CACI Reports Record Revenue and Operating Income for Fiscal 2008 Fourth Quarter and Full Year

Diluted EPS increased 13.7 percent in the quarter, 8.4 percent for the year

  Operating income increased 22.4 percent in the quarter, 11.6 percent for

                                  the year

  Revenue increased 25.9 percent in the quarter, 24.9 percent for the year

Organic revenue growth of 12.3 percent in the quarter, 13.8 percent for the

                                    year

Contract funding orders increased 30.3 percent in the quarter, 15.9 percent

                                for the year

               Announces $20 million share repurchase program

                    Reiterates Fiscal Year 2009 guidance



    ARLINGTON, Va., Aug. 13 /EMWNews/ -- CACI International

Inc (NYSE: CAI), a leading professional services and information technology

solutions provider to the federal government, announced results today for

its fourth fiscal quarter and twelve months ended June 30, 2008. CACI

provides innovative solutions to meet America's needs in national defense,

intelligence, homeland security, and the improvement of government

services, and is a leading strategic consolidator in its market space.



    Fourth Quarter Results



    For the fourth quarter of Fiscal Year 2008 (FY08), we reported record

revenue of $655.0 million, up 25.9 percent over fourth quarter of Fiscal

Year 2007 (FY07) revenue of $520.4 million. The increase during the quarter

was driven by organic growth of 12.3 percent and acquired revenue.

Operating income for the quarter was a record $46.4 million, up 22.4

percent, compared with operating income of $37.9 million in the year

earlier quarter. The operating margin was 7.1 percent compared with 7.3

percent in the fourth quarter of FY07. Income before taxes for the quarter

was $39.8 million, 17.8 percent higher than what was reported in the fourth

quarter of FY07. Our tax rate increased to 40.8 percent from 38.4 percent

in the year earlier quarter. Net income for the fourth quarter was $23.5

million, 13.1 percent higher than the $20.8 million reported in the fourth

quarter of FY07. Diluted earnings per share were a record $0.77, a 13.7

percent increase over the $0.67 reported in the year earlier quarter.

Operating cash flow in the quarter increased to $81.5 million from $47.3

million in the year earlier quarter. Days sales outstanding at the end of

the quarter were 60 compared with 66 at the end of the fourth quarter of

FY07. Earnings before interest, taxes, depreciation and amortization

(EBITDA), a non-GAAP measure, were a record $58.5 million in the quarter,

an increase of 22.6 percent over EBITDA of $47.7 million in the fourth

quarter of FY07. The EBITDA margin, a non-GAAP measure, was 8.9 percent

compared with 9.2 percent in the year earlier quarter.



    Fourth Quarter Highlights



    Major highlights and accomplishments during the fourth quarter of FY08

include:



    -- Contract funding orders totaling $639 million, a 30.3 percent

increase over the fourth quarter of FY07.



    -- Intelligence Community revenue 53.3 percent higher than the fourth

quarter of FY07, growing to 36.6 percent of our revenue for the quarter

compared to 30.1 percent a year ago.



    -- A ten-year, multiple award, $12.2 billion ceiling indefinite

delivery, indefinite quantity contract to support Defense Information

Systems Agency (DISA) ENCORE II information technology solutions. This new

business is our largest contract award with DISA.



    -- Contract awards with an estimated value of $605 million, excluding

the DISA ENCORE II award. The awards in the quarter include:






       -- A five-year prime contract with a ceiling value of $453 million to

          continue to support the Joint Improvised Explosive Device Defeat

          Organization.  Won through a combination of the client relationships

          developed by CACI's Wexford Group and CACI's business and

          development capabilities, the award positions CACI as one of the

          premier counter-IED companies in the world.

       -- Awards on the Strategic Services Sourcing (S3) contract vehicle with

          the U.S. Army totaling $142 million. This includes the

          just-announced, three-year, $62 million award for rapid prototyping

          and technology insertion support. Since March 2006, CACI has been

          awarded $1.34 billion in task orders on the S3 contract.

       -- A five-year, single award prime contract of $25 million with the

          Office of Assistant Secretary of Defense/Networks and Information

          Integration to expand our services and assist that office in

          supporting networks used by defense and national leaders for

          critical communications.

