CACI Reports Record Fiscal 2010 First Quarter Results
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ARLINGTON, Va., Oct. 28 /PRNewswire-FirstCall/ -- CACI International Inc (NYSE: CACI), a leading professional services and information technology solutions provider to the federal government, announced results today for its first fiscal quarter ended September 30, 2009.
We are pleased to report record net income of $23.9 million for the first quarter of Fiscal Year 2010 (FY10). This was a 21.8 percent increase over the same period last year and was driven by organic revenue growth of 11.8 percent, including strong performance in CACI's defense and intelligence businesses.
Commenting on the company's financial results, Paul Cofoni, CACI's President and CEO, said, "Our organic growth occurred across all of our service offerings, validating our continued strategic focus on developing and delivering high-quality solutions for our customers in high priority areas that continue to be well-funded. Funding orders, a strong predictor of near term revenue, were an all-time high, growing our funded backlog to a record level of nearly $2 billion. Our United Kingdom operations also delivered good growth, primarily from strategic acquisitions that continue to expand our presence with U.K. government clients."
First Quarter Results
(in millions except per-share data) Q1, FY10 Q1, FY09 % Change
----------------------------------- -------- -------- --------
Revenue $739.5 $654.8 12.9%
------- ------ ------ ----
Operating income $46.0 $41.3 11.4%
---------------- ----- ----- ----
Net income $23.9 $19.6 21.8%
---------- ----- ----- ----
Diluted earnings per share $0.78 $0.64 22.2%
-------------------------- ----- ----- ----
Operating income increased because of strong growth in both direct labor and other direct costs and decreased depreciation and amortization expense. In addition to those factors, diluted earnings per share was favorably impacted by reduced net interest expense and a lower corporate tax rate.
Additional Financial Metrics
($in millions, except per share data) Q1, FY10 Q1, FY09 % Change
------------------------------------- -------- -------- --------
Earnings before interest, taxes,
depreciation and amortization
(EBITDA), a non-GAAP measure $57.0 $53.3 6.8%
-------------------------------- ----- ----- ---
Diluted cash earnings per share, a
non-GAAP measure $1.20 $1.04 15.8%
---------------------------------- ----- ----- ----
Days sales outstanding 59 62
---------------------- -- --
First Quarter Contract Funding Orders and Awards
-- Contract funding orders of $1.04 billion, a 10.5 percent increase over
the first quarter of FY09. Funded backlog of $1.92 billion, a 16.0
percent increase over the first quarter of FY09.
-- A prime position on a five-year multiple award contract with a ceiling
value of $494 million to provide support to the Joint Improvised
Explosive Device Defeat Organization (JIEDDO).
-- Additional contract awards with an estimated value of $732 million
including:
-- Awards on the Strategic Services Sourcing (S3) contract vehicle with
the U.S. Army totaling $325 million. Since March 2006, we have been
awarded approximately $2.4 billion in task orders on this vehicle.
-- Approximately $96 million in previously unannounced awards from the
Intelligence Community.
-- A $70 million award from the U.S. Navy to provide integrated
logistics and engineering system support services to the Military
Sealift Command.
-- A three-year contract award to our United Kingdom subsidiary by the
Central Statistical Office of the Republic of Ireland to provide systems
support to the 2011 Irish census. This award adds to our existing
capabilities to support individual country censuses across Europe.
First Quarter Appointments and Recognition
-- Gordon R. England, former Deputy Secretary of Defense, was appointed to
the CACI Board of Directors.
-- Forbes magazine listed CACI as a top company in the Washington, D.C.
area for its "Best Places to Begin a Career."
CEO Commentary
Mr. Cofoni commented, "The need for the mission-critical services that CACI provides remains strong. We will continue to focus on well-funded areas such as defense, intelligence, homeland security, cyber security, and IT modernization where we have competitive advantages and established customer relationships. And we will continue to identify and capitalize on new market opportunities for growth, both organically and through acquisitions."
"We have added to our employee population as a result of the number and scale of our contract wins in this and previous quarters and the increased funding associated with those awards. We expect to continue to build on our strong performance and are raising our Fiscal Year 2010 guidance. We reaffirm our commitment to delivering superior results for our shareholders," he added.
