CACI Reports Solid Fiscal 2009 Third Quarter Results

Diluted earnings per share grew 5.7 percent to $0.77; up 11.7 percent
year-to-date

Revenue grew 6.3 percent to a record $674.0 million; up 13.4 percent
year-to-date

Organic revenue grew by 5.5 percent; up 10.3 percent last twelve months

Operating cash flow grew 27.7 percent to $80.1 million; up 20.2 percent
year-to-date

Contract funding orders grew 5.2 percent to $743.3 million; up 19.5 percent
year-to-date

Funded backlog grew 14 percent to $1.6 billion

Annual earnings guidance range narrowed and revised upwards

ARLINGTON, Va., April 29 /PRNewswire-FirstCall/ -- CACI International Inc
(NYSE: CAI), a leading professional services and information technology
solutions provider to the federal government, announced results today for its
third fiscal quarter and nine months ended March 31, 2009. CACI provides
innovative solutions to meet America's needs in national defense,
intelligence, homeland security, and the improvement of government services,
and is a leading strategic consolidator in its market space.

Third Quarter Results

For the third quarter of Fiscal Year 2009 (FY09), we reported record revenue
of $674.0 million, up 6.3 percent over third quarter of Fiscal Year 2008
(FY08) revenue of $634.2 million. The increase in revenue during the quarter
was driven by organic growth of 5.5 percent. Organic growth for federal
government revenue in the quarter was 6.7 percent. Operating income for the
quarter was $45.0 million, up 3.5 percent compared with operating income of
$43.5 million in the year earlier quarter. The operating margin was 6.7
percent compared with 6.9 percent in the third quarter of FY08. Income before
taxes for the quarter was $39.7 million, 8.2 percent higher than what was
reported in the third quarter of FY08. Our effective tax rate increased to
41.0 percent from 39.3 percent in the year earlier quarter. During the third
quarter of FY09, our effective tax rate continued to be negatively impacted by
non-deductible losses on assets invested in our deferred compensation plan.
Net income for the third quarter was $23.4 million, up 5.1 percent compared
with $22.3 million for the third quarter of FY08. Diluted earnings per share
were $0.77, up 5.7 percent, compared with $0.73 per diluted share in the year
earlier quarter. Cash generated by operations was $80.1 million, up 27.7
percent compared with $62.8 million in the year earlier quarter. Days sales
outstanding at the end of the quarter were 61 compared with 67 days at the end
of the third quarter of FY08. Earnings before interest, taxes, depreciation
and amortization (EBITDA), a non-GAAP measure, were $56.7 million in the
quarter compared with EBITDA of $55.8 million in the third quarter of FY08.

Third Quarter Highlights

Major highlights and accomplishments during the third quarter of FY09 include:

