ARLINGTON, Va.--(BUSINESS WIRE)--May 1, 2013--CACI International Inc (NYSE: CACI), a leading information solutions and services provider to the federal government, announced results today for its third fiscal quarter ended March 31, 2013:

Ken Asbury, CACI’s President and CEO, said, “We remain confident in our market-focused strategy and see continued demand in our high-growth and high-volume markets. We continued our solid operating performance, grew direct labor, maintained our margins, and generated excellent cash flow. During the quarter, however, our customers began to take actions to manage their budgets as a result of sequestration, and based on those actions, we are revising our guidance for our fiscal year.

“Our strategy remains focused on the government’s high-priority missions. We believe that this strategy will serve us well in this challenging environment. To grow in our large addressable market, my vision is to increase our emphasis on new business development, continue to drive operational excellence, leverage mergers and acquisitions to further increase our market share, and to create long-term shareholder value.”

When analyzing our performance, we believe better insight and a more meaningful comparison of our Fiscal Year 2013 (FY13) third quarter results with those of Fiscal Year 2012 (FY12) third quarter can be made by adjusting for a significant one-time item that positively impacted our results last year. In our third quarter FY12, a one-time item impacted our quarterly results which we discussed when we released both our third quarter FY12 results and our FY13 annual guidance. This item was greater-than-expected profitability on a large fixed-price contract that generated $2.3 million in additional net income in the third quarter of FY12.

Results for the third quarter of FY13 compared with results for the third quarter of FY12, excluding the item described above, are shown below:

Revenue decreased 2.3 percent from revenue for the third quarter of FY12. Our 5.2 percent increase in direct labor was offset by the anticipated reduction of contract purchases of materials tied to the draw down in Afghanistan as well as sequestration-related reductions in other such material purchases. Operating income in the third quarter of FY13 was negatively impacted by lower other direct costs (ODCs) and severance-related costs incurred in the quarter. Net income attributable to CACI in the third quarter of FY13 was $38.4 million, or $1.62 diluted earnings per share, a decrease of 0.5 percent over adjusted net income attributable to CACI of $38.5 million, or $1.37 adjusted diluted earnings per share, for the same period in FY12. The increase in diluted earnings per share was due to share repurchase activity in FY12. Net cash provided by operations in the quarter was $50.9 million. (See Reconciliation of Revenue, Operating Income, Net Income, and Diluted Earnings Per Share to Adjusted Amounts on page 13.)

For a comparison of our FY13 results to FY12 results reported in accordance with generally accepted accounting principles (GAAP), see the income statement on page 7 of this release.

During the third quarter, we received awards in all ten of our markets with approximately one-third of those in our high-growth markets of Business Systems, Cyberspace, Healthcare and Integrated Security Solutions. Our contract awards of $555 million were 1.5 percent higher than the year earlier quarter. Approximately three-quarters of our awards were either contract modifications or recompete wins, which assures us that we continue to serve the critical missions of our customers. FY13 year-to-date awards totaled $2.9 billion, led by Business Systems, C4ISR, and Intelligence.

Contract funding orders in the third quarter were $655 million, and $2.69 billion year-to-date. Our total backlog at March 31, 2013 was $7.2 billion. Funded backlog at March 31, 2013 was $1.9 billion.

We continued to expand our inventory of indefinite delivery, indefinite quantity (IDIQ) contract vehicles during the quarter by being awarded prime positions on new multiple and single award contracts, resulting in a combined total of over 160 of these vehicles. IDIQ contract vehicles support our growth plans across our ten market areas and provide us the flexibility to deliver on our customers’ mission-critical requirements.