CACI Increases its FY10 Guidance
We are increasing our FY10 guidance primarily as a result of stronger performance from our operations and a lower assumed effective corporate tax rate partially offset by variable compensation expense. The table below summarizes the guidance ranges for FY10:
(In millions except for earnings Current FY10 Previous FY10
per share) Guidance Guidance
-------------------------------- ------------ -------------
Revenue $2,950 - $3,050 $2,850 - $2,950
------- --------------- -------------
Net income $99.5 - $105.6 $97.8 - $103.9
------------------------------ -------------- --------------
Diluted earnings per share $3.25 - $3.45 $3.20 - $3.40
-------------------------- ------------- -------------
Diluted weighted average shares 30.6 30.6
------------------------------- ---- ----
This guidance represents our views as of October 28, 2009. Investors are reminded that actual results may differ from these estimates for the reasons described below and in our filings with the Securities and Exchange Commission.
Additional Information
Effective July 1, 2009, we implemented new accounting pronouncements governing the treatment of our convertible debt and the minority interest in a joint venture which we control. The rules required retrospective application. Attached to this release are tables showing our statements of operations for each quarterly period beginning from May 2007, the period in which we issued our convertible debt, and balance sheets as of the end of each of the last three fiscal years.
Conference Call Information
We have scheduled a conference call for 8:30 AM Eastern Time Thursday, October 29(th), during which members of our senior management team will be making a brief presentation focusing on first 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 1-888-417-2254 and enter the confirmation code 2256924. A replay of the call will also be available over the Internet beginning at 1:00 PM Eastern Time Thursday, October 29(th), and can be accessed through our homepage (www.caci.com) by clicking on the CACI Investor Info button.
About CACI
CACI International Inc provides the professional services and IT solutions needed to prevail in today's defense, intelligence, homeland security, and federal civilian government arenas. We deliver enterprise IT and network services; data, information, and knowledge management services; business system solutions; logistics and material readiness; C4ISR integration services; cyber security; integrated security and intelligence solutions; and program management and SETA support services. CACI services and solutions help our federal clients provide for national security, improve communications and collaboration, secure the integrity of information systems and networks, enhance data collection and analysis, and increase efficiency and mission effectiveness. We add value to our clients' operations, increase their skills and capabilities, and enhance their missions. CACI is a member of the Fortune 1000 Largest Companies and the Russell 2000 index. CACI provides dynamic careers for approximately 12,700 employees working in over 120 offices in the U.S. and Europe. CACI is the IT provider for a networked world. Visit CACI on the web at www.caci.com and www.asymmetricthreat.net.
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 the United Kingdom, including conditions that result from a prolonged recession; 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 recompetes 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, or in the event of a priority need for funds, such as homeland security, the war on terrorism or rebuilding Iraq, or an economic stimulus package; 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 or other government 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; our own ability to achieve the objectives of near term or long range business plans; and other risks described in the company's Securities and Exchange Commission filings.
Corporate Communications and Media: Investor Relations:
Jody Brown, Executive Vice David Dragics, Senior Vice
President, Public Relations President, Investor Relations
(703) 841-7801, jbrown@caci.com (866) 606-3471, ddragics@caci.com
(Financial Tables follow)
Selected Financial Data
CACI International Inc
Condensed Consolidated Statements of Operations (Unaudited)
(Amounts in thousands, except per share amounts)
Quarter Ended
09/30/2009 09/30/2008
As adjusted* % Change
---------- ------------ --------
Revenue $739,518 $654,760 12.9%
-------- --------
Costs of revenue
Direct costs 510,540 443,545 15.1%
Indirect costs and selling
expenses 171,795 157,871 8.8%
Depreciation and amortization 11,155 12,026 -7.2%
------ ------
Total costs of revenue 693,490 613,442 13.0%
------- -------
Operating income 46,028 41,318 11.4%
Interest expense, net 7,262 8,054 -9.8%
----- -----
Income before income taxes 38,766 33,264 16.5%
Income taxes 14,685 13,675 7.4%
------ ------
Net income before noncontrolling
interest in earnings of joint
venture 24,081 19,589 22.9%
Noncontrolling interest in
earnings of joint venture (226) (9)
--- -
Net income attributable to CACI $23,855 $19,580 21.8%
======= =======
Basic earnings per share $0.79 $0.65 22.1%
Diluted earnings per share $0.78 $0.64 22.2%
Weighted average shares used in
per share computations:
Basic 30,034 30,103
Diluted 30,464 30,567
Statement of Operations Data (Unaudited)
Quarter Ended
09/30/2009 09/30/2008
As adjusted* % Change
---------- ------------ --------
Operating income margin 6.2% 6.3%
Tax rate 38.1% 41.1%
Net income margin 3.2% 3.0%
EBITDA** $56,957 $53,335 6.8%
EBITDA margin 7.7% 8.1%
Cash net income** $36,690 $31,802 15.4%
Diluted cash earnings per share $1.20 $1.04 15.8%
*Certain balances for the period ended September 30, 2008 have been
adjusted to reflect the retroactive application of new accounting
standards related to convertible debt and minority interest.
