A D S Financial Services Solutions Announces Third Quarter Fiscal Year 2003 Results.Business 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)--Jan. 21, 2003 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 NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : 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 income for its third quarter of fiscal year 2003. For the quarter ended December December: see month. 31, 2002, ADS posted revenues of $4.2 million, down 15.5% from revenues of $4.9 million for the same period in fiscal 2002. Income from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the and net income for the three months ended December 31, 2002 was $139,000 and $139,000, or $.01 and $.01 per share, respectively, on 13,238,000 shares (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. ) compared to income from continuing operations and a net loss of $227,000 and $(165,000), or $.02 and $(.01) per share, respectively, on 13,155,000 shares (diluted) and 13,033,000 shares (basic and diluted), respectively, for the same period in fiscal year 2002. For the nine months ended December 31, 2002, ADS posted revenues of $17.0 million, up 15.6% from revenues of $14.6 million for the same period in fiscal 2002. Income from continuing operations and net income for the nine months ended December 31, 2002 was $1.9 million and $2.0 million or $.15 and $.15 per share (diluted), respectively, on 13,221,000 shares compared to a loss from continuing operations and a net loss of $(5.6) million and $(6.5) million, or $(.43) and $(.50) per share, respectively, on 13,026,000 shares (basic and diluted) for the same period in fiscal 2002. 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, "While our revenues for the quarter were down from the corresponding quarter of the prior fiscal year, and sequentially se·quen·tial adj. 1. Forming or characterized by a sequence, as of units or musical notes. 2. Sequent. se·quen as a result of the continued "wait and see" approach to IT spending, our expenses for the comparable periods were also down. As a result, we were profitable during the last quarter and for the nine months ended December 31 and continued to maintain a positive cash flow." At December 31, 2002, the Company reported cash and short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. investments of $37.1 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 34, and a current ratio of 15.5 to 1. "Our employees' continued commitment to help us run an efficient organization and their focus on delivering value to our customers has enabled us to perform well despite the difficult business environment for IT services companies. Our balance sheet remains strong as does our continued commitment to increase revenues and maintain profitability," continued Mr. Howe. Fourth Quarter FY2003 Outlook With respect to ADS' earnings projections for the future, Mr. Howe stated, "As a result of the continuing unstable unstable, adj 1. not firm or fixed in one place; likely to move. 2. capable of undergoing spontaneous change. A nuclide in an unstable state is called radioactive. An atom in an unstable state is called excited. economic and geopolitical ge·o·pol·i·tics n. (used with a sing. verb) 1. The study of the relationship among politics and geography, demography, and economics, especially with respect to the foreign policy of a nation. 2. a. climate, we continue to be cautious about our outlook for future quarters and are currently estimating our fourth quarter revenues will be in the $4.7 million to $5.0 million range, with net income in the range of $.01 to $.03 per share." 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. 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," "will be," 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, profitability and earnings or loss per share projections. Any forward-looking statements are not guarantees of future performance and actual results could differ materially from those anticipated as a result of certain risks and uncertainties, some of which are beyond our control. These risks and uncertainties include, among others: variability of our quarterly operating results due to, among other things, the number, size and scope of customer projects commenced and completed during a quarter, changes in employee utilization utilization, n 1. the extent to which a given group uses a particular service in a specified period. Although usually expressed as the number of services used per year per 100 or per 1000 persons eligible for the service, utilization rates may be rates and changes in average billing rates; our dependence on the financial services industry; general economic uncertainty; concentration of revenues and our dependence on major customers; risks associated with fixed price contracts; our dependence on key personnel; intense competition in the IT consulting industry; and risks associated with potential acquisitions. Because of these risks and uncertainties, the forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. 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 Nine Months Ended
December 31, December 31,
2002 2001 2002 2001
(unaudited) (unaudited)
Revenues $4,171 $4,934 $16,991 $14,638
Cost of revenues 2,515 3,091 9,425 10,272
Gross profit 1,656 1,843 7,566 4,366
Operating expenses:
Sales and marketing 391 750 1,264 2,540
General and administrative 1,208 1,064 3,783 4,026
Restructuring expense - - - 925
Total operating expenses 1,599 1,814 5,047 7,491
Income (loss) from operations 57 29 2,519 (3,125)
Interest income, net 167 198 524 869
Write-down of investment - - - (3,000)
Income (loss) from continuing
operations before provision
for income taxes 224 227 3,043 (5,256)
Provision for income taxes 85 - 1,131 386
Income (loss) from continuing
operations 139 227 1,912 (5,642)
Discontinued operations:
Income (loss) on disposal of
business - (392) 65 (889)
Net income (loss) $139 $(165) $1,977 $(6,531)
Earnings (loss) per share from
continuing operations:
Basic $0.01 $0.02 $0.15 $(0.43)
Diluted $0.01 $0.02 $0.15 $(0.43)
Income (loss) per share from
discontinued operations:
Basic $ - $(0.03) $ - $(0.07)
Diluted $ - $(0.03) $ - $(0.07)
Earnings (loss) per share from
net income:
Basic $0.01 $(0.01) $0.15 $(0.50)
Diluted $0.01 $(0.01) $0.15 $(0.50)
Shares used in computing
earnings per share (basic) 13,046 13,033 13,041 13,026
Shares used in computing
earnings per share (diluted) 13,238 13,155 13,221 13,026
Atlantic Data Services, Inc.
Condensed Consolidated Balance Sheets
(in thousands)
December 31, March 31,
2002 2002
(unaudited)
Cash and cash equivalents $28,313 $15,457
Short-term investments 8,745 16,601
Accounts receivable, net 1,582 3,170
Other current assets 1,221 3,044
Total current assets 39,861 38,272
Property and equipment, net 212 308
Other assets 182 182
Total assets $40,255 $38,762
Current liabilities $2,558 $3,053
Total stockholders' equity 37,697 35,709
Total liabilities and stockholders' equity $40,255 $38,762
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