We believe better insight and a more meaningful comparison of our FY13 year-to-date results with those of FY12 can be made by adjusting for three significant one-time items that positively impacted our results last year. These items, which we discussed when we released both our nine months FY12 results and our FY13 annual guidance, are:

Results for the first nine months of FY13 compared with results for the first nine months of FY12, excluding the items described above, are shown below:

Revenue decreased 1.6 percent from adjusted revenue for the first nine months of FY12 primarily due to increases in direct labor being offset by the anticipated reduction of contract purchases of materials (ODCs) tied to the draw down in Afghanistan as well as sequestration-related reductions in other such material purchases. Operating income increased primarily as a result of a 5.6 percent growth in direct labor and lower stock-based compensation expense. Net income attributable to CACI in the first nine months of FY13 was $113.8 million, or $4.79 diluted earnings per share, an increase of 2.9 percent over adjusted net income attributable to CACI of $110.6 million, or $3.89 adjusted diluted earnings per share, for the same period in FY12. The larger increase in diluted earnings per share was due to two share repurchase programs largely executed in FY12. Net cash provided by operations in the first nine months of FY13 was $142.4 million. (See Reconciliation of Revenue, Operating Income, Net Income, and Diluted Earnings Per Share to Adjusted Amounts on page 13.)

For a comparison of our FY13 results to FY12 results reported in accordance with GAAP, see the income statement on page 7 of this release.

We are revising the FY13 guidance we issued on January 30, 2013 to reflect the impact of actions being taken by our customers to manage their budgets, including lower contract run rates and delays in awards. We are also anticipating additional severance related expenses. The table below summarizes our FY13 guidance ranges:

We are now assuming a lower effective tax rate of 37.7 percent as a result of non-taxable gains in our deferred compensation plan and certain tax credits. Diluted weighted average shares for FY13 remain at 24.0 million. This information represents our views as of May 1, 2013.

We have scheduled a conference call for 8:30 AM Eastern Time Thursday, May 2, 2013 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 877-303-9143 and enter the confirmation code 15743121. A replay of the call will also be available over the Internet beginning at 1:00 PM Eastern Time Thursday, May 2, 2013 and can be accessed through our homepage (www.caci.com) by clicking on the CACI Investor Info button.

CACI provides information solutions and services in support of national security missions and government transformation for Intelligence, Defense, and Federal Civilian clients. A member of the Fortune 1000 Largest Companies and the Russell 2000 Index, CACI provides dynamic careers for approximately 15,300 employees working in over 120 offices worldwide. Visit www.caci.com.

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 globally (including the impact of uncertainty regarding U.S. debt limits and actions taken related thereto); terrorist activities or war; changes in interest rates; currency fluctuations; significant fluctuations in the equity markets; changes in our effective tax rate; failure to achieve contract awards in connection with re-competes 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, implementation of spending cuts (sequestration) under the Budget Control Act of 2011, changes in budgetary priorities or in the event of a priority need for funds, such as homeland security or the war on terrorism; 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, the Defense Contract Management Agency, or other governmental entities 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, and (iii) competition for task orders under Government Wide Acquisition Contracts (GWACs) and/or schedule contracts with the General Services Administration; the ability to successfully integrate the operations of our recent and any future acquisitions; 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.


Selected Financial Data

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

	Quarter Ended								Nine Months Ended
		3/31/2013			3/31/2012		% Change			3/31/2013			3/31/2012		% Change
Revenue	$	906,196		$	927,962		-2.3	%	$	2,769,059		$	2,825,600		-2.0	%
Costs of revenue
Direct costs		623,125			632,570		-1.5	%		1,908,411			1,946,899		-2.0	%
Indirect costs and selling expenses		200,684			208,843		-3.9	%		617,375			613,666		0.6	%
Depreciation and amortization		13,767			13,768		0.0	%		40,334			41,894		-3.7	%
Total costs of revenue		837,576			855,181		-2.1	%		2,566,120			2,602,459		-1.4	%
Operating income		68,620			72,781		-5.7	%		202,939			223,141		-9.1	%
Interest expense and other, net		6,295			6,175		1.9	%		19,308			18,313		5.4	%
Income before income taxes		62,325			66,606		-6.4	%		183,631			204,828		-10.3	%
Income taxes		23,838			25,475		-6.4	%		69,174			80,304		-13.9	%
Net income including portion attributable to noncontrolling interest in earnings of joint ventures		38,487			41,131		-6.4	%		114,457			124,524		-8.1	%
Noncontrolling interest in earnings of joint ventures		(120	)		(275	)				(706	)		(467	)

