ARCADIS Reports a Significant Increase in 1997 Fourth Quarter and Year-End Results.ARNHEM Arnhem (är`nəm), Ger. Arnheim, city (1994 pop. 133,670), capital of Gelderland prov., E Netherlands, a port on the Lower Rhine. It is an industrial, transportation, and tourist center. , The Netherlands--(BUSINESS WIRE)--March 10, 1998-- ARCADIS (Nasdaq:ARCAF; AEX AEX See: Amsterdam Exchange : ARCAD) today reported a significant increase in results for the fourth quarter and year ended December December: see month. 31, 1997. Highlights - Full year income before extraordinary items increased 14% to NLG NLG The ISO 4217 currency code for the Dutch Guilder. 32.1 million or NLG 1.70 per share; fourth quarter income before extraordinary items rose 21% to NLG 0.59 per share; - Fourth quarter U.S. Dollar/U.S.-GAAP results increased despite unfavorable exchange rate; fourth quarter income before extraordinary items rose 11% to $0.39 per share; Results in NLG, NL-GAAP For the fourth quarter of 1997, gross revenue rose 26% to NLG 357.6 million compared with NLG 284.6 million in the fourth quarter of 1996. Net revenue increased 21% to NLG 226.3 million compared with NLG 187.7 million in the same quarter last year. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. increased 8% to NLG 15.1 million compared with NLG 14.0 million in the same quarter last year due to improved cost controls in the Company's German and U.S. operations, and the better than expected contributions from acquisitions. Net income rose 21% to NLG 11.0 million, or NLG 0.59 per share, compared with net income excluding extraordinary items of NLG 9.1 million, or NLG 0.48 per share, during the fourth quarter of 1996. For the full year 1997, income before extraordinary items rose 14% to NLG 32.1 million, or NLG 1.70 per share, compared with NLG 28.1 million, or NLG 1.50 per share, in 1996. After an extraordinary gain of NLG 11.1 million, which includes a gain on the sale of the Company's remaining shares in Fugro Fugro NV is a Dutch multinational company headquartered in Leidschendam. The current president is K.S. Wester. Fugro provides geotechnical, survey and geoscience services to oil, gas, mining and construction industries. In 2006, Fugro earned over 1. during the first quarter offset by extraordinary charges, 1997 net income was NLG 43.2 million, or NLG 2.29 per share. This compares to 1996 net income after extraordinary charges of NLG 26.1 million, or NLG 1.40 per share. Full year gross revenue increased 16% to NLG 1.3 billion compared with NLG 1.1 billion in 1996. 1997 net revenue increased 14% to NLG 843.1 million compared with NLG 741.5 million reported for same period in 1996. Operating income rose 19% to NLG 57.7 million compared with NLG 48.4 million last year. Factors contributing to the increase in operating income include improved cost controls in the Company's German and U.S. operations and contributions from acquisitions. For 1997, the Company reported a loss from non-consolidated companies of NLG 1.9 million compared to a gain of NLG 0.5 million last year due to disappointing results in France. Results in U.S. Dollars, U.S.-GAAP In the 1997 fourth quarter, the Company reported increased results in U.S. dollars despite the negative effect of the increased dollar exchange rate against the guilder. Gross revenue increased 9% to $180.7 million compared with $165.5 million in fourth quarter of 1996. Net revenue for the fourth quarter increased 5% to $114.4 million compared with $109.2 million during the same period last year. Before extraordinary items, income for the 1997 fourth quarter rose 11% to $7.2 million, or $0.39 per share, versus $6.5 million, or $0.34 per share, in the fourth quarter of 1996 based on the weighted average number of shares outstanding. For the 1997 full year, gross revenue was $647.9 million compared with $645.4 million in the same period of 1996. Net revenue was $431.4 million compared with $439.6 million last year. In 1997, net income before extraordinary items was $19.9 million, or $1.06 per share, compared with $20.0 million, or $1.07 per share, in 1996. After extraordinary items, net income for the year was $24.7 million, or $1.31 per share, compared with $17.9 million, or $0.96 per share, last year 1996 based on the weighted average number of shares outstanding. Dividend Declared The Company will propose a dividend of NLG 0.62 to shareholders. This is an increase over the NLG 0.55 paid out over 1996. It is also proposed that shareholders