Atlantic Data Services, Inc. Announces Third Quarter Fiscal Year 2000 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)--Jan. 19, 2000 Atlantic Data Services, Inc., (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 loss for its third fiscal year 2000 quarter ended December December: see month. 31, 1999. For the quarter ended December 31, 1999, ADS posted revenues of $8.1 million, down 57% from revenues of $18.7 million for the same period in fiscal 1999. Net loss for the three months ended December 31, 1999 was $9 thousand, or $0.00 per share on 12,943,000 shares compared to net income of $2.7 million or $0.20 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 13,292,000 shares for the same period in fiscal year 1999. For the nine months ended December 31, 1999, ADS posted revenues of $25.2 million, down 54% from revenues of $54.4 million for the same period in fiscal 1999. Net loss for the nine months ended December 31, 1999 was $0.6 million or $(0.05) per share on 12,906,000 shares compared to net income of $7.4 million or $0.58 per share (diluted) on 12,752,000 shares for the same period in fiscal year 1999. 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, "I am very pleased to report that ADS has begun to turn the corner on declining revenues and that results were virtually breakeven breakeven 1. The level of output or sales necessary to cover fixed expenses. Companies in industries that have high fixed costs and, consequently, high breakevens, such as automobile and steel manufacturing, are likely to exhibit large fluctuations for our most recent fiscal quarter." At December 31, 1999, the Company reported cash of $37.9 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 37, no debt, and a current ratio of 10.7 to 1. "We continue to maintain a strong financial position as we transition away from Y2K See Y2K problem and Y2K compliant. Y2K - Year 2000 business and seek to replace that revenue with revenue from our other practice areas. As part of our continuing investments in our practice areas, we recently announced an alliance agreement with BROKAT Brokat AG was a software company based in Stuttgart, Germany. Former names were BROKAT Informationssysteme GmbH and BROKAT Systems. It was founded and led by Stefan Roever. Financial Systems, a subsidiary of BROKAT Infosystems AG, to provide solutions delivery and systems integration for financial institutions," concluded Mr. Howe. Founded in 1980, ADS, based in Quincy, Mass., provides information technology strategy consulting and systems integration services to customers exclusively in the 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. 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 three areas: IT Strategy Consulting, Consolidations & Conversions and E-Commerce e-commerce, commerce conducted over the Internet, most often via the World Wide Web. E-commerce can apply to purchases made through the Web or to business-to-business activities such as inventory transfers. & Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the Banking. More information on ADS can be found on the World Wide Web at www.atlanticdataservices.com. This press release contains 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 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 our future plans of operation, business strategy, growth of operations and financial position, including statements seeking to replace Y2K business revenue with revenue from our other practice areas. 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. Actual results could differ materially from those anticipated as a result of certain risks and uncertainties, which include: 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 rates and changes in average billing rates; our dependence on the financial services industry; concentration of revenues and our dependence on major customers; risks associated with fixed price contracts; our dependence on key personnel; lack of availability of professional staff; intense competition in the IT consulting industry; potential for contractual liability and project risks; risks associated with potential acquisitions and our dependence on the Year 2000 market and the current reductions in Year 2000 spending by our customers. 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 Nine Months Ended
December 31, December 31,
1999 1998 1999 1998
(unaudited) (unaudited)
Revenues $ 8,111 $ 18,731 $ 25,151 $ 54,364
Cost of Revenues 5,902 10,891 19,518 31,393
Gross Profit 2,209 7,840 5,633 22,971
Operating Expenses:
Sales and Marketing 888 1,252 2,288 4,064
General and Administrative 1,788 2,269 5,639 6,822
Total Operating Expenses 2,676 3,521 7,927 10,886
Income (Loss) from Operations (467) 4,319 (2,294) 12,085
Interest Income, Net 452 356 1,297 870
Income (Loss) before Provision
(Credit) for Income Taxes (15) 4,675 (997) 12,955
Provision (Credit) for
Income Taxes (6) 2,022 (387) 5,575
Net Income (Loss) $ (9) $ 2,653 $ (610) $ 7,380
Basic Earnings (Loss) per Share $ (0.00) $ 0.21 $ (0.05) $ 0.60
Diluted Earnings (Loss) per Share$ (0.00) $ 0.20 $ (0.05) $ 0.58
Weighted Average Number
of Shares Outstanding 12,943 12,854 12,906 12,335
Weighted Average Number of
Diluted Shares Outstanding 12,943 13,292 12,906 12,752
Atlantic Data Services, Inc.
Condensed Consolidated Balance Sheets
(in thousands)
December 31, March 31,
1999 1999
(unaudited)
Cash and Cash Equivalents $37,906 $37,326
Accounts Receivable, Net 3,293 7,037
Prepaid Expenses 1,082 100
Deferred Taxes 739 739
Total Current Assets 43,020 45,202
Property and Equipment, Net 1,055 1,346
Other Assets 183 213
Total Assets $44,258 $46,761
Current Liabilities $ 4,011 $ 6,003
Other Liabilities -- 13
Total Stockholders' Equity 40,247 40,745
Total Liabilities and Stockholders' Equity $44,258 $46,761
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