-- Contract funding orders totaling $743.3 million, a 5.2 percent
increase
over the third quarter of FY08. Funded backlog of approximately $1.6
billion, a 14 percent increase over the third quarter of FY08.
-- Contract funding orders for the first nine months of FY09 totaled $2.2
billion, an increase of 19.5 percent over the $1.9 billion received in
the first nine months of FY08.
-- Contract awards with an estimated value of $768 million including:
-- A prime position on the General Service Administration's (GSA)
ten-year, multiple award Alliant program with an initial estimated
value to CACI of $350 million. This follow-on award to the
GSA's ANSWER and Millennia contracts positions us to increase
our business throughout the federal government.
-- Awards on the Strategic Services Sourcing (S3) contract vehicle
with
the Army totaling $240 million. Since March 2006, we have been
awarded over $1.8 billion in task orders on this vehicle in
support
of the Army's C4ISR (command, control, communications,
computers, intelligence, surveillance and reconnaissance) needs.
-- A five-year, $50 million prime contract to continue our
acquisition,
financial, and program management assistance to the Defense
Advanced
Research Projects Agency (DARPA). CACI's work enables DARPA
scientists and researchers to focus their critical skills on
direct
support for national defense.
-- A five-year, $31 million prime contract under the Defense
Information Systems Agency ENCORE II contract vehicle to continue
management and technical support for the Acquisition Technology
and
Logistics component in the DoD's Office of the Undersecretary
of Defense.
-- Additional major awards not included in the $768 million total above:
-- A prime position to support the five-year, multiple award United
States Strategic Command Systems and Mission Support II (USAMS II)
program, with an overall ceiling value of $900 million. This new
award expands our program management and systems engineering and
technical assistance (PM SETA) functional core competency in
support
of the program's cyber and intelligence, surveillance, and
reconnaissance missions.
-- A prime position on the U.S. Army's five-year, multiple award
Biometrics Operations and Support Services -- Unrestricted
(BOSS-U)
contract with an estimated ceiling value of $500 million. This
new
award positions us to support the Army's Biometrics Task Force
across a broad spectrum of functional areas.
-- A prime position on the Army's ten-year, multiple award Program
Executive Office for Simulation, Training and Instrumentation
Omnibus Contract II (PEO STOC II) contract vehicle with an overall
ceiling value of $17.5 billion. This new award positions us to
significantly increase the size and scope of our modeling and
simulation work throughout the Department of Defense (DoD) and
will
draw upon solutions developed through our C4ISR core competency.
-- Contract awards for the first nine months of FY09 with an estimated
total value of $2.6 billion, an increase of 16.2 percent over the
first
nine months of FY08.
-- Intelligence Community revenue eight percent higher than the third
quarter of FY08, representing 37 percent of our revenue for the
quarter
compared to 36 percent a year ago. Intelligence revenue for the first
nine months of FY09 grew 26 percent, representing 38 percent of
year-to-date revenue compared to 34 percent a year ago.
-- CACI being named by Fortune Magazine as the Most Admired Company in
Virginia and placed among Fortune's Top 5 Most Admired IT Companies
worldwide. The Most Admired list is the definitive report card on
corporate reputations.

-- CACI Chief Technology Officer Deb Dunie being selected to chair the
Technical Committee for the Armed Forces Communications and
Electronics
Association. Her responsibilities include developing more interactive
discussion forums and advancing government and industry dialogue on
issues of national importance.

CEO Commentary

Commenting on the results, Paul Cofoni, CACI's President and CEO, said, "We
are very pleased with our record third quarter results: revenue, net income,
earnings per share, operating cash flow, and contract funding orders. Our U.S.
Operations turned in another solid quarter, and our United Kingdom operations
grew revenue and earnings sequentially. Our positive performance through the
first three quarters of the fiscal year validates our fundamental strategy of
focusing our services and solutions on the key areas of defense, intelligence,
and homeland security. We expect the government to continue to rely on the
valuable and proven contributions of contractors in these areas to counter the
very real and dangerous external threats that still face our nation.

"Throughout our history, we have consistently positioned ourselves with
high-value solutions in areas requiring the highest levels of thought
leadership and IT and professional services capability. These are areas that
demand the very best services and solutions. CACI's strategy is to provide
customers with the best solutions while assuring American citizens of the most
effective use of their hard-earned dollars. Our solutions are aligned with the
administration's focus on cyber security, smart power, and IT modernization,
where we expect our services to remain in high demand. The Intelligence
Community is another well-funded and high-demand / high-value area that
continues to provide opportunities for CACI. We are particularly proud of our
ISR and document exploitation capabilities, which bring critical value to our
clients.

"Over our 47-year history, we've grown with every administration and adjusted
to market changes with new solutions that meet client requirements while
enhancing shareholder value. Our forward indicators are strong, we are winning
Tier 1 contracts at a record rate, and have a robust pipeline of
opportunities. Our balance sheet, backlog, and cash flow are rock solid. CACI
leads in our markets, brings value to our clients, delivers on our
commitments, and builds long-term shareholder trust and value."