will have the option to receive this dividend in the form of cash or common shares. The value of the two dividends will be roughly equivalent. Market Developments Results for the fourth quarter reflect the continued success of ARCADIS' operations in the Netherlands Netherlands (nĕth`ərləndz), Du. Nederland or Koninkrijk der Nederlanden, officially Kingdom of the Netherlands, constitutional monarchy (2005 est. pop. 16,407,000), 15,963 sq mi (41,344 sq km), NW Europe. , and strong performance in the U.S. infrastructure market. The Company also benefited from favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. conditions in Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. and in certain niches of the U.S. environmental market. Difficult conditions persist in Verb 1. persist in - do something repeatedly and showing no intention to stop; "We continued our research into the cause of the illness"; "The landlord persists in asking us to move" continue the Company's markets in France and Germany Germany (jûr`mənē), Ger. Deutschland, officially Federal Republic of Germany, republic (2005 est. pop. 82,431,000), 137,699 sq mi (356,733 sq km). . Full Year Comments and Outlook Commenting on the year, Frans Frans is a common first name, the Dutch version of Francis in English or Franz in German: Frans may refer to:
Adj. 1. fast-growing - tending to spread quickly; "an aggressive tumor" strong-growing, aggressive market segment. The acquisition also provides knowledge and technology which can be applied elsewhere in the world through our extensive network of operating companies operating company A business that engages in transactions with outsiders. . In the Netherlands, we finished a project involving a railroad railroad or railway, form of transportation most commonly consisting of steel rails, called tracks, on which freight cars, passenger cars, and other rolling stock are drawn by one locomotive or more. station combined with an extensive office complex in Amersfoort Amersfoort (ä`mərsfōrt), city (1994 pop. 110,117), Utrecht prov., central Netherlands. It is a transportation and manufacturing center. . We have also received an order for the technical design and construction management of the Hoftoren in the Hague Hague , The or 's Gra·ven·ha·ge The de facto capital of the Netherlands, in the western part of the country near the North Sea. The Hague grew around a palace built c. , which upon completion will be the highest office building in the city. In the U.S., we have won several new projects for the installation of telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. transmittal antennas, the fastest growing segment in that market." "After leveling off early in 1997, we are seeing a slight improvement in the U.S. environmental market, especially in those niches driven by economic motives. The acquisition of JSA JSA - Japanese Standards Association. Environmental in August by our U.S. subsidiary strategically positioned us in the market for environmental risk assessment, and created opportunities to win larger environmental contracts going forward. In Latin America, we have increased our market position through our acquisition in early 1997 of Geotecnica Consultores. On March 5, we signed a letter of intent to acquire a majority stake in Grebner GmbH GmbH Gesellschaft mit Beschränkter Haftung (German: limited liability company; business entity) , a German engineering consultancy, which will position us more solidly in the German market by broadening and strengthening the services we offer there." Mr. Luttmer concluded: "Looking ahead to 1998, we expect to benefit from continued strong market conditions in both the Netherlands and the U.S., and from cost control efforts in Germany and France. Our growth will be further driven by increased cross-selling Cross-selling is the term used to describe the sale of additional products or services to a customer. Less frequently it is used to describe the sale of services to additional business units at an account or to different geographic units of a customer. opportunities with our multinational clients as a result of our enhanced international marketing programs, the full adaptation adaptation, in biology, has several meanings. It can mean the adjustment of living matter to environmental conditions and to other living things either in an organism's lifetime (physiological adaptation) or in a population over many many generations (evolutionary of the ARCADIS brand name, and the ongoing integration of our internal knowledge base." Corporate Developments On October October: see month. 