    -- Award to CACI Executive Chairman Dr. J.P. (Jack) London of the

Lifetime Achievement Award by the Association for Corporate Growth (ACG)

National Capital chapter. The award recognized Dr. London's achievement in

growing CACI from a small consulting firm into a worldwide professional

services and IT company.



    -- Award to CACI Chief Financial Officer Thomas Mutryn of the Corporate

Executive Dealmaker of the Year Award by the ACG. The award recognized Mr.

Mutryn's accomplishments in the structuring and sale of $300 million in

convertible senior subordinated notes and completing four CACI acquisitions

in 2007.



    -- Election of CACI President and CEO Paul Cofoni as Chairman of the

Board of the Armed Forces Communications and Electronics Association

International, a non-profit organization with 32,000 members and 1,600

corporate members serving the military, government, industry and academia.



    Full Year FY08 Results



    For all of FY08, we reported record revenue of $2.42 billion, up 24.9

percent over FY07 revenue of $1.94 billion. Organic revenue growth for the

year was 13.8 percent compared with 1.2 percent in FY07. Operating income

in FY08 was a record $162.8 million, up 11.6 percent over $145.9 million

reported in FY07. The operating margin was 6.7 percent for FY08 compared

with 7.5 percent for FY07. The effective tax rate for FY08 was 39.5 percent

versus 37.3 percent for FY07. Net income for FY08 was $83.3 million, 6.1

percent higher than net income of $78.5 million for FY07. Diluted earnings

per share were $2.72, an 8.4 percent increase over the $2.51 reported a

year earlier. Operating cash flow for FY08 was $160.1 million compared with

$168.0 million for FY07. EBITDA was a record $210.3 million for FY08, an

increase of 13.7 percent over the previous record EBITDA of $184.9 million

realized for FY07. The EBITDA margin for FY08 was 8.7 percent compared to

9.5 percent for FY07.






    FY08 Highlights

    Major highlights and accomplishments during FY08 include:



    -- Contract awards totaling $2.9 billion.  These awards include:



       -- Approximately $552 million in awards on the S3 contract vehicle

          throughout the year.  At the end of our fiscal year, CACI had

          captured the largest share of business among seven contractors on

          the S3 contract vehicle since its award in March 2006.

       -- Over $548 million in classified national security and intelligence

          awards.

       -- A ten-year, $134 million award to continue to provide worldwide

          logistics support to the U.S. Navy's Military Sealift Command.

       -- A four-year, $83 million award to continue support for the

          Department of the Navy Chief Information Officer.

       -- A four-year, $64 million task order award to support the Military

          Health System Information Assurance Program.

       -- A five-year, $60 million task order award, under the Army's Field

          and Readiness Installation Support Team (FIRST) contract vehicle to

          support the Ft. Bliss (TX) Directorate of Logistics.

    -- Record operating income of $162.8 million, exceeding the previous

record of $150.3 million in FY06 by 8.4 percent.



    -- Record contract funding orders totaling over $2.50 billion, a 15.9

percent increase over contract funding orders of $2.16 billion received in

FY07.



    -- Record year-end funded backlog of $1.4 billion as of June 30th, up

12.2 percent over last year's funded backlog of $1.2 billion. Total backlog

at the end of FY08 was $7.0 billion, 10.3 percent higher than the year-end

FY07 backlog of $6.4 billion.



    -- The acquisitions of Athena Innovative Solutions, Inc. and Dragon

Development Corporation. The Athena acquisition makes us the largest

government contractor supporting the national intelligence assets in

Charlottesville, VA. The Dragon acquisition increases our presence and

capabilities with the National Security Agency.



    -- CACI's entire National Solutions Group being rated at Maturity Level

3 of the Software Engineering Institute's Capability Maturity Model(R)

Integration (CMMI(R)). CMMI Level 3 is now mandatory on an increasing

number of DoD integration, management and software contracts.



    -- Recognition of CACI as a recipient of the "Best Overall Government

Contractor Ethics Program" rating from the Ethisphere Institute, placing

third among the 100 largest government contractors.



    -- Recognition of CACI as the 2nd Most Admired IT Services Company, as

well as the 2nd Most Admired Virginia Company in Fortune magazine's Most

Admired Companies listing.



