CACI International Inc. announced unaudited consolidated earnings results for the second quarter and six months ended December 31, 2014. For the quarter, the company's revenue was $815,423,000 compared to $894,186,000 reported a year ago. The decline in revenue was primarily due to a reduction of other direct costs resulting from in-theater reductions and federal government budget-related activities that were partially offset by increased direct labor. Operating income was $47,528,000 compared to $66,454,000 reported a year ago. The decrease in operating and net income in the quarter was driven by start-up costs associated with the growth of background investigation work for the Office of Personnel Management (OPM). Income before income taxes was $38,928,000 against $56,998,000 a year ago. Net income attributable to the company was $24,642,000 or $1.01 per diluted share compared to $34,962,000 or $1.38 per diluted share reported a year ago. EBITDA was $64,657,000 against $83,248,000 a year ago. Adjusted net income was $37,411,000 against $51,770,000 a year ago. Diluted adjusted earnings per share was $1.54 against $2.05 a year ago. The company generated a negative operating cash flow of $18 million for the second quarter, which was driven by increased working capital primarily due to greater accounts receivable and OPM ramp-up.

For the six months, the company's revenue was $1,630,149,000 compared to $1,758,451,000 reported a year ago. Operating income was $107,587,000 compared to $127,636,000 reported a year ago. Income before income taxes was $89,907,000 against $110,792,000 a year ago. Net income attributable to the company was $55,772,000 or $2.30 per diluted share compared to $34,962,000 or $2.71 per diluted share reported a year ago. EBITDA was $141,904,000 against $157,401,000 a year ago. Adjusted net income was $81,002,000 against $96,485,000 a year ago. Diluted adjusted earnings per share was $3.35 against $3.85 a year ago. Net cash provided by operating activities was $93,276,000 against $44,577,000 a year ago. Capital expenditures was $7,330,000 against $7,143,000 a year ago.

The company reiterated the fiscal 2015 guidance it issued on October 29, 2014. For fiscal 2015, the company expects revenue of $3,300 million to $3,600 million, net income attributable to the company of $125 million to $135 million, diluted earnings per share of $5.14 to $5.56 and effective corporate tax rate of 38.1%. The company maintains full year operating cash flow guidance of $200 million, assuming an improvement in DSO.