Cambridge Technology Partners reports first quarter results with a 50% increase in net revenues and a 55% increase in net earnings.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)--April 10, 1997--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 first quarter ended March 31, 1997. Revenues for the first quarter reached $71.1 million, a 50% increase compared to revenues of $47.3 million for the same period in 1996. Net income for the quarter also increased 55% to $7.1 million, or $.13 per share, compared to $4.6 million, or $.09 per share a year ago. "We are pleased with our first quarter results," stated James James, person in the Bible James, 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. . "The first quarter was a solid growth quarter for Cambridge as we experienced a very strong demand for our services. During the first three months of 1997 we signed on 170 new engagements and found that half of these were with current or former clients. Client response to our expanded service line has been strong. This quarter we worked with clients to develop Internet-enabled and mission critical 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, to deploy package solutions, particularly enterprise resource solutions, and to provide management consulting Noun 1. management consulting - a service industry that provides advice to those in charge of running a business service industry - an industry that provides services rather than tangible objects services. During the quarter we increased our employee base to 1,959 from 1,824 at the end of 1996. As we move into the second quarter, demand for our services continues to be very strong and our recruiting efforts have us well positioned to meet this demand," Sims added. "During the first quarter, our international operations Internal Operations (I.O., IO or I/O) is a fictional American Intelligence Agency in Wildstorm comics. It was originally called International Operations. I.O. first appeared in WildC.A.T.S. volume 1 #1 (August, 1992) and was created by Brandon Choi and Jim Lee. continued to grow as we expanded our operations in Switzerland Switzerland (swĭt`sərlənd), Fr. Suisse, Ger. Schweiz, Ital. Svizzera, officially Swiss Confederation, federal republic (2005 est. pop. 7,489,000), 15,941 sq mi (41,287 sq km), central Europe. and the United Kingdom, adding offices in Zurich and Manchester Manchester, city, England Manchester (măn`chəstər, –chĕs'tər), city and metropolitan district (1991 pop. 397,400), NW England, on the Irwell, Medlock, Irk, and Tib rivers. , respectively, bringing our total office count to thirty-two locations worldwide," Sims continued. Our operations 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. continued to grow as we won a large, four-year contract with the Brazilian government. In addition, during the quarter we began operations in Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of through the formation of a subsidiary in Toronto Toronto (tərŏn`tō), city (1998 est pop. 2,400,000), provincial capital, S Ont., Canada, on Lake Ontario. Toronto is the largest city in Canada and since the 1970s has been one of the fastest-changing cities in North America, experiencing ." "Part of our focus during the first quarter of 1997 was on the integration of our fourth quarter 1996 acquisitions, NatSoft S.A. (now Cambridge Switzerland) and Ramos & Associates (now Cambridge Enterprise Resource Solutions (ERS ERS, n.pr See extended rotated side-bent. ))," stated Sims. "During the first quarter, Cambridge ERS experienced significant growth and added to our overall package deployment market share. As we transition Cambridge ERS to fixed time/fixed price contracts, we believe it will greatly enhance Cambridge's competitive positioning," Sims concluded. Founded in 1991, Cambridge Technology Partners is one of the fastest growing companies in the systems integration industry, with a proven track record of developing and deploying client/server distributed applications An application made up of distinct components running in separate runtime environments, usually on different platforms connected via a network. Typical distributed applications , a number of which are Internet-based, to more than 500 organizations worldwide. Working within a fixed time/fixed price model, Cambridge's systems development and management consulting expertise also includes package implementation, and network and educational services. Cambridge has expanded to thirty-two offices globally and has approximately 1,970 employees today. More information on Cambridge can be found on the World Wide Web at http://www.ctp.com . -0-
CAMBRIDGE TECHNOLOGY PARTNERS (MASSACHUSETTS), INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
Three Months Ended March 31,
1997 1996
(unaudited)
Net revenues $ 71,118 $ 47,279
Costs and expenses:
Project personnel 31,838 22,396
General and administration 7,957 5,502
Sales and marketing 6,512 3,515
Other costs 13,216 8,369
Total operating expenses 59,523 39,782
Income from operations 11,595 7,497
Other income (expense):
Interest income 328 135
Interest expense (33) (17)
Foreign exchange (loss) (74) (12)
Income before income taxes 11,816 7,603
Provision for income taxes 4,726 3,016
Net income $ 7,090 $ 4,587
Net income per share (1) $ .13 $ .09
Weighted average number of common
and common equivalent shares
outstanding 54,640 52,816
(1) 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)
March 31, December 31,
1997 1996
(unaudited)
Cash and cash equivalents $ 18,769 $ 19,817
Investments held to maturity 13,653 12,727
Accounts receivable, net 69,767 55,540
Other current assets 19,024 17,315
Total current assets 121,213 105,399
Property and equipment, net 20,867 19,027
Other assets 3,501 3,462
Goodwill, net 2,312 2,512
Total assets $ 147,893 $ 130,400
Current liabilities $ 43,763 $ 36,917
Other liabilities 615 633
Total stockholders' equity 103,515 92,850
Total liabilities and stockholders'
equity $ 147,893 $ 130,400
CONTACT: Cambridge Technology Partners Art Toscanini or Mary-Beth Henry 617-374-8640 mhenr@ctp.com |
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