    CEO Commentary



    Commenting on the company's financial results, Paul Cofoni, CACI's

President and CEO, said, "Our solid, fourth quarter growth of net income

and record diluted earnings per share and record revenue resulted in the

strong second half performance which we promised at the beginning of our

FY08. We are very pleased with our double-digit growth of net income and

EPS in the second half of FY08. We had another year of strong operating

cash flow. Our acquisitions delivered bottom line results that exceeded our

expectations and contributed to our earnings per share. They also

significantly increased our presence with key customers in the Intelligence

Community. We continue to evaluate acquisition opportunities that will be

accretive to our bottom line and leverage our capabilities with both

existing and new customers. Between acquisitions and organic growth, we

added approximately 1,600 people, raising our total employee population to

nearly 12,000 highly qualified individuals at fiscal year end. Over 4,200

of these people hold a Top Secret or higher clearance, an increase of 29

percent from a year ago. They significantly increase our capability to

support the Intelligence Community and the Defense Department. All these

solid performance results contribute to positive momentum for Fiscal Year

2009 and beyond, and give us great confidence in meeting our long-term

financial goals of consistently achieving at least eight to ten percent

organic revenue growth and growth of net income by at least 15 percent,

while continuously pursuing opportunities to improve our profit margin."



    Mr. Cofoni continued: "We believe our nation's highest priority is the

long-term challenge of asymmetric global terrorism. Our goal is to place

CACI at the center of our clients' efforts to meet this challenge, with

valuable solutions and cleared, dedicated personnel to help our clients

enhance U.S. and global security. Our focus is congruent with the new 2008

National Defense Strategy and the views of both presidential candidates.

This convergence of thinking from both defense and political leaders

validates our growth strategy.



    "I am extremely proud to lead a strong management team and all our CACI

employees who are dedicated to being the best in providing quality service

to our entire customer base. In Fiscal 2009, we will continue to strengthen

our offerings for the Intelligence Community, Defense Department, and

federal agencies with high-priority funding and a long-term demand for our

services. We will leverage and continually enhance our core competencies in

such areas as intelligence and security services, and cyber security. We

enter fiscal 2009 with confidence and momentum, making continued progress

toward our long-term financial goals, enhancing client capabilities, and

building shareholder value."



    Share Repurchase Authorization



    CACI's Board of Directors has approved a share repurchase program for

up to $20 million of the Company's common stock. Repurchases may take place

from time to time on the open market, which may include the use of 10b5-1

trading plans or through negotiated transactions.



    The timing and amount of purchases under the program will be determined

by management based upon market conditions and other factors. The program

does not require the Company to purchase any specific number or amount of

shares. The Company may suspend the program at any time without notice.



    CACI Reaffirms its FY09 Guidance



    We are reaffirming our Fiscal Year 2009 (FY09) guidance which we issued

on June 26, 2008. The table below summarizes the guidance ranges for FY09:








    (In millions except for earnings per share)    Fiscal Year 2009

    Revenue                                        $2,550 - $2,650

    Net income                                      $89.8 - $96.0

    Diluted earnings per share                      $2.90 - $3.10

    Diluted weighted average shares                      31.0



    Forecasted revenue and diluted EPS do not include any amounts from

future acquisitions.



    This guidance represents our views as of August 13, 2008. 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.



    Conference Call Information



    We have scheduled a conference call for 8:30 AM Eastern Time Thursday,

August 14th, during which members of our senior management team will be

making a brief presentation focusing on fourth 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, http://www.caci.com, at the scheduled time,

or you may dial 1-877-440-5804 and enter the confirmation code 6395461. A

replay of the call will also be available over the Internet beginning at

1:00 PM Eastern Time Thursday, August 14th, and can be accessed through our

homepage (http://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; information assurance, information operations, and

cyber security services; 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 of 2007

and the Russell 2000 index. CACI provides dynamic careers for approximately

12,100 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

http://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 the United Kingdom, including conditions that result

from terrorist activities or war; changes in interest rates; currency

fluctuations; 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; government contract procurement (such as bid

protest, small business set asides, 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; 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); 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, (iii) competition for task orders under Government Wide

Acquisition Contracts ("GWACs") and/or schedule contracts with the General

Services Administration; and (iv) accounting for convertible debt

instruments; 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.



    Capability Maturity Model and CMMI are registered trademarks of

Carnegie Mellon University.






