Department of Defense revenue grew 18% to $507m
Defense and homeland security contractor CACI has reported a 15% increase in net income to $22m for the second quarter 2009, compared to $19.2m in the year-ago quarter, on revenue up 16.4% at $672.5m.
Operating income increased 18% to $45.2m, while diluted EPS was up 16% at $0.73. EBITDA increased 12.2% to $56.7m during the quarter. It said contract funding increased 21% to $538m, while funded backlog increased 15% to $1.5 billion.
The company said Department of Defense revenue grew 18% to $507m, while federal civilian agencies revenue grew 19.4% to $140m. Commercial revenue fell 18% to $21m, while state and local government revenue grew 1.4% to $5.2m.
For the first half, net income increased 15% to $43m, on revenue up 17.3% at $1.33 billion. Operating income increased 19% to $87m, while diluted EPS increased 15.3% to $1.41. EBITDA increased 15% to $110m.
Paul Cofoni, president and CEO at CACI, said: We have a healthy balance sheet and operating cash flow, and a balanced and integrated financial strategy for the deployment of capital. Contract awards and contract funding orders rose significantly compared to the fiscal 2008 second quarter. We believe CACI’s positive performance for the second quarter and first half of fiscal 2009 provides a solid foundation for the remainder of this fiscal year and beyond.
Looking ahead, for fiscal 2009, it expects revenue between $2.65 billion and $2.75 billion, and diluted EPS between $2.90 and $3.05.