Net income attributable to CACI	$	38,367		$	40,856		-6.1	%	$	113,751		$	124,057		-8.3	%

Basic earnings per share	$	1.67		$	1.54		8.3	%	$	4.95		$	4.54		9.0	%
Diluted earnings per share	$	1.62		$	1.45		11.3	%	$	4.79		$	4.37		9.7	%

Weighted average shares used in per share computations:
Basic		23,021			26,537					22,968			27,303
Diluted		23,706			28,086					23,740			28,402

Statement of Operations Data (Unaudited)
	Quarter Ended								Nine Months Ended
		3/31/2013			3/31/2012		% Change			3/31/2013			3/31/2012		% Change
Operating income margin		7.6	%		7.8	%				7.3	%		7.9	%
Tax rate		38.3	%		38.4	%				37.8	%		39.3	%
Net income margin		4.2	%		4.4	%				4.1	%		4.4	%

Adjusted EBITDA*	$	83,092		$	82,946		0.2	%	$	244,711		$	243,516		0.5	%
Adjusted EBITDA Margin		9.2	%		8.9	%				8.8	%		8.7	%

Adjusted net income*	$	49,322		$	51,393		-4.0	%	$	148,880		$	149,256		-0.3	%
Diluted adjusted earnings per share	$	2.08		$	1.83		13.7	%	$	6.27		$	5.26		19.3	%

**See Reconciliation of Net Income to Earnings before Interest, Taxes, Depreciation and Amortization and to Adjusted Net Income on page 12.


Selected Financial Data (Continued)

CACI International Inc
Condensed Consolidated Balance Sheets (Unaudited)
(Amounts in thousands)
	3/31/2013		6/30/2012
ASSETS:
Current assets
Cash and cash equivalents	$	56,256	$	15,740
Accounts receivable, net		628,238		628,842
Prepaid expenses and other current assets		47,990		41,210
Total current assets		732,484		685,792

Goodwill and intangible assets, net		1,588,476		1,521,769
Property and equipment, net		67,905		67,449
Other long-term assets		128,357		113,212
Total assets	$	2,517,222	$	2,388,222

LIABILITIES AND SHAREHOLDERS' EQUITY:
Current liabilities
Current portion of long-term debt	$	7,500	$	7,500
Accounts payable		126,122		149,549
Accrued compensation and benefits		165,477		180,871
Other accrued expenses and current liabilities		136,047		147,009
Total current liabilities		435,146		484,929

Long-term debt, net of current portion		676,999		527,307
Other long-term liabilities		242,967		211,541
Total liabilities		1,355,112		1,223,777

Shareholders' equity		1,162,110		1,164,445
Total liabilities and shareholders' equity	$	2,517,222	$	2,388,222


Selected Financial Data (Continued)

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

	Nine Months Ended
		3/31/2013			3/31/2012
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income including portion attributable to noncontrolling interest in earnings of joint ventures	$	114,457		$	124,524
Reconciliation of net income to net cash provided by operating activities:
Depreciation and amortization		40,334			41,894
Non-cash interest expense		9,573			8,946
Amortization of deferred financing costs		1,543			1,743
Stock-based compensation expense		6,394			11,095
Provision for deferred income taxes		16,351			18,109
Distribution of earnings from unconsolidated joint ventures		5,627			-
Equity in earnings of unconsolidated joint ventures		(2,074	)		(1,133	)
Other		-			1,274
Changes in operating assets and liabilities
Accounts receivable, net		19,032			(73,120	)
Prepaid expenses and other assets		(19,888	)		(9,397	)
Accounts payable and accrued expenses		(26,872	)		35,571
Accrued compensation and benefits		(29,069	)		(12,037	)
Income taxes receivable and payable		(8,159	)		(9,787	)
Other liabilities		15,183			7,116
Net cash provided by operating activities		142,432			144,798

CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures		(12,759	)		(12,794	)
Purchases of businesses, net of cash acquired		(105,420	)		(179,746	)
Net investment in unconsolidated joint ventures		(838	)		-
Other		(2,658	)		(1,128	)
Net cash used in investing activities		(121,675	)		(193,668	)

