Dr. J.P. (Jack) London, CACI Chairman, President and CEO

Ladies and gentlemen, fellow shareholders, I am pleased to report that for CACI, fiscal year 2005 was another outstanding year of growth and business success. We delivered our best year ever of revenue and profits, as well as record setting results in earnings and stock price.

As you'll see today, our performance is the result of a successful business strategy of continually aligning CACI capabilities with our country's highest priorities. CACI's business remains concentrated on national defense, intelligence, homeland security and the transformation of government.

Ten-Year Perspective

Ten years ago we set a strategy to move CACI from a decentralized, diversified professional services company to a centralized information technology company. Our plan included organic growth as well as a strong mergers and acquisitions program. We read the trend lines and saw the growing emergence of IT and its importance to our clients. We expanded into network services and intelligence solutions, where we still work today. At the same time we developed proven solutions in systems integration, engineering services and knowledge management. These remain our core competencies today.

CACI has grown larger and we have grown stronger. Our performance in the stock market enabled us to split our stock in 2001 and offer a secondary IPO in 2002. In 2000 I set a goal of $1B in revenue by fiscal year 2005, and we met that goal - one year ahead of schedule - back in fiscal year 2004.

FY05 Financial Performance

Today we are celebrating our record of ongoing success. For FY05 we recorded $1.62B in revenue. That's about seven times as much as what we achieved back in 1995. We have nearly doubled in size in just the last two years, from $843M in revenue for fiscal 2003 to FY05's $1.62B.

In FY05 we recorded total revenue growth of 42%, and total net earnings of $85.3M, with an earnings per share of $2.79. Our organic growth rate was 16% and we set new growth records in every quarter of the fiscal year. In fact, we have averaged almost 16% organic growth over the past four years and believe our targeted organic growth rates of 12 to 15% remain very achievable.

In Europe our United Kingdom operation reported over $55.8M revenue for FY05. That's an increase of 20% over last year.

Contract funding orders, the fuel that drives our revenue and profits in the short-term, increased to $1. 8B, 34% more than a year ago. Funded backlog was up to $887M at fiscal year-end, 19% higher than a year earlier. Total backlog at the end of FY05 was $3.4B. Our total contract awards for FY05 were approximately $1.2B. And at the end of FY05 we had approximately $2B in proposals under evaluation.

All of this points to a healthy book of business for us as we move further into FY06. And as we go forward we remain firmly focused on the critical operational and security goals of our federal clients in homeland security and national defense.

Our overall revenue growth was driven by several factors. One element was the continuing success of our largest acquisition ever, the former American Management Systems, Inc. Defense and Intelligence Group. We acquired this team towards the end of FY04 and their performance throughout FY05 was a resounding success.

Our growth was also propelled by the continuing demand for our solutions in the federal arena. Revenue from the Department of Defense increased 53% to approximately $1.18B. Federal civilian agency revenue was up 16% to over $350M. Overall, revenue from all of our federal government customers grew by 43% in FY05.

Our business mix included

• 73% of business from the Department of Defense
• About 21% from non-DoD clients
• 4% from the commercial world, and
• 2% from state and local business

These were spread across our core capabilities in the following areas

• 63% of this business was in our Systems Integration area
• 19% came from Engineering Services
• 12% from Network Services, and
• 6% from Knowledge Management

Our success was also recognized in the media. The Wall Street Journal rates us number one in the Computer Services Industry for five-year and ten-year average returns to shareholders. Washington Technology places us 17^th among the top 100 federal prime contractors and Business 2. 0 magazine places us 30^th among the 100 fastest growing technology companies.

For the first quarter of FY06, completed September 30, we continued to deliver record growth for shareholders. Our total revenue was up 8.9% to $423M. Awards in the quarter reached an all time high of $800M, with about half of them being new business for us. Contract funding orders were also strong, a record $477M.

A $3B CACI

Now let's look to the future. We have also set new, aggressive, longer-term targets for fiscal 2010. For FY06 our revenue target is approximately $1.8B, with approximately $97M in net profit. Our target is to deliver $3.7B in annual revenue by our FY10. Our profit target for FY10 is $219M. And our five-year plan targets earnings per share at $6.48. Our stock price goal is $146. This assumes a 22+ P/E ratio.

These are ambitious goals, but CACI is nothing if not ambitious. And if history is any judge... looking back 10 years or just one year... we will be successful.

Here's how we'll do it. First, we are increasing our bids among carefully selected and well qualified opportunities. Our pipeline of qualified opportunities over the next 24 months stands at approximately $13B, an all time high. What's more, over 50% of those opportunities are greater than $100M.

We also intend to increase our win rate on all our bids. We have the talent and the capabilities to leverage the power of our entire CACI enterprise to win more and larger deals. At the same time, we will continue to place a great emphasis on winning our recompetes and always improving our quality client service at best value.

Finally, we will maintain our aggressive Mergers and Acquisitions (M&A) program. In fact, we have recently added another company to the CACI family. This was National Security Research, Inc., or NSR, whom we acquired in October. Paul Cofoni will be along to tell you more about this, but let me say now I am confident you will see great returns from this group.

Most of all, our success will rest on our ability to continually position CACI as an information technology asset for our government clients. This includes providing solutions that help America's Intelligence Community defeat terrorist threats. In fact, intelligence solutions are the fastest growing element of CACI's business, with continued strong growth predicted.

We also offer engineering services for activities like signals intelligence. In this area, I'm proud to say, CACI provides advanced sensor technologies targeted to help eliminate what are known as improvised explosive devices, or the IEDs, that have become so lethal today.

Once sensor data is collected, CACI also plays a role with our knowledge management tools, which help analyze this data at the national level to turn it into actionable intelligence.

Following this, CACI networking capabilities help America's intelligence, defense, law enforcement and homeland security agencies collaborate and share this information securely. And underlying all these activities are CACI software and systems integration solutions, which ensure high quality technologies and technology support.

Looking ahead, we will continue to position CACI in those IT and national security markets of high priority. We believe the Defense Department will budget approximately $445B for FY06, not including any supplemental requests by the President to fund ongoing military operations, and we believe that Intelligence Community spending will continue to rise.

We expect to play an expanding role in government transformation. We also see a clear preference for enterprise-wide, end-to-end solutions, such as those provided by CACI, and a heightened awareness of the many IT needs that still exist in emergency response systems.

As we reflect on all that has happened in recent years, it takes a real effort to remember what the world was like before September 11, 2001. But after the agony and anger - and our commitment to never forget the attack on America's homeland - we at CACI joined our government customers in moving forward to defeat the terrorists on their own ground, and protecting our citizens and our freedoms here at home.

We are dedicated to supporting our government's highest priorities. We will succeed because we are driven by a set of basic core values. We maintain a CACI culture founded on ethics and integrity, with quality client service and best value in all we do. And on behalf of our clients, our employees and our shareholders, we pledge to remain Ever Vigilant.

And now, I'm pleased to turn the floor over to Paul Cofoni, CACI President of U.S. Operations, for his remarks.

Thank you.