**See Reconciliation of Net Income to Earnings before Interest, Taxes,
Depreciation and Amortization and to Cash Net Income on page 9.
Selected Financial Data (Continued)
CACI International Inc
Condensed Consolidated Balance Sheets (Unaudited)
(Amounts in thousands)
09/30/2009 06/30/2009
As adjusted*
---------- -----------
ASSETS:
Current assets
Cash and cash equivalents $199,840 $208,488
Accounts receivable, net 490,394 477,025
Prepaid expenses and other current assets 35,543 39,319
------ ------
Total current assets 725,777 724,832
Goodwill and intangible assets, net 1,172,500 1,181,579
Property and equipment, net 44,798 30,923
Other long-term assets 73,382 68,745
------ ------
Total assets $2,016,457 $2,006,079
========== ==========
LIABILITIES AND SHAREHOLDERS' EQUITY:
Current liabilities
Current portion of long-term debt $8,153 $9,464
Accounts payable 99,548 87,300
Accrued compensation and benefits 129,844 137,843
Other accrued expenses and current
liabilities 96,127 83,297
------ ------
Total current liabilities 333,672 317,904
Long-term debt, net of current portion 522,425 570,078
Other long-term liabilities 100,130 88,489
------- ------
Total liabilities 956,227 976,471
------- -------
Shareholders' equity 1,060,230 1,029,608
--------- ---------
Total liabilities and shareholders' $2,016,457 $2,006,079
equity
========== ==========
*Certain balances as of June 30, 2009 have been adjusted to reflect the
retroactive application of new accounting standards related to
convertible debt and minority interest.
Selected Financial Data (Continued)
CACI International Inc
Condensed Consolidated Statements of Cash Flows (Unaudited)
(Amounts in thousands)
Three Months Ended
09/30/2009 09/30/2008
As adjusted*
------------ ------------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income before noncontrolling interest
in earnings of joint venture $24,081 $19,589
Reconciliation of net income to net cash
provided by operating activities:
Depreciation and amortization 11,155 12,026
Non-cash interest expense 2,563 2,395
Amortization of deferred financing costs 745 560
Stock-based compensation expense 6,671 5,144
Provision for deferred income taxes 825 3,181
Changes in operating assets and liabilities,
net of effect of business acquisitions:
Accounts receivable, net (12,965) (9,857)
Prepaid expenses and other current assets (6,969) (1,339)
Accounts payable and accrued expenses 14,462 1,163
Accrued compensation and benefits (10,574) (21,151)
Income taxes receivable and payable 13,773 3,782
Other liabilities 7,148 155
----- ---
Net cash provided by operating activities 50,915 15,648
------ ------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures (9,241) (2,347)
Purchase of business, net of cash acquired (939) -
Other (579) (644)
---- ----
Net cash used in investing activities (10,759) (2,991)
------- ------
CASH FLOWS FROM FINANCING ACTIVITIES:
Net repayments under credit facilities (51,371) (887)
Proceeds from employee stock purchase plans 1,934 2,871
Proceeds from exercise of stock options 1,806 97
Purchases of common stock (854) (20,936)
Other 14 (1,156)
-- ------
Net cash used in financing activities (48,471) (20,011)
------- -------
Effect of exchange rate changes on cash
and cash equivalents (333) (1,075)
---- ------
Net decrease in cash and cash equivalents (8,648) (8,429)
Cash and cash equivalents, beginning of period 208,488 120,396
------- -------
Cash and cash equivalents, end of period $199,840 $111,967
======== ========
*Certain balances for the period ended September 30, 2008 have been
adjusted to reflect the retroactive application of new accounting
standards related to convertible debt and minority interest.
