CACI International Inc (CACI) has reported a 5.86 percent rise in profit for the quarter ended Sep. 30, 2016. The company has earned $36.66 million, or $1.47 a share in the quarter, compared with $34.63 million, or $1.40 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $51.52 million, or $2.07 a share compared with $46.17 million or $1.87 a share, a year ago. Revenue during the quarter surged 30.50 percent to $1,073.28 million from $822.44 million in the previous year period. Gross margin for the quarter contracted 251 basis points over the previous year period to 32.15 percent. Total expenses were 93.51 percent of quarterly revenues, up from 92.16 percent for the same period last year. That has resulted in a contraction of 135 basis points in operating margin to 6.49 percent.
Operating income for the quarter was $69.66 million, compared with $64.51 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $88.24 million compared with $79.27 million in the prior year period. At the same time, adjusted EBITDA margin contracted 142 basis points in the quarter to 8.22 percent from 9.64 percent in the last year period.
Ken Asbury, CACI’s president and chief executive officer, said, "I am pleased with our first quarter performance and results and the strong start to our fiscal year. We benefited from increased material purchases, accelerated contract modifications, and excellent contract performance. We won significant awards across all markets, with key wins, this quarter alone, that will drive growth in six of our eleven market areas. National Security Solutions (NSS) continues to be a strong contributor to our performance. We are reiterating our Fiscal 2017 guidance."
For financial year 2017, CACI International Inc expects revenue to be in the range of $4,050 million to $4,250 million. The company forecasts net income to be in the range of $150 million to $160 million. It company projects diluted earnings per share to be in the range of $5.98 to $6.37.
Operating cash flow drops significantly
CACI International Inc has generated cash of $57.78 million from operating activities during the quarter, down 27.14 percent or $ 21.53 million, when compared with the last year period. Cash flow from investing activities was $4.62 million for the quarter as against cash outgo of $8.01 million in the last year period.
The company has spent $61.24 million cash to carry out financing activities during the quarter as against cash outgo of $77.07 million in the last year period.
Cash and cash equivalents stood at $49.67 million as on Sep. 30, 2016, up 71.27 percent or $20.67 million from $29 million on Sep. 30, 2015.
Working capital increases sharply
CACI International Inc has recorded an increase in the working capital over the last year. It stood at $358.60 million as at Sep. 30, 2016, up 44.79 percent or $110.93 million from $247.66 million on Sep. 30, 2015. Current ratio was at 1.71 as on Sep. 30, 2016, up from 1.65 on Sep. 30, 2015.
Days sales outstanding went down to 57 days for the quarter compared with 64 days for the same period last year.
At the same time, days payable outstanding went down to 7 days for the quarter from 9 for the same period last year.
Debt increases substantially
CACI International Inc has witnessed an increase in total debt over the last one year. It stood at $1,398.68 million as on Sep. 30, 2016, up 40.73 percent or $404.80 million from $993.88 million on Sep. 30, 2015. Total debt was 35.75 percent of total assets as on Sep. 30, 2016, compared with 31.01 percent on Sep. 30, 2015. Debt to equity ratio was at 0.85 as on Sep. 30, 2016, up from 0.66 as on Sep. 30, 2015. Interest coverage ratio deteriorated to 5.58 for the quarter from 7.03 for the same period last year. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
