Business News
CACI Reports Record Revenue and Operating Income for Fiscal 2008 Fourth Quarter and Full Year
2008-08-13 15:49:00
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%
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