Nine Months FY09 Results

For the first nine months of FY09, we reported record revenue of $2.00
billion, up 13.4 percent over the first nine months of FY08 revenue of $1.77
billion. Operating income in the first nine months of FY09 was $131.5
million, up 12.9 percent, compared with $116.5 million reported in the first
nine months of FY08. The operating margin was 6.6 percent for the first nine
months of FY09, the same as in the year earlier period. Income before taxes
for the first nine months of FY09 was $114.4 million, 17.0 percent higher than
what was reported in the first nine months of FY08. The effective tax rate
for the first nine months of FY09 was 41.9 percent versus 38.9 percent in the
year earlier period. Net income for the first nine months of FY09 was $66.5
million, up 11.3 percent, compared with net income of $59.8 million for the
first nine months of FY08. Diluted earnings per share were $2.18, up 11.7
percent, compared with $1.96 per diluted share in the year earlier period.
Operating cash flow for the first nine months of FY09 was $94.5 million, up
20.2 percent, compared with $78.6 million for the similar period in FY08.
EBITDA for the first nine months was $166.7 million, an increase of 9.8
percent over EBITDA of $151.8 million in the first nine months of FY08.

CACI Revises its FY09 Earnings Guidance Range Upwards

We are raising the lower end of the range of our Fiscal Year 2009 earnings
guidance. The table below summarizes the guidance ranges for FY09:

(In millions, except for earnings per share) Fiscal Year 2009
Revenue $2,650 - $2,750
Net income $90.0 - $93.0
Diluted earnings per share $2.95 - $3.05
Diluted weighted average shares 30.5

We are raising the lower end of the ranges of our net income and diluted
earnings per share guidance as a result of stronger third quarter sales for
our United Kingdom subsidiary and an estimated lower full year tax rate of 42
percent. This guidance does not include any contributions from future
acquisitions.

This guidance represents our views as of April 29, 2009. Investors are
reminded that actual results may differ from these estimates for the reasons
described in this release and in our filings with the Securities and Exchange
Commission.

Conference Call Information

We have scheduled a conference call for 8:30 AM Eastern Time Thursday, April
30th, during which members of our senior management team will be making a
brief presentation focusing on third quarter results and operating trends
followed by a question-and-answer session. You can listen to the conference
call and view the accompanying exhibits over the Internet by logging on to our
homepage, www.caci.com, at the scheduled time, or you may dial 1-877-741-4244
and enter the confirmation code 1040812. A replay of the call will also be
available over the Internet beginning at 1:00 PM Eastern Time Thursday, April
30th, and can be accessed through our homepage (www.caci.com) by clicking on
the CACI Investor Info button.

About CACI

CACI International Inc provides the professional services and IT solutions
needed to prevail in today's defense, intelligence, homeland security, and
federal civilian government arenas. We deliver enterprise IT and network
services; data, information, and knowledge management services; business
system solutions; logistics and material readiness; C4ISR integration
services; cyber security, information assurance, and information operations;
integrated security and intelligence solutions; and program management and
SETA support services. CACI services and solutions help our federal clients
provide for national security, improve communications and collaboration,
secure the integrity of information systems and networks, enhance data
collection and analysis, and increase efficiency and mission effectiveness. We
add value to our clients' operations, increase their skills and capabilities,
and enhance their missions. CACI is a member of the Fortune 1000 Largest
Companies and the Russell 2000 index. CACI provides dynamic careers for
approximately 12,300 employees working in over 120 offices in the U.S. and
Europe. CACI is the IT provider for a networked world. Visit CACI on the web
at www.caci.com and www.asymmetricthreat.net.

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 the United Kingdom, including conditions that result from a
prolonged recession; terrorist activities or war; changes in interest rates;
currency fluctuations; significant fluctuations in the equity markets; failure
to achieve contract awards in connection with recompetes 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, or in the event of a priority need for funds,
such as homeland security, the war on terrorism, rebuilding Iraq or an
economic stimulus package; 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
investigations into allegations of improper actions related to the provision
of services in support of U.S. military operations in Iraq; the results of
government audits and reviews conducted by the Defense Contract Audit Agency
or other governmental entity 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, (iii) competition for task orders under Government Wide
Acquisition Contracts ("GWACs") and/or schedule contracts with the General
Services Administration, and (iv) accounting for convertible debt instruments;
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.

