions and services in support of
national security missions and government transformation for
Intelligence, Defense, and Federal Civilian customers. A Fortune
magazine World’s Most Admired Company in the IT Services industry,
CACI is a member of the Fortune 1000 Largest Companies, the Russell
2000 Index, and the S&P SmallCap600 Index. CACI provides
dynamic careers for over 20,000 employees worldwide. Visit
www.caci.com.
There are statements made herein which do not address historical
facts and, therefore, could be interpreted to be forward-looking
statements as that term is defined in the Private Securities
Litigation Reform Act of 1995. Such statements are subject to
factors that could cause actual results to differ materially from
anticipated results. The factors that could cause actual results to
differ materially from those anticipated include, but are not
limited to, the following: regional and national economic
conditions in the United States and globally; terrorist
activities or war; changes in interest rates; currency
fluctuations; significant fluctuations in the equity markets;
changes in our effective tax rate; failure to achieve contract
awards in connection with re-competes for present business and/or
competition for new business; the risks and uncertainties
associated with client interest in and purchases of new products
and/or services; continued funding of U.S. government or
other public sector projects, based on a change in spending
patterns, implementation of spending cuts (sequestration) under the
Budget Control Act of 2011, or any legislation that amends or
changes discretionary spending levels under that act; changes
in budgetary priorities or in the event of a priority need for
funds, such as homeland security; government contract procurement
(such as bid protest, small business set asides, loss of work due
to organizational conflicts of interest, etc.) and termination
risks; the results of government audits and reviews conducted
by the Defense Contract Audit Agency, the Defense
Contract Management Agency, or other governmental entities with
cognizant oversight; individual business decisions of our clients;
paradigm shifts in technology; competitive factors such as pricing
pressures and/or competition to hire and retain employees
(particularly those with security clearances); market speculation
regarding our continued independence; material changes in laws or
regulations applicable to our businesses, particularly in
connection with (i) government contracts for services, (ii)
outsourcing of activities that have been performed by the
government, and (iii) competition for task orders under Government
Wide Acquisition Contracts (GWACs) and/or schedule contracts with
the General Services Administration; the ability to
successfully integrate the operations of our recent and any future
acquisitions; our own ability to achieve the objectives of near
term or long range business plans; and other risks described in our
Securities and Exchange Commission filings.
CACI-Financial
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CACI International IncCorporate Communications and Media:Jody
Brown, Executive Vice President, Public
Relations703-841-7801jbrown@caci.comorInvestor Relations:David
Dragics, Senior Vice President, Investor
Relations866-606-3471ddragics@caci.com
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