ADS Financial Services Solutions Announces Second Quarter Fiscal Year 2004 Results.Business Editors/High-Tech Writers 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. 27, 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: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 the second quarter of fiscal year 2004. For the quarter ended September September: see month. 30, 2003, ADS posted revenues of $5.4 million, down 9% from revenues of $5.9 million for the same period in fiscal 2003. Net income for the three months ended September 30, 2003 was $.2 million or $.02 per share on 13,136,000 and 13,397,000 shares, basic and 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. , respectively, compared to 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 of $1.0 million or $.07 per share basic and diluted on 13,039,000 and 13,208,000 shares, respectively, for the same period in fiscal year 2003. For the six months ended September 30, 2003, ADS posted revenues of $9.6 million, down 25% from revenues of $12.8 million for the same period in fiscal 2003. Net loss for the six months ended September 30, 2003 was ($.2) million or ($.02) per share (basic and diluted) on 13,136,000 shares compared to income from continuing operations of $1.8 million or $.14 and $.13 per share basic and diluted, respectively, on 13.039,000 and 13212,000 shares, respectively, for the same period in fiscal 2003. "Revenue was higher than originally projected because a contract generated substantially more revenue in the quarter than anticipated. Net income of $.02 per share exceeded the originally projected loss of ($.01) to ($.04) per share because of the higher than anticipated revenue level," commented 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. At September 30, 2003, 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 $35.6 million, days sales in accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying outstanding of 69, no debt and a current ratio of 16.0 to 1.0. About A D S Financial Services Solutions 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 industry expertise, project management expertise and technology expertise. 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 "estimate," "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. 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 press 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,
2003 2002 2003 2002
(unaudited) (unaudited)
Revenues $5,388 $5,886 $9,577 $12,820
Cost of revenues 3,036 3,134 5,667 6,910
Gross profit 2,352 2,752 3,910 5,910
Operating expenses:
Sales and marketing 340 334 756 873
General and administrative 1,901 1,035 3,577 2,575
Total operating
expenses 2,241 1,369 4,333 3,448
Income (loss) from
operations 111 1,383 (423) 2,462
Interest income, net 96 171 220 357
Income (loss) from
continuing operations
before provision for income
taxes 207 1,554 (203) 2,819
Provision for income taxes - 590 - 1,046
Income (loss) from
continuing operations 207 964 (203) 1,773
Discontinued operations:
Loss (income) from
operations of
discontinued business - - - -
Loss (income) on disposal
of business - (16) - (65)
Net income (loss) $207 $980 $(203) $1,838
Earnings (loss) per share
from continuing operations:
Basic $0.02 $0.07 $(0.02) $0.14
Diluted $0.02 $0.07 $(0.02) $0.13
Earnings (loss) per share
from discontinued operations:
Basic $- $0.00 $- $0.00
Diluted $- $0.00 $- $0.00
Earnings (loss) per share
from net income:
Basic $0.02 $0.08 $(0.02) $0.14
Diluted $0.02 $0.07 $(0.02) $0.14
Shares used in computing
earnings (loss) per share
(basic) 13,136 13,039 13,136 13,039
Shares used in computing
earnings (loss) per share
(diluted) 13,397 13,208 13,401 13,212
Atlantic Data Services, Inc.
Condensed Consolidated Balance Sheets
(in thousands)
September 30, March 31,
2003 2003
(unaudited)
Cash and cash equivalents $31,418 $27,329
Short-term investments 4,162 8,982
Accounts receivable, net 4,115 2,517
Other current assets 240 1,040
Total current assets 39,935 39,868
Property and equipment, net 174 177
Other assets 201 196
Total assets $40,310 $40,241
Current liabilities $2,400 $2,138
Total stockholders' equity 37,910 38,103
Total liabilities and stockholders' equity $40,310 $40,241
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