Corporate Communications and Media:
Jody Brown, Executive Vice President, Public Relations
(703) 841-7801, jbrown@caci.com

Investor Relations:
David Dragics, Senior Vice President, Investor Relations
(866) 606-3471, ddragics@caci.com

Selected Financial Data

CACI International Inc
Condensed Consolidated Statements of Operations (Unaudited)
(Amounts in thousands, except per share amounts)

Quarter Ended Nine Months Ended

3/31/2009 3/31/2008 % Change 3/31/2009 3/31/2008 % Change
Revenue $673,994 $634,157 6.3% $2,001,261 $1,765,521 13.4%
Costs of
revenue
Direct
costs 461,757 424,946 8.7% 1,366,790 1,183,771 15.5%
Indirect
costs and
selling
expenses 155,445 153,406 1.3% 467,297 429,898 8.7%
Depreciation
and
amortization 11,818 12,334 -4.2% 35,633 35,389 0.7%
Total costs
of revenue 629,020 590,686 6.5% 1,869,720 1,649,058 13.4%
Operating
income 44,974 43,471 3.5% 131,541 116,463 12.9%
Interest
expense
and other,
net 5,241 6,751 -22.4% 17,103 18,641 -8.3%
Income
before
income taxes 39,733 36,720 8.2% 114,438 97,822 17.0%
Income taxes 16,301 14,428 13.0% 47,923 38,048 26.0%
Net income $23,432 $22,292 5.1% $66,515 $59,774 11.3%

Basic
earnings
per share $0.78 $0.74 5.6% $2.22 $1.99 11.5%
Diluted
earnings
per share $0.77 $0.73 5.7% $2.18 $1.96 11.7%

Weighted
average
shares
used in
per share
computations:
Basic 29,939 30,076 29,979 30,034
Diluted 30,410 30,587 30,446 30,562

Statement of Operations Data (Unaudited)
Quarter Ended Nine Months Ended
3/31/2009 3/31/2008 3/31/2009 3/31/2008

Operating income margin 6.7% 6.9% 6.6% 6.6%
Tax rate 41.0% 39.3% 41.9% 38.9%
Net income margin 3.5% 3.5% 3.3% 3.4%

EBITDA* $56,684 $55,834 $166,687 $151,778
EBITDA Margin 8.4% 8.8% 8.3% 8.6%

*See Reconciliation of Net Income and Earnings before Interest,
Taxes, Depreciation and Amortization on page 9.

Selected Financial Data (Continued)

CACI International Inc
Condensed Consolidated Balance Sheets (Unaudited)
(Amounts in thousands)

3/31/2009 6/30/2008
ASSETS:
Current assets
Cash and cash equivalents $174,307 $120,396
Accounts receivable, net 460,433 441,732
Prepaid expenses and other
current assets 40,895 40,697
Total current assets 675,635 602,825

Goodwill and intangible assets, net 1,169,861 1,193,500
Property and equipment, net 28,249 25,361
Other long-term assets 62,498 80,967
Total assets $1,936,243 $1,902,653

LIABILITIES AND SHAREHOLDERS' EQUITY:
Current liabilities
Current portion of long-term debt $3,500 $3,549
Accounts payable 82,878 74,175
Accrued compensation and benefits 124,859 126,649
Other accrued expenses and current
liabilities 76,634 85,897
Total current liabilities 287,871 290,270

Long-term debt, net of current portion 633,643 639,074
Other long-term liabilities 56,021 55,424
Total liabilities 977,535 984,768

Shareholders' equity 958,708 917,885
Total liabilities and shareholders'
equity $1,936,243 $1,902,653

Selected Financial Data (Continued)

CACI International Inc
Condensed Consolidated Statements of Cash Flows (Unaudited)
(Amounts in thousands)

