A D S Financial Services Solutions Announces Second Quarter Fiscal Year 2002 Results.Business/Technology Editors QUINCY Quincy. 1 (kwĭnt`sē) City (1990 pop. 39,681), seat of Adams co., W Ill., on a bluff above the Mississippi; inc. 1839. It is a trade, industrial (steel parts), and distribution center in a grain and livestock area. , Mass.--(BUSINESS WIRE)--Oct 23, 2001 A D S Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. Solutions(TM) (ADS) (Nasdaq: ADSC ADSC Adobe Document Structuring Conventions ADSC Active Duty Service Commitment ADSC Address Status Changed ADSC Army Development and Selection Centre (UK MoD) ADSC Automatic Data Service Center ), today announced revenues and net earnings (loss) for its second fiscal year 2002 quarter ended September September: see month. 30, 2001. For the quarter ended September 30, 2001, ADS posted revenues of $5.2 million, down 50.6% from revenues of $10.5 million for the same period in fiscal 2001. Net (loss) for the three months ended September 30, 2001 was $(3.6) million or $(.28) per share on 13,023,000 shares compared to net income of $.6 million, or $.05 per share (diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. ) on 13,228,00 shares for the same period in fiscal year 2001. Included in the most recent fiscal quarter's net loss is a write-down Write-Down Reducing the book value of an asset because it is overvalued compared to the market value. Notes: This is usually reflected in the company's income statement as an expense, thereby reducing net income. of our long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. investment of $3.0 million. Without the investment write-down, net loss for the most recent fiscal quarter would have been $(.6) million or $(.05) per share. For the six months ended September 30, 2001, ADS posted revenues of $9.7 million, down 51.4% from revenues of $20.0 million for the same period in fiscal 2001. Net (loss) for the six months ended September 30, 2001 was $(6.4) million or $(.49) per share on 13,023,000 shares compared to net income of $.9 million or $.07 per share on 13,231,000 shares for the same period in fiscal year 2001. Included in the net loss for the six months are charges aggregating $4.3 million relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the following: establishment of a valuation allowance for deferred tax assets of $.4 million, a $.9 million restructuring charge restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. and the aforementioned a·fore·men·tioned adj. Mentioned previously. n. The one or ones mentioned previously. aforementioned Adjective mentioned before Adj. 1. investment write-down of $3.0 million. Robert Robert, Henry Martyn 1837-1923. American army engineer and parliamentary authority. He designed the defenses for Washington, D.C., during the Civil War and later wrote Robert's Rules of Order (1876). Noun 1. W. Howe, Chairman and Chief Executive Officer, commented on ADS' performance, "We are pleased that revenue for the most recent fiscal quarter was higher sequentially than the prior quarter and within our expectation range. Our net loss (exclusive of the investment write-down) of $(.05) per share was less than the low end of our expectation range of $(.06) per share due in part to our prior quarter's restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). as well as continuing cost reduction measures." At September 30, 2001, the Company reported cash of $31.5 million, days sales outstanding In accountancy, Days Sales Outstanding is a company's average collection period. A low figure indicates that the company collects its outstanding receivables quickly. Typically it is looked at either quarterly or yearly (90 or 365 days). of 53, no debt, and a current ratio of 12.5 to 1. "Our balance sheet remains strong, as does our commitment to returning to revenue growth and profitability," Howe added. Third Quarter FY2002 Outlook. With respect to ADS' earnings projections for the future, Robert Howe There have been several people named Robert Howe:
About Atlantic Data Services, Inc. A D S Financial Services Solutions is a trademark of Atlantic Data Services, Inc., a Quincy, Mass.- based IT strategy consulting and systems integration firm exclusively serving the needs of the financial services industry. ADS offers rapid, cost effective IT solutions to the business challenges faced by financial services companies through its in-depth in-depth adj. Detailed; thorough: an in-depth study. in-depth Adjective detailed or thorough: an in-depth analysis financial services experience, technological expertise and project management skills. The Company's service offerings are organized around four areas: e-Business, Customer Relationship Management (CRM (Customer Relationship Management) An integrated information system that is used to plan, schedule and control the presales and postsales activities in an organization. ), IT Strategy and Consulting, and Conversions and Consolidations. For additional information about ADS please visit our website at www.adsfs.com. This press release includes forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. , which are made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. You can identify these forward-looking statements when you see us using words such as "expect," "anticipate," "believe," "intend," "may," "predict," and other similar expressions. These forward-looking statements cover, among other items: events, conditions and financial trends that may affect the Company's future plans of operation, business strategy, growth of operations and financial position, including statements regarding revenue and earnings or loss per share projections, and variability of revenues and operating results. Any forward-looking statements are not guarantees of future performance and are necessarily subject to a number of risks and uncertainties, some of which are beyond our control. Because of these risks and uncertainties, the forward-looking events discussed in this release might not transpire.
Atlantic Data Services, Inc.
Consolidated Statements of Operations
(in thousands, except per share data)
Three Months Ended Six Months Ended
September 30, September 30,
2001 2000 2001 2000
(unaudited) (unaudited)
Revenues $ 5,172 $ 10,467 $ 9,726 $ 19,995
Cost of Revenues 3,550 6,783 7,308 13,476
Gross Profit 1,622 3,684 2,418 6,519
Operating Expenses:
Sales and Marketing 887 1,294 1,885 2,299
General and
Administrative 1,677 1,796 3,259 3,622
Restructuring Expense - - 925 -
Total Operating
Expenses 2,564 3,090 6,069 5,921
Income (Loss) from
Operations (942) 594 (3,651) 598
Interest Income, Net 299 571 671 1,107
Write-down of
Investment (3,000) - (3,000) -
Income (Loss) before
Provision for
Income Taxes (3,643) 1,165 (5,980) 1,705
Provision for
Income Taxes - 544 386 794
Net Income (Loss) $ (3,643) $ 621 $ (6,366) $ 911
Basic Earnings
(Loss) per Share $ (0.28) $ 0.05 $ (0.49) $ 0.07
Diluted Earnings
(Loss) per Share $ (0.28) $ 0.05 $ (0.49) $ 0.07
Weighted Average
Number of Shares
Outstanding 13,023 12,987 13,023 12,986
Weighted Average
Number of Diluted
Shares Outstanding 13,023 13,228 13,023 13,231
Atlantic Data Services, Inc.
Condensed Consolidated Balance Sheets
(in thousands)
September 30, March 31,
2001 2000
(unaudited)
Cash and Cash Equivalents $ 31,516 $ 36,655
Accounts Receivable, Net 3,048 3,090
Prepaid Expenses 190 243
Deferred Taxes - 464
Total Current Assets 34,754 40,452
Long-term investment - 3,000
Property and Equipment, Net 862 629
Acquired Intangible Assets 1,008 -
Goodwill 1,291 -
Other Assets 329 536
Total Assets $ 38,244 $ 44,617
Current Liabilities $ 2,791 $ 3,452
Total Stockholders' Equity 35,453 41,165
Total Liabilities and
Stockholders' Equity $ 38,244 $ 44,617
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