CIBER Reports Higher Sequential Quarterly Revenues, Profitable Operations; Services Model Meets Guidance.Business Editors & High-Tech Writers GREENWOOD Greenwood. 1 City (1990 pop. 26,265), Johnson co., central Ind.; settled 1822, inc. as a city 1960. A residential suburb of Indianapolis, Greenwood is in a retail shopping area. Manufactures include motor vehicle parts and metal products. VILLAGE, Colo.--(BUSINESS WIRE)--April 18, 2001 CIBER CIBER Center for International Business Education and Research (various locations) CIBER Center for International Business and Research (Michigan State University) CIBER Cellular Inter-Carrier Billing Exchange Record , Inc. (NYSE NYSE See: New York Stock Exchange :CBR (1) (Computer-Based Reference) Reference materials accessible by computer in order to help people do their jobs quicker. For example, this database on disk! (2) (Constant Bit Rate) A uniform transmission rate. ) today reported results for the March 2001 quarter. Revenues for the first quarter of 2001 were $145.9 million as compared to $144.6 million for the December 2000 quarter. Cash earnings per share (EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. ) was $.07 for the March 2001 quarter compared to $.09 for the December 2000 quarter. Except for a one cent sequential shortfall Shortfall The amount by which the capital required to fulfill a financial obligation exceeds available capital. Notes: Shortfall risk is often combated with an efficient hedging strategy created by a fund, group, institution, or individual. from commissions on hardware reselling, CIBER's earnings for the first quarter of 2001 met the guidelines guidelines, n.pl a set of standards, criteria, or specifications to be used or followed in the performance of certain tasks. set by the company in February 2001. "The overall business climate in the U.S. for IT services has been under pressure for most of a year, and mostly sluggish since January 1," said Mac Slingerlend, CIBER's President and Chief Executive Officer. "We have several large clients in `freeze' mode and delaying starts on projects that we both know will occur. That being said, there are also positive advancements to report. CIBER has new outsourcing (1) Contracting with outside consultants, software houses or service bureaus to perform systems analysis, programming and datacenter operations. Contrast with insourcing. See netsourcing, ASP, SSP and facilities management. projects replacing more expensive global systems integrators An individual or organization that builds systems from a variety of diverse components. With increasing complexity of technology, more customers want complete solutions to information problems, requiring hardware, software and networking expertise in a multivendor environment. , and we have stability and time extensions for consultants in most of our branch offices. Additionally, DigiTerra's PeopleSoft practice is doing very well, subsidiary Solution Partners B.V. has grown in Europe, and Waterstone (previously Neovation) and Enspherics are also growing. "The over capitalization capitalization n. 1) the act of counting anticipated earnings and expenses as capital assets (property, equipment, fixtures) for accounting purposes. 2) the amount of anticipated net earnings which hypothetically can be used for conversion into capital assets. of our sector is sorting itself out. Several of the micro-players and a couple of larger IT services players have sold off, sold out or otherwise indicated non-sustainable business models. Results for last, this and probably next quarter for the pure-play, Internet-only IT services players, in general, are not sustainable. While temporarily confusing con·fuse v. con·fused, con·fus·ing, con·fus·es v.tr. 1. a. To cause to be unable to think with clarity or act with intelligence or understanding; throw off. b. to the marketplace, the disappearance of these companies will leave the stronger operators in a better position to reclaim growth. "Our revenues and profitability were sequentially up this quarter, except for DigiTerra's operations. As speculated in the earlier guidance provided, DigiTerra invested their 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. this quarter in several initiatives -- branding, training and additional sales staff and practices. Including the aforementioned a·fore·men·tioned adj. Mentioned previously. n. The one or ones mentioned previously. aforementioned Adjective mentioned before Adj. 1. one cent decrease in commissions on hardware sales, DigiTerra's earnings fell $.03 per share from the December 2000 quarter. This $.03 decrease was offset by a one cent increase in CIBER's other operating results," Slingerlend continued. "As to guidance for the June 2001 quarter, we expect upticks in revenues and earnings. We are forecasting revenues to be up 1 percent to 2 percent. Using a combination of higher utilization and further streamlining of overhead costs overhead costs see fixed costs. , we believe we can add a minimum of $.02 cents to cash EPS for the second quarter. For the second half of 2001, we expect a slow, but sure, recovery in IT spending and stable operating results. Obviously, a better economic stimulus could accelerate IT spending. In the meantime Adv. 1. in the meantime - during the intervening time; "meanwhile I will not