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CACI ANNOUNCES RESULTS FOR FY 1993 FOURTH QUARTER AND YEAR

 ARLINGTON, Va., Aug. 17 /PRNewswire/ -- CACI International Inc. (NASDAQ: CACI) today announced results for its fourth quarter and fiscal year ended June 30, 1993. The company said a 9 percent increase in annual operating earnings was offset by non-operating expenses involving previously disclosed litigation issues and a potential merger. At $570 million, the company's backlog was reported as a record high, up 55 percent over the previous year.
 For the quarter, revenue was $36.6 million compared to $35.8 million in the same quarter last year. Net income for the quarter was $1.0 million, or 10 cents per share, compared to $1.2 million, or 11 cents per share, last year. The company noted that during the quarter it spent $.6 million pretax more (approximately 3 cents per share net after taxes) than in last year's fourth quarter on bid and proposal efforts for new business, and that the current quarter also included a total of $.2 million after tax expenses (approximately 2 cents per share) associated with its potential merger with COMARCO, Inc. and in its defense against shareholder lawsuits.
 For the year, the company reported revenue of $145.1 million compared to $139.9 million last year. Net income was $3.0 million, or 29 cents per share, compared to $4.2 million, or 40 cents per share last year. The company said that pretax operating income at $8.2 million was 9 percent higher than last year's $7.5 million, but the results of annual operations were reduced by the previously $1.2 million net after tax charge for an office least settlement in the second quarter and the costs for defending shareholder litigation, which totaled $426,000 in net after tax charges for the year. Company expenses for the potential merger were $123,000 net after tax. The company's operating profit margin for the year was 5.6 percent, up from 5.4 percent last year.
 The company said that its contract backlog at year end had risen to a total value of $570 million 55 percent greater than the same time last year, as a result of several recent large contract awards. The company also said that during the year it had significantly increased its government bid and proposal program costs in pursuit of new contracts. The company further noted its record backlog pertained only to its government systems business and that 25 percent of its annual revenue comes from proprietary software product sales (not related to the backlog figures).
 CACI Chairman/CEO Jack London said, "We began the 1994 fiscal year with improved operating margins and the largest backlog in the company's history. If market spending trends continue, these factors ideally position us for record revenue and earnings in the year ahead. Our actions to reduce cost have increased operating earnings and provided more resources for the company's aggressive government systems bid and proposal programs."
 London noted, "In addition to our 55 percent increase in backlog, there has also been a significant change in the mix of our business, as we have pursued and won a greater percentage of information technology contracts. More than 40 percent of the new business won during the year was for non-Department of Defense programs."
 "We have continued CACI's move forward through our commitment to reposition the company as a major player in the information technology ("IT") industry. Our announced win with IBM, of the Army Sustaining Base Information Services contract, is a major milestone in penetrating key business opportunities in the IT industry. This contract has an estimated value of at least $70 million over the next few years for CACI. To continue our positioning for growth, we have built our volume of bids under evaluation and in preparation at year end to over $.5 billion. In addition, in 1993 we spent a pretax total of more than $3.8 million in our bid and proposal programs and in new proprietary software development. These expenditures represent investment in the growth of CACI as an important IT industry player in the years ahead," concluded London.
 CACI is an international information systems and high technology services corporation. CACI is a world leader in computer-based technology, systems, custom software, integration and operations, imaging and document management, simulation, and proprietary database and software products. CACI provides products and services worldwide in support of government agencies and commercial enterprises.
 Offices are located in major cities in North American and Western Europe. Corporate headquarters are in the metropolitan Washington, D.C. area.
 CACI INTERNATIONAL INC. AND SUBSIDIARIES
 Consolidated Statement of Operations
 Periods ended Quarter Year
 June 30 1993 1992 1993 1992
 Revenue $36,587,000 $35,831,000 $145,148,000 $139,878,000
 Costs and expenses:
 Direct costs 19,711,000 19,615,000 75,804,000 74,536,000
 Indirect costs and
 selling expenses 13,855,000 13,549,000 57,797,000 55,289,000
 Depreciation and
 amortization 942,000 676,000 3,367,000 2,556,000
 Operg. expenses 34,508,000 33,840,000 136,968,000 132,381,000
 Total 2,079,000 1,991,000 8,180,000 7,497,000
 Interest expense 103,000 76,000 471,000 359,000
 Legal and other fees
 for shareholder
 lawsuits and
 potential merger 290,000 0 901,000 0
 Lease litigation
 settlement 0 0 1,921,000 0
 Earnings before
 income taxes 1,686,000 1,915,000 4,887,000 7,138,000
 Income taxes 668,000 759,000 1,907,000 2,928,000
 Net earnings 1,018,000 1,156,000 2,980,000 4,210,000
 Earnings per common
 and common
 equivalent shares $0.10 $0.11 $0.29 $0.40
 Equivalent shares 10,372,000 10,492,000 10,361,000 10,604,000
 Consolidated Balance Sheet Information
 As of June 30: 1993 1992
 Current assets $46,681,000 $47,698,000
 Current liabilities 25,022,000 24,011,000
 Working capital 21,659,000 23,687,000
 Current ratio (X:1) 1.87 1.99
 Return on equity (as a percent) 10.03 15.63
 Stockholders' equity 30,497,000 28,924,000
 Net book value $3.05 $2.90
 Shares outstanding 10,013,000 9,989,000
 -0- 8/17/93
 /CONTACT: Samuel R. Strickland of CACI International Inc., 703-841-7800, or Douglas Poretz of Douglas Poretz Ltd., 703-506-1778/
 (CACI)


CO: CACI International Inc. ST: Virginia IN: CPR SU: ERN

MP-TS -- NY015 -- 3441 08/17/93 09:43 EDT
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Publication:PR Newswire
Date:Aug 17, 1993
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