CIBER Announces Record Fiscal Results
biz.yahoo.com
June Quarter Revenues of $195 Million, EPS of $.24, Cash EPS of $.28 in Line With Consensus
ENGLEWOOD, Colo.--(BUSINESS WIRE)--Aug. 19, 1999--CIBER, Inc. (``CIBER') (NYSE: CBR - news) reported today revenues and earnings for its fiscal
1999 year and fourth quarter ended June 30, 1999.
Results for the June 1999 quarter were the same as the preliminary results announced by the Company on July 13, 1999 and in line with revised consensus
estimates. Revenues for the June 1999, quarter were $195,046,000 compared to revenues for the June 1998 quarter of $157,400,000. This revenue increase
reflects a 28% increase in consulting services revenue offset by a decrease in other revenues, principally hardware sales. Cash EPS was $.28 for the quarter
compared to $.24 for the June 1998 quarter. Excluding merger costs, pro forma net income for the June 1999 quarter was $14,175,000, or $.24 per share, an
increase of 14% compared to $12,401,000, or $.23 per share, for the June 1998 quarter. After merger costs, pro forma net income for the June 1999 quarter
increased 34% to $14,175,000, or $.24 per share, compared to $10,554,000 or $.19 per share, for the June 1998 quarter.
Revenues for the fiscal year ended June 30, 1999, rose to a record $719,661,000, an increase of 25% over revenues for the fiscal year ended June 30, 1998, of
$576,488,000. Cash EPS was $1.08 for fiscal 1999; this compares to $.77 for fiscal 1998. Pro forma net income for the year, excluding merger costs, increased
44% to $56,030,000, or $.98 per share, compared to $38,808,000, or $.72 per share, for fiscal 1998. After merger costs, pro forma net income for fiscal 1999
increased 59% to $54,495,000, or $.95 per share, compared to $34,270,000, or $.64 per share, for fiscal 1998. (All per-share data is presented on a ``diluted'
basis.)
All prior-period information has been restated for the poolings of interests through June 30, 1999. Revenues for the fiscal year and three months ended June 30,
1999, were actually 31% and 30%, respectively, greater than revenues as originally reported for the prior comparable periods.
``Although a gratifying year as to financial results, 1999 has been and continues to be a watershed year for our industry. We are beginning to see forward-thinking
corporate strategies, which will be followed by spending, the pattern that has existed for over a decade. However, spending up-ticks are yet to commence at several
clients. Calendar 2000 will see the re-emergence of operational increases for both CIBER and our industry sector as a whole,' stated Mac Slingerlend, CIBER's
Chief Executive Officer. ``The paradigm shift to Electronic Business is so pervasive that only the nimble of us will benefit as the next millennium commences. We
have positioned CIBER to become the next billion-dollar global systems integrator. We are beginning to generate a larger transaction pipeline that will bear fruit next
year. As important, we will also see CIBER become known, creating `mindshare' from our new branding initiative that simply doesn't exist today. We are very
encouraged that our new operational structure and strategies will converge with spending patterns as this fiscal year progresses.'
``CIBER continues to deliver strong e.Business solutions to our clients. Our delivery spans all industries with concentration in communications, finance, manufacturing
and government. In 1999, over 25% of our business was specifically delivering e.Business enablement. In addition, CIBER has successfully focused on expanding
our relationships with several clients into multi-year, multi-million-dollar engagements. Our strategy of longer, deeper relationships with an e.Business focus is being
accelerated in fiscal year 2000,' said Paul Rudolph, CIBER's Chief Operating Officer.
CIBER is recognized for providing innovative management consulting and IT solutions to clients, and for partnering with them to leverage technology in today's
Electronic Business-driven marketplace. Through a powerful mix of people, processes and the appropriate application of technology, CIBER delivers Electronic
Business solutions to help organizations gain knowledge from the market, create value for their clients, reduce time and cost across the supply chain and drive global
competitive advantage.
CIBER, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
In thousands, except per-share data
Fiscal Year Three Months
Ended June 30, Ended June 30,
-------------- --------------
1999 1998(1) 1999 1998(1)
---- ---- ---- ----
Consulting services $660,384 $516,692 $183,775 $143,583
Other revenues 59,277 59,796 11,271 13,817
-------- -------- -------- --------
Total revenues 719,661 576,488 195,046 157,400
-------- -------- -------- --------
Cost of
consulting services 423,131 332,356 118,099 91,054
Cost of other revenues 40,176 43,150 7,002 9,431
Selling, general and
administrative expenses 157,959 134,640 43,338 36,379
Amortization of
intangible assets 7,520 3,936 3,055 1,050
Merger costs 1,535 4,538 -- 1,847
-------- -------- -------- --------
Operating income 89,340 57,868 23,552 17,639
Interest and other
income, net 2,640 1,535 666 520
-------- -------- -------- --------
Income before
income taxes 91,980 59,403 24,218 18,159
Income tax expense 37,485 22,926 10,043 5,609
-------- -------- -------- --------
Net income 54,495 36,477 14,175 12,550
Pro forma adjustment
to income tax expense -- (2,207) -- (1,996)
-------- -------- -------- --------
Pro forma net income $ 54,495 $ 34,270 $ 14,175 $ 10,554
======== ======== ======== ========
Pro forma income
per share - diluted $ .95 $ .64 $ .24 $ .19
======== ======== ======== ========
Pro forma income
per share - diluted,
excluding merger costs $ .98 $ .72 $ .24 $ .23
======== ======== ======== ========
Cash EPS(2) $ 1.08 $ .77 $ .28 $ .24
======== ======== ======== ========
Weighted average
shares - diluted $ 57,141 $ 53,843 $ 59,895 $ 54,599
======== ======== ======== ========
(1) Restated for poolings of interests through June 30, 1999.
(2) Cash EPS is calculated excluding merger costs and amortization of
intangibles, net of tax effects.
For the years ended June 30, 1999, and 1998, respectively, pro forma income per share - basic was $.98 and $.67 ($1.01 and $.76 excluding merger costs) and
weighted average shares - basic were 55,362 and 51,355.
For the three months ended June 30, 1999, and 1998, respectively, pro forma income per share - basic was $.24 and $.20 ($.24 and $.24 excluding merger costs)
and weighted average shares - basic were 58,665 and 52,150.
``Safe Harbor' Statement under the Private Securities Litigation Reform Act of 1995: Forward-looking statements are contained herein and involve risks and
uncertainties that could cause actual results to vary materially from such statements. Please refer to discussions of certain of these risks and uncertainties in the
Company's Annual Reports, 10-Ks, 10-Qs and other Securities and Exchange Commission filings. |