think about the problem"; "meantime he was attentive to his other interests"; "in the meantime the police were notified" meantime, meanwhile , we are pursuing various actions that will have us recover more quickly than IT spending and our sector as a whole," he concluded. CIBER continued to repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. shares in the March 2001 quarter; approximately 800,000 shares were purchased in this period. Only 350,000 remain to be purchased under the original authorization The right or permission to use a system resource; the process of granting access. See access control. from CIBER's board of directors. CIBER also announced today that its board of directors has authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: the repurchase of an additional one million shares of CIBER's outstanding stock. Additionally, for the first time, we are releasing our balance sheet for the quarter simultaneously with the operating results. CIBER, Inc. (NYSE:CBR) is the trusted technology leader transforming businesses to be agile, scalable and connected. Backed by 27 years of information technology consulting Information technology consulting (IT consulting or business and technology services) is a field that focuses on advising businesses on how best to use information technology to meet their business objectives. , CIBER provides thought leadership in Internet solutions to Global 2000 and rapidly scaling companies and governments through its National Practices -- Strategy and Enterprise Integration, Wireless, Internet Services, Business Intelligence, Network and Security Integration and Outsourcing. Based in Greenwood Village, Colo., the company's consultants serve client businesses from 35 CIBER, 15 DigiTerra, two Solution Partners, four Waterstone and four Enspherics offices in the U.S., Canada and Europe. CIBER's web site is www.ciber.com.
CIBER, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
Three Months
In thousands, except per-share data Ended March 31,
2000 2001
---- ----
Consulting services $156,407 $138,824
Other revenues 9,899 7,040
-------- --------
Total revenues 166,306 145,864
-------- --------
Cost of consulting services 106,654 96,562
Cost of other revenues 6,007 4,545
Selling, general and administrative expenses 41,831 39,179
Amortization of intangible assets 4,046 3,025
Nonrecurring and other charges 2,275 --
-------- --------
Operating income 5,493 2,553
Other income, net 285 135
-------- --------
Income before income taxes 5,778 2,688
Income tax expense 2,453 1,123
-------- --------
Net income $3,325 $1,565
======== ========
Earnings per share -- diluted $0.06 $0.03
======== ========
Cash EPS (a) -- diluted $0.11 $0.07
======== ========
Weighted average shares -- diluted 59,211 57,698
(a) Cash EPS is calculated excluding amortization of intangibles,
net of tax effects.
For the three months ended March 31, 2001 and 2000, respectively,
earnings per share -- basic was $0.03 and $0.06 and weighted average
shares -- basic were 57,265 and 57,845.
CIBER, Inc.
Consolidated Balance Sheets
(Unaudited)
December 31, March 31,
In thousands, except per share data 2000 2001
----------- -----------
Assets
------
Current assets:
Cash and cash equivalents $ 19,193 $ 5,874
Accounts receivable, net 127,217 121,583
Prepaid expenses and other current assets 5,689 7,073
Income taxes refundable 2,775 1,930
Deferred income taxes 2,538 3,347
-------- --------
Total current assets 157,412 139,807
-------- --------
Property and equipment (net of accumulated
depreciation) 25,306 25,761
Intangible assets, net 137,057 137,688
Other assets 6,572 6,515
-------- --------
Total assets $326,347 $309,771
======== ========
Liabilities and Shareholders' Equity
------------------------------------
Current liabilities:
Accounts payable 17,092 6,429
Acquisition costs payable 3,134 1,276
Accrued compensation and payroll taxes 24,342 24,550
Other accrued expenses and liabilities 9,354 7,630
Income taxes payable 572 509
-------- --------
Total current liabilities 54,494 40,394
-------- --------
Minority interest & contingent redemption
value of put options 1,611 450
Shareholders' equity 270,242 268,927
-------- --------
Total liabilities and shareholders'
equity $326,347 $309,771
======== ========
This news release may include statements that may constitute "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. ," including estimates of future business prospects or financial results and statements containing the words "believe," "expect," or similar expressions. Any forward-looking statements herein 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. There are many factors that could cause actual results of CIBER and its subsidiaries (collectively, the "Company") to differ materially from forward-looking statements. Please refer to a discussion of these factors in the Company's Annual Reports on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. , 10-Qs and other Securities and Exchange Commission filings, which are incorporated herein by reference. The Company disclaims any intent or obligation to update publicly such forward-looking statements, whether as a result of new information, future events or otherwise. CIBER and the CIBER logo are trademarks or registered trademarks of CIBER, Inc. |
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