2, the Company changed its brand name from Heidemij to ARCADIS. To date, the ARCADIS name has been combined with the existing names of the Company's operating subsidiaries An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. in the Netherlands, Germany, the U.S., and Poland Poland, Pol. Polska, officially Republic of Poland, republic (2005 est. pop. 38,635,000), 120,725 sq mi (312,677 sq km), central Europe. It borders on Germany in the west, on the Baltic Sea and the Kaliningrad region of Russia in the north, on Lithuania, . Implementation of the name change by most other operating companies will take place by the spring of 1998. The ARCADIS name is a part of the Company's goal of enhancing its internal and external cohesion cohesion: see adhesion and cohesion. Cohesion (physics) The tendency of atoms or molecules to coalesce into extended condensed states. This tendency is practically universal. , and presenting itself as a unified entity to the international marketplace. The Company's stock currently trades on the Amsterdam Stock Exchange
The Amsterdam Stock Exchange is the former name for the stock exchange based in Amsterdam. under the symbol "ARCAD", and on Nasdaq in the U.S. under the symbol "ARCAF". ARCADIS, with its head office in Arnhem, The Netherlands, is an international consulting/ engineering and contracting company specializing in the fields of the environment and infrastructure. ARCADIS has more than 6,700 employees involved in thousands of public and private sector projects every year. Except for historical information contained herein, the statements in this release are 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. that are made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. 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. Forward-looking statements involve known and unknown risks and uncertainties which may cause the Company's actual results in future periods to differ materially from forecasted results. Those risks include, among others, risks associated with possible changes in environmental legislation and risks with regard to the Company's ability to acquire and execute projects. These and other risks are described in ARCADIS' filings with the Securities and Exchange Commission over the last 12 months, copies of which are available from the SEC or may be obtained upon request from the Company. -0-
ARCADIS
CONSOLIDATED STATEMENT OF INCOME
(in millions, except per share data)
Three Months Ended December 31,
IN US$ IN US$ NLG NLG
1997 1996 1997 1996
Gross revenue $ 180.7 $ 165.5 357.6 284.6
Materials, services
of third parties 66.3 56.3 131.3 96.9
Net revenue 114.4 109.2 226.3 187.7
Direct cost 76.7 73.8 151.6 126.8
Gross margin 37.7 35.4 74.7 60.9
Indirect cost 25.9 23.5 51.4 40.4
Depreciation 4.2 3.8 8.2 6.5
Operating income 7.6 8.1 15.1 14.0
Financing income/expenses, net 0.0 (0.9) (0.2) (1.6)
Income before taxes 7.6 7.2 14.9 12.4
Taxes (1.7) (1.4) (3.1) (2.4)
Income after taxes 5.9 5.8 11.8 10.0
Income from non-consolidated
companies 0.2 (0.1) 0.2 (0.2)
Group income after taxes 6.1 5.7 12.0 9.8
Minority interest (0.5) (0.4) (1.0) (0.7)
Income before extraordinary
items$ 5.6 $ 5.3 11.0 9.1
Extraordinary items after taxes 0.0 (1.1) 0.0 (2.0)
Net income after extraordinary
items 5.6 4.2 11.0 7.1
Net adjustments in accordance with U.S.-GAAP:
Amortization of goodwill $ (0.7) $ (0.8) (1.4) (1.4)
Pensions 2.3 2.0 4.7 3.4
Sale of [non-consolidated]
companies 0.0 (0.3) 0.0 (0.4)
Total net adjustments 1.6 0.9 3.3 1.6
Net income in U.S.-GAAP $ 7.2 $ 5.1 14.3 8.7
Income in U.S.-GAAP
excluding extraordinary items$ 7.2 $ 6.5 14.3 11.1
-0-
ARCADIS
CONSOLIDATED STATEMENT OF INCOME, cont'd.
(in millions, except per share data)
Three Months Ended December 31,
IN US$ IN US$ NLG NLG
1997 1996 1997 1996
NET INCOME PER SHARE (1):
In NL-GAAP
before extraordinary items 0.59 0.48
after extraordinary items 0.59 0.38
In US-GAAP
before extraordinary items $0.39 $0.34
after extraordinary items $0.39 $0.27
Number of shares outstanding
(in thousands) 18,904 18,846 18,904 18,846
U.S.-dollar exchange rate 1st quarter $1.00 = NLG 1.86 1.64
U.S.-dollar exchange rate 2nd quarter $1.00 = NLG 1.93 1.69
U.S.-dollar exchange rate 3rd quarter $1.00 = NLG 2.03 1.68
U.S.-dollar exchange rate 4th quarter $1.00 = NLG 1.98 1.72
(1) Net income per share is based on the average number of
outstanding shares.