    For investor information contact:

    David Dragics, Senior Vice President, Investor Relations

    866-606-3471, [email protected]



    For other information contact:

    Jody Brown, Executive Vice President, Public Relations

    (703) 841-7801, [email protected]







                           Selected Financial Data



    CACI International Inc

    Condensed Consolidated Statements of Operations (Unaudited)

    (Amounts in thousands, except per share amounts)



                                                 Quarter Ended

                                           06/30/2008   06/30/2007   % Change

    Revenue                                   $655,016     $520,385     25.9%

    Costs of revenue

      Direct costs                             441,820      347,798     27.0%

      Indirect costs and

       selling expenses                        154,702      124,877     23.9%

      Depreciation and

       amortization                             12,128        9,836     23.3%

    Total costs of revenue                     608,650      482,511     26.1%

    Operating income                            46,366       37,874     22.4%

    Interest expense and other, net              6,557        4,080     60.7%

    Income before income taxes                  39,809       33,794     17.8%

    Income taxes                                16,260       12,970     25.4%

    Net income                                 $23,549      $20,824     13.1%



    Basic earnings per share                     $0.78        $0.68     14.1%

    Diluted earnings per share                   $0.77        $0.67     13.7%



    Weighted average shares used in per

     share computations:

       Basic                                    30,133       30,414

       Diluted                                  30,740       30,896





                                             Twelve Months Ended

                                           06/30/2008   06/30/2007  % Change

    Revenue                                 $2,420,537   $1,937,972   24.9%

    Costs of revenue

      Direct costs                           1,625,591    1,267,677   28.2%

      Indirect costs and

       selling expenses                        584,600      485,359   20.4%

      Depreciation and

       amortization                             47,517       39,083   21.6%

    Total costs of revenue                   2,257,708    1,792,119   26.0%

    Operating income                           162,829      145,853   11.6%

    Interest expense and other, net             25,198       20,585   22.4%

    Income before income taxes                 137,631      125,268    9.9%

    Income taxes                                54,308       46,736   16.2%

    Net income                                 $83,323      $78,532    6.1%



    Basic earnings per share                     $2.77        $2.56    8.2%

    Diluted earnings per share                   $2.72        $2.51    8.4%



    Weighted average shares used in per

     share computations:

      Basic                                     30,058       30,643

      Diluted                                   30,606       31,256







                         Statement of Operations Data

                                 (Unaudited)

                                                 Quarter Ended

                                           06/30/2008   06/30/2007

    Operating income margin                       7.1%         7.3%

    Tax rate                                     40.8%        38.4%

    Net income margin                             3.6%         4.0%



    EBITDA*                                    $58,494      $47,710

    EBITDA margin*                                8.9%         9.2%





                                             Twelve Months Ended

                                           06/30/2008   06/30/2007

    Operating income margin                       6.7%         7.5%

    Tax rate                                     39.5%        37.3%

    Net income margin                             3.4%         4.1%



    EBITDA*                                   $210,346     $184,936

    EBITDA margin*                                8.7%         9.5%





    *See Reconciliation of Net Income and Earnings before Interest, Taxes,

     Depreciation and Amortization on page 10.







                       Selected Financial Data (Continued)



    CACI International Inc

    Condensed Consolidated Balance Sheets (Unaudited)

    (Amounts in thousands)



                                               06/30/2008         06/30/2007

    ASSETS:

    Current assets

         Cash and cash equivalents               $120,396           $285,682

         Accounts receivable, net                 441,732            386,150

         Prepaid expenses and other

          current assets                           40,697             37,171

    Total current assets                          602,825            709,003



    Goodwill and intangible assets, net         1,193,500            962,090

    Property and equipment, net                    25,361             22,695

    Other long-term assets                         80,967             98,159

    Total assets                               $1,902,653         $1,791,947



    LIABILITIES AND SHAREHOLDERS'

     EQUITY:

    Current liabilities

         Current portion of long-term

          debt                                     $3,549             $7,643

         Accounts payable                          74,175             59,827

         Accrued compensation and

          benefits                                126,649             96,978

         Other accrued expenses and

          current liabilities                      85,897            130,573

    Total current liabilities                     290,270            295,021



    Long-term debt, net of current

     portion                                      639,074            635,772

    Other long-term liabilities                    55,424             47,307

    Total liabilities                             984,768            978,100



    Shareholders' equity                          917,885            813,847

    Total liabilities and shareholders'

     equity                                    $1,902,653         $1,791,947







                       Selected Financial Data (Continued)