CASH FLOWS FROM FINANCING ACTIVITIES:
Net proceeds under credit facilities		138,763			153,126
Payment of contingent consideration		(3,187	)		(20,255	)
Proceeds from employee stock purchase plans		3,486			3,118
Proceeds from exercise of stock options		7,244			7,410
Repurchases of common stock		(126,507	)		(209,680	)
Other		105			(589	)
Net cash provided by (used in) financing activities		19,904			(66,870	)
Effect of exchange rate changes on cash and cash equivalents		(145	)		(148	)
Net increase (decrease) in cash and cash equivalents		40,516			(115,888	)
Cash and cash equivalents, beginning of period		15,740			164,817
Cash and cash equivalents, end of period	$	56,256		$	48,929


Selected Financial Data (Continued)

Revenue by Customer Type (Unaudited)
	Quarter Ended
(dollars in thousands)	3/31/2013				3/31/2012				$ Change			% Change
Department of Defense	$	668,119	73.7	%	$	718,982	77.5	%	$	(50,863	)	-7.1	%
Federal Civilian Agencies		186,190	20.5	%		159,201	17.2	%		26,989		17.0	%
Commercial		47,709	5.3	%		46,667	5.0	%		1,042		2.2	%
State and Local Governments		4,178	0.5	%		3,112	0.3	%		1,066		34.3	%
Total	$	906,196	100.0	%	$	927,962	100.0	%	$	(21,766	)	-2.3	%

	Nine Months Ended
(dollars in thousands)	3/31/2013				3/31/2012				$ Change			% Change
Department of Defense	$	2,076,659	75.0	%	$	2,220,916	78.6	%	$	(144,257	)	-6.5	%
Federal Civilian Agencies		536,617	19.4	%		452,342	16.0	%		84,275		18.6	%
Commercial		144,308	5.2	%		141,372	5.0	%		2,936		2.1	%
State and Local Governments		11,475	0.4	%		10,970	0.4	%		505		4.6	%
Total	$	2,769,059	100.0	%	$	2,825,600	100.0	%	$	(56,541	)	-2.0	%

Revenue by Contract Type (Unaudited)
	Quarter Ended
(dollars in thousands)	3/31/2013				3/31/2012				$ Change			% Change
Cost reimbursable	$	435,662	48.1	%	$	416,369	44.9	%	$	19,293		4.6	%
Fixed price		250,519	27.6	%		248,276	26.7	%		2,243		0.9	%
Time and materials		220,015	24.3	%		263,317	28.4	%		(43,302	)	-16.4	%
Total	$	906,196	100.0	%	$	927,962	100.0	%	$	(21,766	)	-2.3	%

	Nine Months Ended
(dollars in thousands)	3/31/2013				3/31/2012				$ Change			% Change
Cost reimbursable	$	1,327,033	47.9	%	$	1,224,323	43.3	%	$	102,710		8.4	%
Fixed price		773,961	28.0	%		761,466	27.0	%		12,495		1.6	%
Time and materials		668,065	24.1	%		839,811	29.7	%		(171,746	)	-20.5	%
Total	$	2,769,059	100.0	%	$	2,825,600	100.0	%	$	(56,541	)	-2.0	%

Revenue Received as a Prime versus Subcontractor (Unaudited)
	Quarter Ended
(dollars in thousands)	3/31/2013				3/31/2012				$ Change			% Change
Prime	$	786,683	86.8	%	$	821,776	88.6	%	$	(35,093	)	-4.3	%
Subcontractor		119,513	13.2	%		106,186	11.4	%		13,327		12.6	%
Total	$	906,196	100.0	%	$	927,962	100.0	%	$	(21,766	)	-2.3	%

	Nine Months Ended
(dollars in thousands)	3/31/2013				3/31/2012				$ Change			% Change
Prime	$	2,426,082	87.6	%	$	2,498,341	88.4	%	$	(72,259	)	-2.9	%
Subcontractor		342,977	12.4	%		327,259	11.6	%		15,718		4.8	%
Total	$	2,769,059	100.0	%	$	2,825,600	100.0	%	$	(56,541	)	-2.0	%