-0-
ARCADIS
CONSOLIDATED STATEMENT OF INCOME
(in millions, except per share data)
Year Ended December 31,
IN US$ IN US$ NLG NLG
1997 1996 1997 1996
Gross revenue $ 647.9 $ 645.4 1,267.8 1,089.2
Materials, services of
third parties 216.5 205.8 424.7 347.7
Net revenue 431.4 439.6 843.1 741.5
Direct cost 287.4 294.3 561.4 496.4
Gross margin 144.0 145.3 281.7 245.1
Indirect cost 99.3 101.8 194.2 171.6
Depreciation 15.3 14.9 29.8 25.1
Operating income 29.4 28.6 57.7 48.4
Financing income/expenses, net (1.9) (2.5) (3.8) (4.3)
Income before taxes 27.5 26.1 53.9 44.1
Taxes (8.9) (8.4) (17.3) (14.2)
Income after taxes 18.6 17.7 36.6 29.9
Income from non-consolidated
companies (0.9) 0.3 (1.9) 0.5
Group income after taxes 17.7 18.0 34.7 30.4
Minority interest (1.3) (1.4) (2.6) (2.3)
Income before extraordinary items $16.4 $ 6.6 32.1 28.1
Extraordinary items after taxes 6.0 (1.1) 11.1 (2.0)
Net income after extraordinary
items $ 22.4 $ 15.5 43.2 26.1
Net adjustments in accordance with U.S.-GAAP:
Amortization of goodwill (2.9) (2.3) (5.7) (3.8)
Pensions 6.4 5.7 12.8 9.5
Sale of [non-consolidated]
companies (1.2) (1.0) (2.3) (1.5)
Total net adjustments 2.3 2.4 4.8 4.2
Net income in US-GAAP $ 24.7 $ 17.9 48.0 30.3
Net income in US-GAAP
excluding extraordinary items $ 19.9 $ 20.0 39.2 33.8
-0-
ARCADIS
CONSOLIDATED STATEMENT OF INCOME, cont'd.
(in millions, except per share data)
Year Ended December 31,
IN US$ IN US$ NLG NLG
1997 1996 1997 1996
NET INCOME PER SHARE (1):
In NL-GAAP
before extraordinary items 1.70 1.50
after extraordinary items 2.29 1.40
In US-GAAP
before extraordinary items $1.06 $1.07
after extraordinary items $1.31 $0.96
Number of shares outstanding
(in thousands) 18,904 18,846 18,904 18,846
U.S.-dollar exchange rate 1st quarter $1.00 = NLG 1.86 1.64
U.S.-dollar exchange rate 2nd quarter $1.00 = NLG 1.93 1.69
U.S.-dollar exchange rate 3rd quarter $1.00 = NLG 2.03 1.68
U.S.-dollar exchange rate 4th quarter $1.00 = NLG 1.98 1.72
(1) Net income per share is based on the average number of
outstanding shares.
-0-
ARCADIS
CONSOLIDATED BALANCE SHEETS
(in millions)
December 31, 1997 December 31, 1996
US$ NLG US$ NLG
Amounts in accordance with NL-GAAP:
ASSETS:
Fixed assets $ 63.4 128.2 $ 79.4 138.7
Current assets 204.3 412.5 193.1 337.7
TOTAL ASSETS $ 267.7 540.7 $ 272.5 476.4
LIABILITIES AND SHAREHOLDERS' EQUITY:
Current liabilities $ 154.3 311.6 $ 158.0 276.3
Long-term debt 6.9 14.0 7.0 12.2
Provisions 17.1 34.6 16.2 28.3
Total equity 89.4 180.5 91.3 159.6
Total liabilities and shareholders'
equity $ 267.7 540.7 $ 272.5 476.4
Amounts in accordance with US-GAAP:
Reconciliation in accordance
with US-GAAP $ 82.0 165.6 $ 84.4 147.5
Shareholders' equity in accordance
with US-GAAP $ 164.8 332.9 $ 169.6 296.5
Data per share:
Equity in accordance with NL-GAAP 8.85 7.91
Equity in accordance with US-GAAP $ 8.72 $ 9.00
Outstanding shares (in thousands) 18,904 18,904 18,846 18,846
Calculated with US dollar rate
of $1.00=NLG 2.02 1.75
CONTACT: Morgen-Walke Associates June June: see month. Filingeri, Jennifer Miller For the performer of the same name, see . Jennifer Miller (born 1961) is an American circus entertainer, writer and a university professor. Miller is a professor for the UCLA Department of World Arts and Cultures. She is a bearded woman, juggler, and fire eater. Media Contact: Brian The name Brian (sometimes spelled Bryan) comes from an Irish backround. It is of Celtic origin and its meaning may be "hill" or "strong, noble, and high"[1]. Maddox
George Ouzounian,[1] better known by his screen name Maddox , Estelle Estelle - A Pascal extension for formal specification of computer network protocols. Protocols are described by modules which are communicating NFAs. Modules are arranged in a dynamic hierarchy and communicate at named interaction points. EstPC Compiles Estelle into C. Bieber Bieber may refer to:
(212) 850-5600 or Joost A peer-to-peer TV (P2P TV) system for streaming video over the Internet, developed by Skype and Kazaa founders Niklas Zennstrom and Janus Friis. Pronounced "juiced," with its name having no particular meaning in Scandinavian countries (like Haagen Dazs), Joost introduced beta clients for Slooten ARCADIS 31-26-377-8604 (516) 391-5262 (U.S. Headquarters) |
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