Selected Financial Data (Continued)
Revenue by Customer Type (Unaudited)
Quarter Ended
---------------------------------------------------------
(dollars in
thousands) 09/30/2009 09/30/2008 $Change % Change
---------------- ---------------- ------- --------
Department of
Defense $572,295 77.4% $492,961 75.3% $79,334 16.1%
Federal
Civilian
Agencies 132,947 18.0% 131,831 20.1% 1,116 0.8%
Commercial 29,059 3.9% 24,684 3.8% 4,375 17.7%
State and Local
Governments 5,217 0.7% 5,284 0.8% (67) -1.3%
----- --- ----- --- --- ----
Total $739,518 100.0% $654,760 100.0% $84,758 12.9%
======== ====== ======== ====== ======= ====
Revenue by Contract Type (Unaudited)
Quarter Ended
---------------------------------------------------------
(dollars in
thousands) 09/30/2009 09/30/2008 $Change % Change
---------------- ---------------- ------- --------
Time and
materials $352,246 47.6% $324,101 49.5% $28,145 8.7%
Cost
reimbursable 241,047 32.6% 193,651 29.6% 47,396 24.5%
Fixed price 146,225 19.8% 137,008 20.9% 9,217 6.7%
------- ---- ------- ---- ----- ---
Total $739,518 100.0% $654,760 100.0% $84,758 12.9%
======== ====== ======== ====== ======= ====
Revenue Received as a Prime versus Subcontractor (Unaudited)
Quarter Ended
---------------------------------------------------------
(dollars in
thousands) 09/30/2009 09/30/2008 $Change % Change
---------------- ---------------- ------- --------
Prime $629,215 85.1% $537,671 82.1% $91,544 17.0%
Subcontractor 110,303 14.9% 117,089 17.9% (6,786) -5.8%
------- ---- ------- ---- ------ ----
Total $739,518 100.0% $654,760 100.0% $84,758 12.9%
======== ====== ======== ====== ======= ====
Contract Funding Orders Received (Unaudited)
Quarter Ended
---------------------------------------------------------
(dollars in
thousands) 09/30/2009 09/30/2008 $Change % Change
---------------- ---------------- ------- --------
Contract
Funding
Orders $1,041,855 $943,122 $98,733 10.5%
---------- -------- ------- ----
Reconciliation of Total Revenue Growth and Organic Revenue Growth
(Unaudited)
We are presenting organic revenue growth 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.
(dollars in Quarter Ended Twelve Months Ended
thousands) 09/30/2009 09/30/2008 % Change 09/30/2009 09/30/2008 % Change
----------- ---------- ---------- -------- ---------- ---------- --------
Revenue, as
reported $739,518 $654,760 12.9% $2,814,920 $2,521,717 11.6%
Less:
Acquired
revenue 7,421 - 34,852 -
----- - ------ -
Organic
revenue $732,097 $654,760 11.8% $2,780,068 $2,521,717 10.2%
-------- -------- ---- ---------- ---------- ----
Selected Financial Data (Continued)
Reconciliation of Net Income to Earnings Before Interest, Taxes,
Depreciation and Amortization (EBITDA) and to Cash Net Income
(Unaudited)
The Company views EBITDA, EBITDA margin, Cash Net Income and Diluted
Cash 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
Cash 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. EBITDA is defined by us as
GAAP net income attributable to CACI plus net interest expense, income
taxes, and depreciation and amortization. EBITDA margin is EBITDA
divided by revenue. Cash Net Income is defined by us as GAAP net income
attributable to CACI plus stock-based compensation expense, depreciation
and amortization, amortization of financing costs and non-cash interest
expense, net of related tax effects. Diluted Cash Earnings Per Share is
Cash Net Income divided by diluted weighted-average shares, as reported.