Direct Costs by Category (Unaudited)
	Quarter Ended
(dollars in thousands)	3/31/2013				3/31/2012				$ Change			% Change
Direct labor	$	265,308	42.6	%	$	252,229	39.9	%	$	13,079		5.2	%
Other direct costs		357,817	57.4	%		380,341	60.1	%		(22,524	)	-5.9	%
Total direct costs	$	623,125	100.0	%	$	632,570	100.0	%	$	(9,445	)	-1.5	%

	Nine Months Ended
(dollars in thousands)	3/31/2013				3/31/2012				$ Change			% Change
Direct labor	$	766,362	40.2	%	$	725,845	37.3	%	$	40,517		5.6	%
Other direct costs		1,142,049	59.8	%		1,221,054	62.7	%		(79,005	)	-6.5	%
Total direct costs	$	1,908,411	100.0	%	$	1,946,899	100.0	%	$	(38,488	)	-2.0	%

Reconciliation of Total Revenue Growth and Organic Revenue Growth

(Unaudited)

We are presenting organic revenue growth, on both an as reported and as adjusted basis, 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.


	Quarter Ended						Twelve Months Ended
(dollars in thousands)	3/31/2013		3/31/2012		% Change		3/31/2013		3/31/2012		% Change
Revenue, as reported	$	906,196	$	927,962	-2.3	%	$	3,717,933	$	3,788,761	-1.9	%
Less:
Acquired revenue		31,360						123,931
Organic revenue	$	874,836	$	927,962	-5.7	%	$	3,594,002	$	3,788,761	-5.1	%

	Quarter Ended						Twelve Months Ended
(dollars in thousands)	3/31/2013		3/31/2012		% Change		3/31/2013		3/31/2012		% Change
Revenue, as adjusted	$	906,196	$	927,962	-2.3	%	$	3,717,933	$	3,776,726	-1.6	%
Less:
Acquired revenue		31,360						123,931
Organic revenue	$	874,836	$	927,962	-5.7	%	$	3,594,002	$	3,776,726	-4.8	%

Selected Financial Data (Continued)

Reconciliation of Net Income to Adjusted Earnings Before Interest, Taxes, Depreciation

and Amortization (EBITDA) and to Adjusted Net Income

(Unaudited)

The Company views EBITDA, EBITDA margin, Adjusted Net Income and Diluted Adjusted Earnings Per Share as important indicators of performance, consistent with the manner in which management measures and forecasts the Company’s performance. EBITDA is a commonly used non-GAAP measure when comparing our results with those of other companies. We believe Adjusted Net Income is a significant driver of long-term value and is used by investors to measure our performance. This measure in particular assists readers in further understanding our results and trends from period-to-period by removing certain non-cash items that do not impact the cash flow performance of our business. We are presenting FY12 EBITDA, EBITDA margin, Adjusted Net Income and Diluted Adjusted Earnings Per Share on an adjusted basis, to remove the impact of three significant items that positively impacted our FY12 results as we believe these adjusted measures provide a better comparison to our ongoing, recurring operations. Adjusted EBITDA is defined by us as GAAP net income plus net interest expense, income taxes, and depreciation and amortization, and less the three significant items described earlier in this release. Adjusted EBITDA margin is adjusted EBITDA divided by adjusted revenue. Adjusted Net Income is defined by us as GAAP net income plus stock-based compensation expense, depreciation and amortization, and amortization of financing costs, and less the three significant items described earlier in this release; net of related tax effects computed using an assumed marginal tax rate of 39.3 percent. Diluted Adjusted Earnings Per Share is Adjusted Net Income divided by diluted weighted-average shares, as reported. Adjusted EBITDA and Adjusted Net Income as defined by us may not be computed in the same manner as similarly titled measures used by other companies. These non-GAAP measures should not be considered in isolation or as a substitute for performance measures prepared in accordance with GAAP.


