Atlantic Data Services, Inc. Reports Fourth Quarter and FY 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)--April 25, 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 earnings for the fiscal year ended March 31, 2000. Revenues for the twelve months of fiscal year 2000 were $35.2 million, a 47.3% decrease compared to revenues of $66.8 million for fiscal year 1999. Net income for the year decreased to $19,000 or $0.0 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 13,254,000 shares compared to $7.8 million or $.60 per share (diluted) on 12,855,000 shares for fiscal year 1999. For the quarter ended March 31, 2000, ADS posted net revenues of $10.0 million, down 19.1% from revenues of $12.4 million for the same period in fiscal 1999. Net income for the three months ended March 31, 2000 increased to $.6 million, or $.05 per share (diluted) on 13,651,000 shares compared to $.4 million, or $.03 per share (diluted) on 13,163,000 shares for the same period in fiscal 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, "Fiscal 2000 was a year of transition for ADS. With the completion of Y2K See Y2K problem and Y2K compliant. Y2K - Year 2000 projects and the slow down in merger activity during calendar year 1999, we have focused attention on our emerging practice areas, specifically our e-Business (Electronic-BUSINESS) Doing business online. The term is often used synonymously with e-commerce, but e-business is more of an umbrella term for having a presence on the Web. and 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. ) practices. During fiscal year 2000, we signed an alliance agreement with BROKAT Financial Systems and we announced the development of a new customizable Call Center Assessment (CCA (1) (Common Cryptographic Architecture) Cryptography software from IBM for MVS and DOS applications. (2) (Compatible Communications A ) offering under our Customer Relationship Management (CRM) practice," continued Mr. Howe. "The goal of CRM is to provide financial institutions with strategic and tactical services to support their customer relationship goals. CRM is an emerging practice that is applicable in many industries, as are the benefits of CCA." "To further solidify so·lid·i·fy v. so·lid·i·fied, so·lid·i·fy·ing, so·lid·i·fies v.tr. 1. To make solid, compact, or hard. 2. To make strong or united. v.intr. our commitment to our e-Business and CRM practices, we appointed James Pintar and Nancy Egan, respectively, as vice presidents to oversee these areas. And yesterday, we announced the appointment of Lucy A. Flynn as EVP EVP Executive Vice President EVP EGR (Exhaust Gas Recirculation) Valve Position Sensor EVP Electronic Voice Phenomenon EVP Europäische Volkspartei (Germany) EVP Employee Value Proposition , Marketing. Lucy will help build the Company's brand beyond our current client base," continued Mr. Howe. FY2001 Outlook. "For the third and fourth quarters of FY2000 our revenues increased. However, we have not experienced a sustained rebound rebound (rē´bownd), n/v 1. a recovery from illness. n 2. an outbreak of fresh reflex activity after withdrawal of a stimulus rebound adjective of demand for our traditional IT practices following Y2K, with the more immediate interest of our customers being on e-Business. Consequently, we are cautious about our outlook for the near term, but optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op that the investments in our e-Business and CRM practices should begin to show more positive results as the year progresses," concluded Mr. Howe. At March 31, 2000, the Company reported cash of $38.3 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). ("DSO See CSO. ") of 49, no debt, and a current ratio of 8.7 to 1.0. About Atlantic Data Services, Inc. Founded in 1980 and based in Quincy, Mass., ADS 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 financial services experience, technological expertise and project management skills. The company's service offerings are organized around four areas: IT Strategy Consulting, Consolidations and Conversions, e-Business and Customer Relationship Management (CRM). 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 or any statements relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc an expectation for any increases in future revenue or more positive 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. 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; and risks associated with potential acquisitions. Because of these risks and uncertainties, the forward-looking 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 Year Ended
March 31, March 31,
2000 1999 2000 1999
(unaudited)
Revenues $ 10,035 $ 12,400 $ 35,186 $ 66,763
Cost of Revenues 6,688 9,689 26,207 41,083
Gross Profit 3,347 2,711 8,979 25,680
Operating Expenses:
Sales and
Marketing 945 405 3,232 4,469
General and
Administrative 1,802 2,028 7,441 8,849
Total Operating
Expenses 2,747 2,433 10,673 13,318
Income (Loss)
from Operations 600 278 (1,694) 12,362
Interest Income, Net 525 390 1,822 1,261
Income before
Provision for
Income Taxes 1,125 668 128 13,623
Provision for
Income Taxes 496 289 109 5,864
Net Income $ 629 $ 379 $ 19 $ 7,759
Basic Earnings
per Share $ 0.05 $ 0.03 $ 0.00 $ 0.62
Diluted Earnings
per Share $ 0.05 $ 0.03 $ 0.00 $ 0.60
Weighted Average
Number of Shares
Outstanding 12,944 12,864 12,925 12,468
Weighted Average
Number of Diluted
Shares Outstanding 13,651 13,163 13,254 12,855
Atlantic Data Services, Inc.
Condensed Consolidated Balance Sheets
(in thousands)
March 31, March 31,
2000 1999
Cash and Cash Equivalents $38,347 $37,326
Accounts Receivable, Net 5,514 7,037
Prepaid Expenses 103 100
Deferred Taxes 845 739
Total Current Assets 44,809 45,202
Property and Equipment, Net 919 1,346
Other Assets 387 335
Total Assets $46,115 $46,883
Current Liabilities $ 5,139 $ 6,125
Other Liabilities -- 13
Total Stockholders' Equity 40,976 40,745
Total Liabilities and Stockholders' Equity $46,115 $46,883
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