    CACI International Inc

    Condensed Consolidated Statements of Cash Flows (Unaudited)

    (Amounts in thousands)

                                                   Twelve Months Ended



                                                06/30/2008         06/30/2007

    CASH FLOWS FROM OPERATING

     ACTIVITIES:

    Net income                                     $83,323            $78,532

    Reconciliation of net income to net

     cash provided by

     operating activities:

          Depreciation and amortization             47,517             39,083

          Amortization of deferred

           financing costs                           2,531              1,603

          Stock-based compensation

           expense                                  17,639             13,019

          Provision for deferred income

           taxes                                     6,087              2,062

    Changes in operating assets and

     liabilities, net of effect of

     business acquisitions:

          Accounts receivable, net                 (27,001)            24,952

          Prepaid expenses and other

           current assets                              578             (5,778)

          Accounts payable and accrued

           expenses                                  1,597             11,276

          Accrued compensation and

           benefits                                 22,237                359

          Income taxes receivable and

           payable                                     902             (2,006)

          Other liabilities                          4,676              4,929

    Net cash provided by operating

     activities                                    160,086            168,031



    CASH FLOWS FROM INVESTING

     ACTIVITIES:

    Capital expenditures                           (13,589)            (7,898)

    Purchases of businesses, net of cash

     acquired                                     (315,855)          (106,212)

    Other                                              101             (2,063)

    Net cash used in investing

     activities                                   (329,343)          (116,173)



    CASH FLOWS FROM FINANCING

     ACTIVITIES:

    Net (repayments) borrowings under

     credit facilities                              (3,352)           264,111

    Convertible note hedge and related

     warrants, net                                       -            (27,870)

    Proceeds from employee stock

     purchase plans                                  4,231              5,378

    Proceeds from exercise of stock

     options                                         4,079              8,524

    Purchase of common stock                        (1,972)           (50,275)

    Other                                            1,088              8,083

    Net cash provided by  financing

     activities                                      4,074            207,951

    Effect of exchange rate changes on

     cash and cash equivalents                        (103)             1,223

    Net (decrease) increase in cash and

     cash equivalents                             (165,286)           261,032

    Cash and cash equivalents, beginning

     of period                                     285,682             24,650

    Cash and cash equivalents, end of

     period                                       $120,396           $285,682







                     Selected Financial Data (Continued)



                     Revenue by Customer Type (Unaudited)



                                    Quarter Ended

    (dollars in

    thousands)               06/30/2008        06/30/2007    $ Change % Change

    Department of Defense $496,494   75.8%  $376,983   72.4%  $119,511  31.7%

    Federal Civilian

     Agencies              127,564   19.5%   112,113   21.6%    15,451  13.8%

    Commercial              25,101    3.8%    25,438    4.9%      (337) -1.3%

    State and Local

     Governments             5,857    0.9%     5,851    1.1%         6   0.1%

    Total                 $655,016  100.0%  $520,385  100.0%  $134,631  25.9%





                                       Twelve Months Ended

    (dollars in

      thousands)           06/30/2008     06/30/2007    $ Change  % Change

    Department of

     Defense        $1,807,546  74.7% $1,393,735  71.9%  $413,811    29.7%

    Federal Civilian

     Agencies          491,275  20.3%    431,752  22.3%    59,523    13.8%

    Commercial         101,839   4.2%     91,946   4.7%     9,893    10.8%

    State and Local

     Governments        19,877   0.8%     20,539   1.1%      (662)   -3.2%

    Total           $2,420,537 100.0% $1,937,972 100.0%  $482,565    24.9%







                       Revenue by Contract Type (Unaudited)



