CACI International Inc (CACI) has reported a 39.30 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $42.42 million, or $1.69 a share in the quarter, compared with $30.45 million, or $1.23 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $57.78 million, or $2.30 a share compared with $42.71 million or $1.72 a share, a year ago. Revenue during the quarter grew 27.35 percent to $1,057.53 million from $830.44 million in the previous year period. Gross margin for the quarter contracted 81 basis points over the previous year period to 33.30 percent. Total expenses were 92.41 percent of quarterly revenues, down from 93.32 percent for the same period last year. This has led to an improvement of 91 basis points in operating margin to 7.59 percent.
Operating income for the quarter was $80.26 million, compared with $55.48 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $98.79 million compared with $70.44 million in the prior year period. At the same time, adjusted EBITDA margin improved 86 basis points in the quarter to 9.34 percent from 8.48 percent in the last year period.
Ken Asbury, CACI’s president and chief executive officer, said, "We had excellent operational, financial and business development execution in the second quarter. Our NSS acquisition continues to perform well and is fully integrated into CACI. Our performance in the first half of this year gives us confidence to raise our top and bottom line guidance for FY17."
For fiscal year 2017, CACI International Inc expects revenue to be in the range of $4,150 million to $4,300 million. The company forecasts net income to be in the range of $155 million to $162 million. It company projects diluted earnings per share to be in the range of $6.18 to $6.45.
Operating cash flow remains almost stable
Cash flow from operating activities was almost stable for the quarter at $135.35 million, when compared with the previous year period The company has spent $8.08 million cash to meet investing activities during the first six months as against cash outgo of $23.90 million in the last year period.
The company has spent $102.10 million cash to carry out financing activities during the first six months as against cash outgo of $76.72 million in the last year period.
Cash and cash equivalents stood at $72.65 million as on Dec. 31, 2016, up 5.29 percent or $3.65 million from $69 million on Dec. 31, 2015.
Working capital increases sharply
CACI International Inc has recorded an increase in the working capital over the last year. It stood at $361.12 million as at Dec. 31, 2016, up 30.67 percent or $84.76 million from $276.35 million on Dec. 31, 2015. Current ratio was at 1.72 as on Dec. 31, 2016, up from 1.69 on Dec. 31, 2015.
Days sales outstanding went down to 55 days for the quarter compared with 61 days for the same period last year.
At the same time, days payable outstanding went down to 6 days for the quarter from 10 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 $1,359.80 million as on Dec. 31, 2016, up 36.74 percent or $365.35 million from $994.46 million on Dec. 31, 2015. Total debt was 34.89 percent of total assets as on Dec. 31, 2016, compared with 30.57 percent on Dec. 31, 2015. Debt to equity ratio was at 0.80 as on Dec. 31, 2016, up from 0.64 as on Dec. 31, 2015. Interest coverage ratio deteriorated to 6.51 for the quarter from 6.78 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