EBITDA and Cash 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
(dollars in thousands) 09/30/2008
09/30/2009 As adjusted* % Change
---------- ------------ --------
Net income attributable to CACI $23,855 $19,580 21.8%
Plus:
Income taxes 14,685 13,675 7.4%
Interest expense, net 7,262 8,054 -9.8%
Depreciation and amortization 11,155 12,026 -7.2%
------ ------ ----
EBITDA $56,957 $53,335 6.8%
------- ------- ---
Quarter Ended
(dollars in thousands) 09/30/2008
09/30/2009 As adjusted* % Change
---------- ------------ --------
Revenue, as reported $739,518 $654,760 12.9%
EBITDA $56,957 $53,335 6.8%
------- ------- ---
EDITDA margin 7.7% 8.1%
--- ---
Quarter Ended
(dollars in thousands) 09/30/2008
09/30/2009 As adjusted* % Change
---------- ------------ --------
Net income attributable to CACI $23,855 $19,580 21.8%
Plus:
Stock-based compensation 6,671 5,144 29.7%
Depreciation and amortization 11,155 12,026 -7.2%
Amortization of financing costs 745 560 33.0%
Non-cash interest expense 2,563 2,395 7.0%
Less:
Related tax effect (8,299) (7,903) 5.0%
------ ------ ---
Cash net income $36,690 $31,802 15.4%
------- ------- ----
Quarter Ended
(shares in thousands) 09/30/2008
09/30/2009 As adjusted* % Change
---------- ------------ --------
Diluted weighted average shares,
as reported 30,464 30,567
Diluted earnings per share,
as reported $0.78 $0.64 22.2%
----- ----- ----
Diluted cash earnings per share $1.20 $1.04 15.8%
----- ----- ----
*Certain balances for the period ended September 30, 2008 have been
adjusted to reflect the retroactive application of new accounting
standards related to convertible debt and minority interest.
CACI International Inc
Consolidated Statements of Operations as Adjusted for the
Retroactive Adoption of Changes to Accounting for Convertible Debt
and Minority Interest (unaudited)
(Amounts in thousands, except per share amounts)
Quarter Ended:
--------------
06/30/2007 09/30/2007 12/31/2007 03/31/2008 06/30/2008
---------- ---------- ---------- ---------- ----------
Revenue $520,385 $553,580 $577,784 $634,157 $655,016
Costs of
revenue
Direct costs 347,798 372,398 386,427 424,946 441,820
Indirect costs
and selling
expenses 124,877 135,757 140,735 153,406 154,702
Depreciation
and
amortization 9,836 10,746 12,309 12,334 12,128
---------- ---------- ---------- ---------- ----------
Total costs
of revenue 482,511 518,901 539,471 590,686 608,650
---------- ---------- ---------- ---------- ----------
Operating
income 37,874 34,679 38,313 43,471 46,366
Interest
expense, net 5,105 7,308 8,835 9,022 8,431
---------- ---------- ---------- ---------- ----------
Income before
income taxes 32,769 27,371 29,478 34,449 37,935
Income taxes 12,559 10,386 11,523 13,547 15,367
---------- ---------- ---------- ---------- ----------
Net income
before
noncontrolling
interest in
earnings of
joint venture 20,210 16,985 17,955 20,902 22,568
Noncontrolling
interest in
(earnings) loss
of joint venture (20) (6) (97) 28 (400)
---------- ---------- ---------- ---------- ----------
Net income
attributable
to CACI $20,190 $16,979 $17,858 $20,930 $22,168
========== ========== ========== ========== ==========
Basic earnings
per share $0.66 $0.57 $0.59 $0.70 $0.74
Diluted earnings
per share $0.65 $0.56 $0.58 $0.68 $0.72
Weighted average
shares used in
per share
computations:
Basic 30,414 29,993 30,033 30,076 30,133
Diluted 30,896 30,518 30,580 30,587 30,740
Quarter Ended:
--------------
09/30/2008 12/31/2008 03/31/2009 06/30/2009
---------- ---------- ---------- ----------
Revenue $654,760 $672,507 $673,994 $728,901
Costs of revenue