                                    Quarter Ended

    (dollars in

    thousands)               06/30/2008        06/30/2007    $ Change % Change

    Time and materials    $327,969   50.1%  $286,174   55.0%   $41,795  14.6%

    Cost reimbursable      190,341   29.0%   140,622   27.0%    49,719  35.4%

    Fixed price            136,706   20.9%    93,589   18.0%    43,117  46.1%

    Total                 $655,016  100.0%  $520,385  100.0%  $134,631  25.9%





                                       Twelve Months Ended

    (dollars in

     thousands)          06/30/2008          06/30/2007      $ Change % Change

    Time and materials  $1,232,942   50.9%  $1,021,129  52.7%  $211,813  20.7%

    Cost reimbursable      672,950   27.8%     531,336  27.4%   141,614  26.7%

    Fixed price            514,645   21.3%     385,507  19.9%   129,138  33.5%

    Total               $2,420,537  100.0%  $1,937,972 100.0%  $482,565  24.9%







         Revenue Received as a Prime versus Subcontractor (Unaudited)



                                Quarter Ended

    (dollars in

     thousands)         06/30/2008        06/30/2007        $ Change  % Change

    Prime               $535,630   81.8%  $431,982   83.0%  $103,648   24.0%

    Subcontractor        119,386   18.2%    88,403   17.0%    30,983   35.0%

    Total               $655,016  100.0%  $520,385  100.0%  $134,631   25.9%





                             Twelve Months Ended

    (dollars in

     thousands)       06/30/2008          06/30/2007        $ Change  % Change

    Prime             $1,982,341   81.9%  $1,590,923  82.1%  $391,418  24.6%

    Subcontractor        438,196   18.1%     347,049  17.9%    91,147  26.3%

    Total             $2,420,537  100.0%$  1,937,972 100.0%  $482,565  24.9%







                     Selected Financial Data (Continued)



                 Contract Funding Orders Received (Unaudited)



                                    Quarter Ended

    (dollars in thousands)    06/30/2008   06/30/2007   $ Change    % Change

    Contract Funding Orders    $639,163     $490,552    $148,611     30.3%



                                   Twelve Months Ended

    (dollars in thousands)    06/30/2008   06/30/2007   $ Change    % Change

    Contract Funding Orders$   2,501,513   $2,157,911    $343,602     15.9%







      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.








                                                  Quarter Ended

    (dollars in thousands)                06/30/2008    06/30/2007  % Change

    Revenue, as reported                   $655,016     $520,385     25.9%

    Less:

      Acquired revenue                       70,364            -

    Organic revenue                        $584,652     $520,385     12.3%



                                                 Twelve Months Ended

                                          06/30/2008   06/30/2007  % Change

    Revenue, as reported                   2,420,537  $1,937,972     24.9%

    Less:

      Acquired revenue                       214,528           -

    Organic revenue                       $2,206,009  $1,937,972     13.8%






Reconciliation of Net Income and Earnings before Interest, Taxes, Depreciation

                          and Amortization (EBITDA)

                                 (Unaudited)    EBITDA, a measure used by management to evaluate operating performance,

is defined by us as GAAP net income plus net interest expense, income

taxes, and depreciation and amortization, as shown on our Condensed

Consolidated Statements of Operations. We believe that this non-GAAP

measure is a valuable indicator of our operating performance. EBITDA is a

commonly used non-GAAP measure when comparing our results with those of

other companies, but EBITDA as defined by us may not be computed in the

same manner as similarly titled measures used by other companies. The

EBITDA margin is EBITDA divided by revenue. These non-GAAP measures 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) 6/30/08  6/30/07 Change  6/30/08   6/30/07  Change

    Net Income, as

     reported              $23,549  $20,824  13.1%   $83,323   $78,532   6.1%

    Plus:

        Income taxes        16,260   12,970  25.4%    54,308    46,736  16.2%

        Interest expense,

         net                 6,557    4,080  60.7%    25,198    20,585  22.4%

        Depreciation and

           amortization     12,128    9,836  23.3%    47,517    39,083  21.6%

    EBITDA                 $58,494  $47,710  22.6%  $210,346  $184,936  13.7%





                        Quarter Ended         Twelve Months Ended

    (dollars in

      thousands)   6/30/08  6/30/07  % Change  6/30/08    6/30/07    % Change

    Revenue, as

     reported     $655,016  $520,385   25.9%  $2,420,537  $1,937,972   24.9%

    EBITDA         $58,494   $47,710   22.6%    $210,346    $184,936   13.7%

    EBITDA margin     8.9%      9.2%                8.7%        9.5%