CACI's 4Q net income down 12 pct on revenue drop

CACI's 4th-quarter net income falls 12 percent on lower revenue, backs fiscal 2014 outlook

Associated Press

ARLINGTON, Va. (AP) -- Defense contractor CACI International Inc. on Wednesday reported a drop in its fiscal fourth-quarter net income on lower revenue.

The company, based in Arlington, Va., backed its full-year 2014 forecast.

CACI said that its net income slipped to $37.9 million, or $1.56 per share, for the quarter that ended June 30. That is compared with net income of $43.4 million, or $1.59 per share, in the same quarter last year. The company earned $2.06 per share for the quarter on an adjusted basis versus $2.08 per share last year.

Its revenue fell nearly 4 percent to $912.9 million from $948.9 million.

Analysts polled by FactSet were anticipating earnings of $1.60 per share, or $1.73 on an adjusted basis, for the quarter with revenue forecasts of $931.2 million.

CACI President and CEO Ken Asbury said that the quarter's results were in line with the company's expectations and reflect the company's ability to adapt to an "ongoing, sequestered environment." The company increased its revenue in its business systems, cyberspace, health care and integrated securities solutions segments. He also noted that the company cut costs to help preserve its margins.

For fiscal 2013, the company earned $151.7 million, or $6.35 per share, on revenue of $3.68 billion.

The company stood by its fiscal 2014 forecast of earning $5.70 to $6.10 per share on revenue between $3.5 billion and $3.7 billion.

Analysts were anticipating earnings of $5.82 per share for the year on revenue of $3.57 billion.

Shares of the company increased 37 cents to close at $68.75 and were unchanged in after-hours trading following the report.

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