CAMBRIDGE TECHNOLOGY PARTNERS REPORTS 73% INCREASE IN NET REVENUES AND 98% INCREASE IN NET EARNINGS FOR THE SECOND QUARTER.CAMBRIDGE Cambridge, city, Canada Cambridge (kām`brĭj), city (1991 pop. 92,772), S Ont., Canada, on the Grand River, NW of Hamilton. It was formed in 1973 with the amalgamation of Galt, Hespeler, and Preston, all founded in the early 19th cent. , Mass.--(BUSINESS WIRE)--July 18, 1995--Cambridge Technology Partners (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 :CATP CATP Cambridge Technologies (stock symbol) CATP Coverage Acceptance Test Plan CATP Committee of Adaptation to Technical Process ) today announced increased revenues and net earnings for the second quarter ended June June: see month. 30, 1995. Revenues for the quarter reached $23.8 million, a 73% increase compared to revenues of $13.8 million for the same period in 1994. Net income also increased to $3.1 million, or $.20 per share, an increase of 98% compared to $1.6 million, or $.11 per share, for the same period in 1994. Net income includes a gain of $909,000 in the second quarter of 1995 for the sale of CTP's interest in Advalue Media Technologies, Inc. which resulted in a net income benefit of $541,000, or $.03 per share. For the six months ended June 30, 1995, Cambridge Technology Partners posted net revenues of $44.5 million, up 76% from revenues of $25.3 million for the same period in 1994. Net income totaled $5.6 million, or $.36 per share, up 92% compared to $2.9 million, or $.21 per share, for the six months in 1994. "The second quarter was an excellent growth quarter for CTP CTP (cytidine triphosphate): see cytosine. (1) (Computer-To-Plate) The production of printing plates directly from the computer without requiring film as an intermediate step. both in terms of revenue and net income. We are continuing to see an increased demand for our services in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. as well as in Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). ," said James James, person in the BibleJames, in the Gospel of St. Luke, kinsman of St. Jude. The original does not specify the relationship. James, rivers, United States James. K. Sims, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "Geographic expansion is constantly at the forefront as we strive to meet the needs of both new and existing clients. This quarter we relocated re·lo·cate v. re·lo·cat·ed, re·lo·cat·ing, re·lo·cates v.tr. To move to or establish in a new place: relocated the business. v.intr. to a full- service office space in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of to meet increased demand for CTP services. Having full-service full-ser·vice adj. Associated with or offering complete service: full-service gasoline pumps; full-service banks. offices around the world allows us to work locally with our clients to facilitate the change needed to implement client/server An architecture in which the user's PC (the client) is the requesting machine and the server is the supplying machine, both of which are connected via a local area network (LAN) or wide area network (WAN). applications and IT transformation effectively." "In Europe, we are expanding into Ireland and have been informed (pending formal approval) by the Irish Development Authority that CTP has been approved for a grant to partially fund employee and capital expenditure costs, which will assist the company in establishing a software development center in Dublin," Sims added. European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. operations accounted for 30% and 26% of the company's overall revenue for the three and six month periods, respectively. "With nine offices in the U.S. and seven in Europe, CTP has established itself as a global force in the client/server application market. We have successfully applied our business methodology globally, and have gained international acceptance for CTP's unique fixed-time/fixed- price model and client-centered approach." "In order to meet the demand for our services, the company has continued to focus on internal growth," stated Sims. "In the second quarter the company grew in size from 590 employees to 687 worldwide. In addition, offers have been accepted by 70 people to join Cambridge Technology Partners during the third quarter. Our key to growth and a challenge for CTP as a company is attracting and hiring the highest quality professionals. In the second quarter, we have continued to demonstrate our commitment to internal growth and our ability to train new employees to meet increased demand." Cambridge Technology Partners is an international services firm that delivers client/server, open-systems based information technology (IT) solutions. We provide our services at a fixed time/fixed price in unprecedented time frames. Our unique approach creates a partnership with client organizations, transferring the skills, methodologies, and approaches clients need to assimilate as·sim·i·late v. 1. To consume and incorporate nutrients into the body after digestion. 2. To transform food into living tissue by the process of anabolism. new technologies and revolutionize rev·o·lu·tion·ize tr.v. rev·o·lu·tion·ized, rev·o·lu·tion·iz·ing, rev·o·lu·tion·iz·es 1. To bring about a radical change in: Television has revolutionized news coverage. 2. their organizations. -0-
CAMBRIDGE TECHNOLOGY PARTNERS (MASSACHUSETTS), INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
Three Months Ended June 30, Six Months Ended June 30,
1995 1994 1995 1994
Net revenues $ 23,845 $ 13,758 $ 44,480 $ 25,251
Costs and expenses:
Project personnel 9,539 5,509 17,883 10,055
General and
administration 3,274 2,168 6,309 3,653
Sales and
marketing 2,551 1,361 4,679 2,579
Other costs 4,249 2,197 7,440 4,174
----- ----- ----- -----
Total operating
expenses 19,613 11,235 36,311 20,461
------ ------ ------ ------
Income from
operations 4,232 2,523 8,169 4,790
Other income (expense):
Interest income 141 101 261 135
Interest expense (5) (12) (7) (31)
Gain on sale of
AdValue 909 -- 909 --
Foreign exchange
(loss) gain (45) 49 142 68
----- ----- ----- -----
Income before
income taxes 5,232 2,661 9,474 4,962
Provision for
income taxes 2,119 1,091 3,858 2,034
----- ----- ----- -----
Net income $ 3,113 $ 1,570 $ 5,616 $2,928
----- ----- ----- -----
Net income
per share (A) $ .20 $ .11 $ .36 $ .21
----- ----- ----- -----
Weighted average number
of common and common
equivalent shares
outstanding 15,491 14,586 15,414 14,256
------ ------ ------ ------
(A) Primary and fully diluted income per share data are the same for each period presented. -0-
CAMBRIDGE TECHNOLOGY PARTNERS (MASSACHUSETTS), INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
June 30, December 31,
1995 1994
(unaudited)
Cash and cash equivalents $ 7,781 $ 3,338
Investments held to maturity 7,817 10,260
Accounts receivable, net 22,075 14,331
Other current assets 3,776 2,749
------- -------
Total current assets 41,449 30,678
Property and equipment, net 8,201 4,026
Other assets 1,924 1,619
Goodwill, net 3,710 4,109
------- -------
Total assets $ 55,284 $ 40,432
-------- --------
Current liabilities $ 17,459 $ 11,078 Other liabilities 196 206
Total stockholders' equity 37,629 29,148
-------- --------
Total liabilities and
stockholders' equity $ 55,284 $ 40,432
-0- CONTACT: Cambridge Technology Partners Art Toscanini Senior VP, CFO See Chief Financial Officer. Cambridge Technology Partners or Mary-Beth Henry Investor Relations Investor relations The process by which the corporation communicates with its investors. Cambridge Technology Partners 617-374-8640 |
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