CACI 2Q profit drops 8 percent |
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Wed, 31 Jan 2007 23:09
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ARLINGTON, Va. (AFX) - CACI International Inc., a provider of information technology services to the federal government, said Wednesday fiscal second-quarter earnings fell 8 percent as funding shifts and company expenses cut into profit margins.CACI, whose systems are used primarily in military and security sectors, said net income fell to $20.5 million, or 65 cents per share, from $22.3 million, or 72 cents per share, in the year-ago period. Analysts polled by Thomson Financial were looking for profit of 65 cents per share.Revenue rose 14 percent to $476.9 million from $419.5 million, slightly ahead of Wall Street's forecast of $476 million.The company attributed the earnings decline to a drop in company-supplied labor on existing contracts caused by a shift in funds to support the wars in Iraq and Afghanistan.CACI also said lower profit margins at an acquired business and an increase in health-care spending hurt results.CACI stock added 40 cents to close at $47.03 on the New York Stock Exchange.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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