Nine Months Ended
3/31/2009 3/31/2008
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $66,515 $59,774
Reconciliation of net income to net
cash provided by operating activities:
Depreciation and amortization 35,633 35,389
Amortization of deferred financing costs 1,897 1,845
Stock-based compensation expense 13,084 13,684
Deferred income tax expense 12,239 3,657
Changes in operating assets and liabilities,
net of effect of business acquisitions:
Accounts receivable, net (31,045) (61,809)
Prepaid expenses and other current
assets 3,133 (1,328)
Accounts payable and accrued expenses 4,554 14,043
Accrued compensation and benefits (6,208) 11,598
Income taxes receivable and payable (325) (1,056)
Other liabilities (5,027) 2,758
Net cash provided by operating activities 94,450 78,555

CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures (9,080) (10,289)
Purchases of businesses, net of cash
acquired (8,787) (303,305)
Other 502 161
Net cash used in investing activities (17,365) (313,433)

CASH FLOWS FROM FINANCING ACTIVITIES:
Net payments under credit facilities (3,672) (2,464)
Proceeds from employee stock purchase plans 4,668 3,300
Proceeds from exercise of stock options 2,069 1,988
Purchases of common stock (22,798) (975)
Other (1,123) (270)
Net cash (used in) provided by
financing activities (20,856) 1,579
Effect of exchange rate changes
on cash and cash equivalents (2,318) (113)
Net increase (decrease) in cash and
cash equivalents 53,911 (233,412)
Cash and cash equivalents, beginning
of period 120,396 285,682
Cash and cash equivalents, end
of period $174,307 $52,270

Selected Financial Data (Continued)

Revenue by Customer Type (Unaudited)

(dollars in Quarter Ended
thousands) 3/31/2009 3/31/2008 $ Change % Change

Department
of Defense $514,713 76.4% $474,903 74.9% $39,810 8.4%
Federal
Civilian
Agencies 133,568 19.8% 129,404 20.4% 4,164 3.2%
Commercial 20,860 3.1% 25,550 4.0% (4,690) -18.4%
State and
Local
Governments 4,853 0.7% 4,300 0.7% 553 12.9%
Total $673,994 100.0% $634,157 100.0% $39,837 6.3%

(dollars in Nine Months Ended
thousands) 3/31/2009 3/31/2008 $ Change % Change

Department
of Defense $1,514,421 75.7% $1,311,052 74.3% $203,369 15.5%
Federal
Civilian
Agencies 405,119 20.2% 363,711 20.6% 41,408 11.4%
Commercial 66,375 3.3% 76,738 4.3% (10,363) -13.5%
State and
Local
Governments 15,346 0.8% 14,020 0.8% 1,326 9.5%
Total $2,001,261 100.0% $1,765,521 100.0% $235,740 13.4%

Revenue by Contract Type (Unaudited)

(dollars in Quarter Ended
thousands) 3/31/2009 3/31/2008 $ Change % Change

Time and
materials $316,998 47.0% $314,201 49.5% $2,797 0.9%
Cost
reimbursable 221,792 32.9% 181,775 28.7% 40,017 22.0%
Fixed price 135,204 20.1% 138,181 21.8% (2,977) -2.2%
Total $673,994 100.0% $634,157 100.0% $39,837 6.3%

(dollars in Nine Months Ended
thousands) 3/31/2009 3/31/2008 $ Change % Change

Time and
materials $966,314 48.3% $904,973 51.3% $61,341 6.8%
Cost
reimbursable 629,028 31.4% 482,609 27.3% 146,419 30.3%
Fixed price 405,919 20.3% 377,939 21.4% 27,980 7.4%
Total $2,001,261 100.0% $1,765,521 100.0% $235,740 13.4%

Revenue Received as a Prime versus Subcontractor (Unaudited)

(dollars in Quarter Ended
thousands) 3/31/2009 3/31/2008 $ Change % Change

Prime $558,698 82.9% $516,273 81.4% $42,425 8.2%
Subcontractor 115,296 17.1% 117,884 18.6% (2,588) -2.2%
Total $673,994 100.0% $634,157 100.0% $39,837 6.3%