Direct costs 443,545 461,488 461,757 505,094
Indirect costs
and selling
expenses 157,871 153,981 155,445 160,275
Depreciation
and amortization 12,026 11,789 11,818 10,959
---------- ---------- ---------- ----------
Total costs of
revenue 613,442 627,258 629,020 676,328
---------- ---------- ---------- ----------
Income from operations 41,318 45,249 44,974 52,573
Interest expense, net 8,054 8,107 7,538 7,427
---------- ---------- ---------- ----------
Income before
income taxes 33,264 37,142 37,436 45,146
Income taxes 13,675 16,110 15,356 17,430
---------- ---------- ---------- ----------
Net income before
noncontrolling interest
in earnings of
joint venture 19,589 21,032 22,080 27,716
Noncontrolling interest
in earnings of
joint venture (9) (370) (108) (232)
---------- ---------- ---------- ----------
Net income attributable
to CACI $19,580 $20,662 $21,972 $27,484
========== ========== =========== ==========
Basic earnings per share $0.65 $0.69 $0.73 $0.92
Diluted earnings
per share $0.64 $0.68 $0.72 $0.91
Weighted average shares
used in per share
computations:
Basic 30,103 29,895 29,939 29,965
Diluted 30,567 30,362 30,410 30,369
CACI International Inc
Consolidated Balance Sheets as Adjusted for the Retroactive
Adoption of Changes to Accounting for Convertible Debt and
Minority Interest (unaudited)
(Amounts in thousands)
Balance Sheet as of June 30:
------------------------------------------
2007 2008 2009
---------- ---------- ----------
ASSETS:
Current assets:
Cash and cash equivalents $285,682 $120,396 $208,488
Accounts receivable, net 386,150 441,732 477,025
Deferred income taxes 14,980 16,776 18,191
Prepaid expenses and
other current assets 22,191 23,921 21,128
---------- ---------- ----------
Total current assets 709,003 602,825 724,832
Goodwill 848,820 1,067,472 1,083,750
Intangible assets, net 113,270 126,028 97,829
Property and equipment, net 22,695 25,361 30,923
Supplemental retirement
savings plan assets 40,544 41,759 40,791
Accounts receivable,
long-term, net 10,657 8,782 8,677
Other long-term assets 24,145 19,995 19,277
---------- ---------- ----------
Total assets $1,769,134 $1,892,222 $2,006,079
========== ========== ==========
LIABILITIES AND SHAREHOLDERS' EQUITY:
Current liabilities:
Current portion of
long-term debt $7,643 $3,549 $9,464
Accounts payable 59,827 74,175 87,300
Accrued compensation
and benefits 96,978 126,649 137,843
Other accrued expenses and
current liabilities 130,573 85,897 83,297
---------- ---------- ----------
Total current liabilities 295,021 290,270 317,904
---------- ---------- ----------
Long-term debt, net of
current portion 558,754 571,216 570,078
Supplemental retirement
savings plan obligations,
net of current portion 37,808 41,740 40,298
Deferred income taxes 8,794 18,203 29,266
Other long-term obligations 8,815 11,727 18,925
---------- ---------- ----------
Total liabilities 909,192 933,156 976,471
---------- ---------- ----------
Shareholders' equity:
Preferred stock - - -
Common stock 3,875 3,895 3,909
Additional paid-in capital 393,417 416,337 425,993
Retained earnings 520,599 598,064 687,762
Accumulated other
comprehensive income (loss) 8,605 6,768 (3,248)
Noncontrolling interest
in joint venture 520 994 1,875
Treasury stock, at cost (67,074) (66,992) (86,683)
---------- ---------- ----------
Total shareholders' equity 859,942 959,066 1,029,608
---------- ---------- ----------
Total liabilities and
shareholders' equity $1,769,134 $1,892,222 $2,006,079
========== ========== ==========
SOURCE CACI International Inc
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