CACI Posts Higher Profit, Sales
Arlington-based government contractor CACI International earned $23.4 million (76 cents a share) for its fourth quarter ended June 30, up from $20.7 million (69 cents) in the comparable quarter a year earlier. CACI, which specializes in information technology, had a 20 percent rise in revenue, to $429.8 million. That revenue growth came partly from CACI's acquisition of the defense and intelligence group of American Mangement Systems.
For the year, CACI earned $85.3 million ($2.79), up from $63.7 million ($2.13) the previous year. Revenue increased 42 percent, to $1.62 billion, through internal growth and a number of acquisitions.
Harman International Industries, which makes audio components, said fourth-quarter profit surged 32 percent, to $70.2 million ($1.01 per share) from $53 million (76 cents). Higher sales in its auto division, which manufactures music systems for high-end cars, boosted revenue 10 percent, to $808 million.
For the year ended June 30, the District-based firm earned $232.8 million ($3.31), up from $157.9 million ($2.27). Revenue rose 12 percent, to $3.03 billion.
LCC International to Be Delisted
LCC International, a McLean telecommunications consultant, said it has been notified it will be delisted from the Nasdaq Stock Market for failing to file its second-quarter financial results. The company, which has said it is restating results because of miscalculations of revenue from fixed-price contracts, said it will request a hearing on the delisting notice and will issue results "as soon as reasonably practicable." Beginning today, Nasdaq will note the company's status by changing its ticker symbol from LCCI to LCCIE.
Midlantic Office Trust Offering Called Off
Bresler & Reiner of Rockville, a developer of commercial and residential real estate, said that Midlantic Office Trust, an affiliated real estate investment trust, has called off its plans for an initial public offering "due to market conditions in general." The change of plans means that Midlantic will not buy a portfolio of properties from Bresler and that Bresler's chief executive, Sidney M. Bresler, will keep that position rather than moving to a comparable job at Midlantic.
InPhonic to Repurchase Stock
InPhonic, a reseller of wireless services online, said it plans to repurchase up to $30 million of its stock in the next year. The District company said that its board of directors authorized the company to repurchase shares at the prevailing market price but that it is not committed to buy a specific number of shares. "This program demonstrates our commitment to delivering value to our stockholders," David A. Steinberg, left, InPhonic's chairman and chief executive, said in a statement. "We believe a stock repurchase program is an attractive investment opportunity for the company, based upon current market conditions and the confidence we have in our ability to scale and grow the business."
Compiled from staff and news service reports.