CACI Announces New Share Repurchase Program
Board authorizes repurchase of additional four million shares
ARLINGTON, Va.--(BUSINESS WIRE)-- CACI International Inc (CAI) (NYSE: CACI), a leading professional services and information technology solutions provider to the federal government, announced that its Board of Directors has authorized the repurchase of four million shares of the Companys common stock. The Company plans to commence this repurchase program in the near term. This is the second share repurchase the Board has authorized this fiscal year. The first four million share repurchase program, announced in August 2011, was completed in early May 2012.
Paul Cofoni, CACIs President and Chief Executive Officer, said, We are pleased to announce this new program. Share repurchase programs are an integral part of our capital allocation strategy and an important means to create value for our shareholders.
Dr. J.P. (Jack) London, CACIs Chairman of the Board, noted, Our share repurchase program demonstrates that CACIs Board of Directors continues to have the highest level of confidence in our leadership team, the companys vision, our strategy, and our long-term growth opportunity. We believe that CACIs future is solid and the current trading range for CACI stock provides an exceptional investment value.
Under the share repurchase program, the Company will proceed to repurchase four million shares of the Company's common stock from time to time pursuant to Rule 10(b)-18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The share repurchase program will be made pursuant to a plan in accordance with Rule 10b(5)-1 of the Exchange Act.
Celebrating our 50th year in business, CACI sustains an exceptional record of success by providing professional services and IT solutions needed to prevail in the areas of defense, intelligence, homeland security, and IT modernization and government transformation. We deliver enterprise IT and network services; data, information, and knowledge management services; business system solutions; logistics and material readiness; C4ISR solutions and services; cyber solutions; integrated security and intelligence solutions; and program management and SETA support services. CACI solutions help federal clients provide for national security, improve communications and collaboration, secure information systems and networks, enhance data collection and analysis, and increase efficiency and mission effectiveness. A member of the Fortune 1000 Largest Companies and the Russell 2000 index, CACI provides dynamic careers for approximately 14,600 employees working in over 120 offices in the U.S. and Europe. 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 globally (including the impact of uncertainty regarding U.S. debt limits and actions taken related thereto); terrorist activities or war; changes in interest rates; currency fluctuations; significant fluctuations in the equity markets; changes in our effective tax rate; valuation of contingent consideration in connection with business combinations; 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 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, the Defense Contract Management 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; the ability to successfully integrate the operations of our recent and any future acquisitions; 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.
CACI International Inc
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Source: CACI International IncCopyright Business Wire 2012