Defense and homeland security contractor CACI International has reported a 22% increase in net income to $24m for the first quarter 2010, compared to $19.6m in the same quarter last year. Revenue was up 13% at $740m. Skip related content
Operating income grew 11.4% to $46m, while diluted EPS rose 22% to $0.78. Cash from operations was $56.6m, compared to $81.5m in the same period last year. Contract funding orders increased 11% to $1.04bn, while funded backlog increased 16% to $1.92bn.
CACI said defense department revenue grew 16% to $572.3m, while federal civilian agencies revenue grew 1% to $133m. Commercial revenue increased 18% to $29m, while state and local government declined 1.3% to $5.2m.
Paul Cofoni, president and chief executive at CACI, said: "Our organic growth occurred across all of our service offerings. Funding orders, a strong predictor of near term revenue, were an all-time high, growing our funded backlog to a record level of nearly $2bn. Our United Kingdom operations also delivered good growth, primarily from strategic acquisitions that continue to expand our presence with UK government clients."
Looking ahead to fiscal 2010, it expects revenue between $2.95bn and $3.05bn, net income between $99.5m and $105.6m, and diluted EPS between $3.25 and $3.45.