(dollars in Nine Months Ended
thousands) 3/31/2009 3/31/2008 $ Change % Change

Prime $1,653,623 82.6% $1,446,711 81.9% $206,912 14.3%
Subcontractor 347,638 17.4% 318,810 18.1% 28,828 9.0%
Total $2,001,261 100.0% $1,765,521 100.0% $235,740 13.4%

Selected Financial Data (Continued)

Contract Funding Orders Received (Unaudited)
Quarter Ended
(dollars in thousands) 3/31/2009 3/31/2008 $ Change % Change
Contract Funding Orders $743,329 $706,287 $37,042 5.2%

Nine Months Ended
(dollars in thousands) 3/31/2009 3/31/2008 $ Change % Change
Contract Funding Orders $2,224,866 $1,861,575 $363,291 19.5%

Reconciliation of Total Revenue Growth and Organic Revenue Growth
(Unaudited)

We are presenting organic revenue growth to reflect the effect of
acquisitions on total revenue growth. Revenue generated from the date a
business is acquired through the first anniversary of that date is
considered acquired revenue growth. All remaining revenue growth is
considered organic. We believe that this non-GAAP financial measure
provides investors with useful information to evaluate the growth rate of
our core business. This non-GAAP measure should not be considered in
isolation or as a substitute for performance measures prepared in
accordance with GAAP.

(dollars in Quarter Ended Twelve Months Ended
thousands) 3/31/2009 3/31/2008 % Change 3/31/2009 3/31/2008 % Change
Revenue,
as reported $673,994 $634,157 6.3% $2,656,277 $2,285,906 16.2%
Less:
Acquired
revenue 5,194 133,865
Organic
revenue $668,800 $634,157 5.5% $2,522,412 $2,285,906 10.3%

Reconciliation of Net Income and Earnings before Interest, Taxes,
Depreciation and Amortization (EBITDA)
(Unaudited)

EBITDA, a measure used by management to evaluate operating performance, is
defined by us as GAAP net income plus net interest expense, income taxes,
and depreciation and amortization. We believe that this non-GAAP measure
is a valuable indicator of our operating performance. EBITDA is a
commonly used non-GAAP measure when comparing our results with those of
other companies, but EBITDA as defined by us may not be computed in the
same manner as similarly titled measures used by other companies. The
EBITDA margin is EBITDA divided by revenue. These non-GAAP measures
should not be considered in isolation or as a substitute for performance
measures prepared in accordance with GAAP.

(dollars in Quarter Ended Nine Months Ended
thousands) 3/31/2009 3/31/2008 % Change 3/31/2009 3/31/2008 % Change
Net Income,
as reported $23,432 $22,292 5.1% $66,515 $59,774 11.3%
Plus:
Income taxes 16,301 14,428 13.0% 47,923 38,048 26.0%
Interest
income and
expense, net 5,133 6,780 -24.3% 16,616 18,567 -10.5%
Depreciation
and
amortization 11,818 12,334 -4.2% 35,633 35,389 0.7%
EBITDA $56,684 $55,834 1.5% $166,687 $151,778 9.8%

(dollars in Quarter Ended Nine Months Ended
thousands) 3/31/2009 3/31/2008 % Change 3/31/2009 3/31/2008 % Change
Revenue,
as reported $673,994 $634,157 6.3% $2,001,261 $1,765,521 13.4%
EBITDA $56,684 $55,834 1.5% $166,687 $151,778 9.8%
EBITDA margin 8.4% 8.8% 8.3% 8.6%

SOURCE CACI International Inc

Corporate Communications and Media, Jody Brown, Executive Vice President,
Public Relations, +1-703-841-7801, jbrown@caci.com, or Investor Relations,
David Dragics, Senior Vice President, Investor Relations, +1-866-606-3471,
ddragics@caci.com, both of CACI International Inc