(CACI) CACI International International Revises Outlook

CACI International Inc (CACI) recently revised its outlook for fiscal year 2011 and issued its guidance for fiscal 2012.

CACI International now expects revenues between $3.50 billion and $3.60 billion compared to the previous guidance of $3.50 billion and $3.63 billion.

Net income is now projected between $133 million and $138 million, up from the previous estimate of $130 million – $135 million. Earnings per share (EPS) are now forecasted around $4.25 – $4.40, up from the previous estimate of $4.15 and $4.30.

For fiscal 2012, CACI International issued its guidance for 2012. Management expects revenues between $3.75 billion and $3.95 billion, up 6% – 11% above the midpoint of FY11 revenue guidance. Net income is expected around $144 million and $150 million. Earnings per share are anticipated between $4.60 and $4.80. Operating cash flow is expected to come around $200 million.

FY12 guidance does not include any contribution from its proposed acquisition of Pangia Technologies. Last week, CACI International announced that it would acquire Maryland based Pangia Technologies, LLC.

Pangia is a software engineering company that provides technical solutions in the areas of computer network operations, information assurance, mission systems, software and systems engineering, and IT infrastructure support.

Pangia has contract vehicles with key members of the Intelligence Community, the Department of Homeland Security, the United States Air Force and the United States Navy.  Management expects that the acquisition will expand CACI’s cybersecurity solutions and strengthen its presence in the markets that it operates.  CACI International provides critical IT infrastructure for the Department of Defense and the Department of Homeland Security.

The acquisition of Pangia Technologies will open new growth opportunities for CACI and strengthen its technical offerings in the area of cybersecurity. The acquisition is expected to close by July 1, 2011. The acquisition is expected to be accretive to CACI’s earnings per share during its first 12 months.

We are positive on the company’s contract wins and believe that recent acquisitions should further expand the scale of operations. We have an Outperform recommendation on the stock. Our recommendation is supported by a Zacks #2 Rank, which translates into a short-term rating of Buy.

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