	Quarter Ended								Nine Months Ended
(dollars in thousands)		3/31/2013			3/31/2012		% Change			3/31/2013			3/31/2012		% Change
Net income attributable to CACI,
as reported	$	38,367		$	40,856		-6.1	%	$	113,751		$	124,057		-8.3	%
Plus:
Income taxes		23,838			25,475		-6.4	%		69,174			80,304		-13.9	%
Interest income and expense, net		7,120			6,647		7.1	%		21,452			19,446		10.3	%
Depreciation and amortization		13,767			13,768		0.0	%		40,334			41,894		-3.7	%
Less:
Product sale adjustment		-			-					-			(10,093	)
Fixed price contract adjustment		-			(3,800	)				-			(11,500	)
Earn-out adjustment		-			-					-			(592	)
Adjusted EBITDA	$	83,092		$	82,946		0.2	%	$	244,711		$	243,516		0.5	%

	Quarter Ended								Nine Months Ended
(dollars in thousands)		3/31/2013			3/31/2012		% Change			3/31/2013			3/31/2012		% Change
Revenue, as adjusted	$	906,196		$	927,962		-2.3	%	$	2,769,059		$	2,813,565		-1.6	%
Adjusted EBITDA	$	83,092		$	82,946		0.2	%	$	244,711		$	243,516		0.5	%
Adjusted EBITDA margin		9.2	%		8.9	%				8.8	%		8.7	%

	Quarter Ended								Nine Months Ended
(dollars in thousands)		3/31/2013			3/31/2012		% Change			3/31/2013			3/31/2012		% Change
Net income attributable to CACI,
as reported	$	38,367		$	40,856		-6.1	%	$	113,751		$	124,057		-8.3	%
Plus:
Stock-based compensation		493			3,852		-87.2	%		6,394			11,095		-42.4	%
Depreciation and amortization		13,767			13,768		0.0	%		40,334			41,894		-3.7	%
Amortization of financing costs		531			495		7.3	%		1,543			1,743		-11.5	%
Non-cash interest expense		3,248			3,036		7.0	%		9,573			8,946		7.0	%
Less:
Product sale adjustment		-			-					-			(10,093	)
Fixed price contract adjustment		-			(3,800	)				-			(11,500	)
Earn-out adjustment		-			-					-			(592	)
Related tax effect		(7,084	)		(6,814	)	4.0	%		(22,715	)		(16,294	)	39.4	%
Adjusted net income	$	49,322		$	51,393		-4.0	%	$	148,880		$	149,256		-0.3	%

	Quarter Ended								Nine Months Ended
(shares in thousands)		3/31/2013			3/31/2012		% Change			3/31/2013			3/31/2012		% Change
Diluted weighted average shares, as reported		23,706			28,086					23,740			28,402
Diluted earnings per share, as reported	$	1.62		$	1.45		11.3	%	$	4.79		$	4.37		9.7	%
Diluted adjusted earnings per share	$	2.08		$	1.83		13.7	%	$	6.27		$	5.26		19.3	%


Selected Financial Data (continued)

Reconciliation of Revenue, Operating Income, Net Income and Diluted Earnings Per Share
to Adjusted Amounts
(Unaudited)

As described earlier in this release, the Company is presenting adjusted Revenue, Operating Income, Net Income and Diluted Earnings per Share to present results excluding the impact of three significant items recorded during the fiscal year ended June 30, 2012. During the third quarter of FY12, only the fixed price contract adjustment impacted the income statement, as follows: $3.8 million reduction of direct costs. These items were recorded in the income statement for the first nine months of FY12, as follows: product sale -- $12.0 million of revenue and $1.9 million of indirect costs and selling expenses; fixed price contract adjustment-- $11.5 million reduction of direct costs; and earn-out adjustment -- $0.6 million reduction in indirect costs and selling expenses. The Company believes that presenting the key measures of Revenue, Operating Income, Net Income, and Diluted Earnings per Share without the impact of these significant items recorded in FY12 provides readers a better comparison to our ongoing, recurring operations. These non-GAAP measures should not be considered in isolation or as a substitute for performance measures prepared in accordance with GAAP.



	Quarter Ended							Nine Months Ended
(dollars in thousands)	3/31/2013		3/31/2012			% Change		3/31/2013		3/31/2012			% Change
Revenue, as reported	$	906,196	$	927,962		-2.3	%	$	2,769,059	$	2,825,600		-2.0	%
Less:
Product sale adjustment		-		-					-		(12,035	)
Revenue, as adjusted	$	906,196	$	927,962		-2.3	%	$	2,769,059	$	2,813,565		-1.6	%

	Quarter Ended							Nine Months Ended
(dollars in thousands)	3/31/2013		3/31/2012			% Change		3/31/2013		3/31/2012			% Change
Operating income, as reported	$	68,620	$	72,781		-5.7	%	$	202,939	$	223,141		-9.1	%
Less:
Product sale adjustment		-		-					-		(10,093	)
Fixed price contract adjustment		-		(3,800	)				-		(11,500	)
Earn-out adjustment		-		-					-		(592	)
Operating income, as adjusted	$	68,620	$	68,981		-0.5	%	$	202,939	$	200,956		1.0	%

	Quarter Ended							Nine Months Ended
(dollars in thousands)	3/31/2013		3/31/2012			% Change		3/31/2013		3/31/2012			% Change
Net income attributable to CACI, as reported	$	38,367	$	40,856		-6.1	%	$	113,751	$	124,057		-8.3	%
Less:
Product sale adjustment		-		-					-		(10,093	)
Fixed price contract adjustment		-		(3,800	)				-		(11,500	)
Earn-out adjustment		-		-					-		(592	)
Plus: Related tax effect*		-		1,492					-		8,718
Net income, as adjusted	$	38,367	$	38,548		-0.5	%	$	113,751	$	110,590		2.9	%

	Quarter Ended							Nine Months Ended
(shares in thousands)	3/31/2013		3/31/2012			% Change		3/31/2013		3/31/2012			% Change
Diluted weighted average shares, as reported		23,706		28,086					23,740		28,402
Diluted earnings per share, as reported	$	1.62	$	1.45		11.3	%	$	4.79	$	4.37		9.7	%
Diluted earnings per share, as adjusted	$	1.62	$	1.37		17.9	%	$	4.79	$	3.89		23.1	%

* Computed using an assumed marginal tax rate of 39.3 percent.

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


		Q3, FY12
		As Adjusted
(in millions except per share data)	Q3, FY13	(see page 13)	% Change
Revenue	$906.2	$928.0	-2.3%
Operating income	$68.6	$69.0	-0.5%
Net income attributable to CACI	$38.4	$38.5	-0.5%
Diluted earnings per share	$1.62	$1.37	17.9%


		Q3, FY12
	Q3, FY13	As Adjusted	% Change
Earnings before interest, taxes, depreciation and amortization (EBITDA), a non-GAAP measure (in millions)	$83.1	$82.9	0.2%
Diluted adjusted earnings per share, a non-GAAP measure	$2.08	$1.83	13.7%
Days sales outstanding	61	63


		Nine Months,
	Nine	FY12
	Months,	As Adjusted
(in millions except per share data)	FY13	(see page 13)	% Change
Revenue	$2,769.1	$2,813.6	-1.6%
Operating income	$202.9	$201.0	1.0%
Net income attributable to CACI	$113.8	$110.6	2.9%
Diluted earnings per share	$4.79	$3.89	23.1%


		Nine
	Nine	Months,
	Months,	FY12 As
	FY13	Adjusted	% Change
Earnings before interest, taxes, depreciation and amortization (EBITDA), a non-GAAP measure (in millions)	$244.7	$243.5	0.5%
Diluted adjusted earnings per share, a non-GAAP measure	$6.27	$5.26	19.3%


		FY 2013
(in millions except for per share data)		Guidance
Revenue		$3,650 - $3,750
Net income attributable to CACI		$151 - $157
Diluted earnings per share		$6.29 - $6.55


Selected Financial Data (Continued)

Contract Funding Orders Received (Unaudited)
	Quarter Ended
(dollars in thousands)	3/31/2013		3/31/2012		$ Change			% Change
Contract Funding Orders	$	655,319	$	800,327	$	(145,008	)	-18.1	%
	Nine Months Ended
(dollars in thousands)	3/31/2013		3/31/2012		$ Change			% Change
Contract Funding Orders	$	2,694,046	$	3,008,927	$	(314,881	)	-10.5	%