Took out $75 pretty handily today , LOL! Here's EARNINGS:
(PR NEWSWIRE) Cysive(TM) Achieves Record Revenue Growth On High Demand for
Cysive(TM) Achieves Record Revenue Growth On High Demand for Services and
Strong Repeat Business
Delivers $0.06 Earnings per Share and a 182% Increase in Revenues
RESTON, Va., Nov. 10 /PRNewswire/ -- Cysive, Inc. (Nasdaq: CYSV), premier
builders of e-business architectures, today announced results for the third
quarter and nine months ended September 30, 1999.
For the third quarter of 1999, revenue totaled $7.3 million, a 182%
increase from the same period a year ago. In the third quarter, revenue
increased 39% over $5.2 million for the second quarter of 1999. Operating
income for the third quarter of 1999 was $862,000, representing an operating
margin of 12%. This figure is compared to operating income of $374,000 for the
third quarter a year ago and operating income of $1.2 million (excluding a
$13.3 million non-cash stock compensation charge) for the second quarter of
1999. Pre-tax net income for the quarter was $873,000 or $0.06 per diluted
share. This is compared to pre-tax net income of $381,000 for the third
quarter a year ago, or $0.05 per diluted share, and pre-tax net income of $1.2
million, or $0.10 per diluted share for the second quarter of 1999 (excluding
the stock compensation charge).
"Cysive has emerged as a trusted brand for building reliable, scalable e-
business systems, which is reflected in our growth this quarter," commented
Nelson A. Carbonell, President and Chief Executive Officer. "In particular,
71% of our revenues were generated from repeat business. Our clients
recognize the value of Cysive's highly complex technology solutions and have
built long-term relationships with us to help them stay out in front of the
pack."
"Our ability to attract and retain the most experienced professionals in
the field has been instrumental to our development. This quarter, our number
of billable software engineers increased to 79, an increase of 36% over the
second quarter of this year, and voluntary turnover remained among the lowest
in the industry -- zero for the third quarter. This has resulted in reduced
costs, increased efficiencies and the highest quality on each project,"
Carbonell added.
"As premier builders of e-business architectures, we remain focused on
delivering the highest quality product to existing and new customers as demand
grows. Looking forward, we are dedicated to the execution of our stated
strategies of building the Cysive brand, enhancing our geographic presence,
and continuing the development and deployment of advanced Internet solutions
for business leaders," Carbonell concluded.
For the nine months ended September 30, 1999, the Company recorded revenue
of $16.7 million compared to $5.8 million for the first nine months in the
previous year. Operating income for the nine months ended September 30, 1999
was $2.7 million (excluding the stock compensation charge) compared to an
operating income of $77,000 in the previous year. Net income during the nine
month period was $2.7 million, or $0.22 per diluted share (excluding the stock
compensation charge). This is compared to a net income in the first nine
months of 1998 of $100,000 or $0.01 per diluted share.
In October 1999, Cysive raised over $51 million in an initial public
offering of common stock.
About Cysive(TM)
Combining an experienced and highly skilled development staff with the use
of cutting-edge technologies, Cysive has established itself as a leading
builder of custom e-business systems for Global 2000 customers - including
AT&T, Cisco Systems, Classified Ventures (cars.com), DaimlerChrysler, First
Union and Qualcomm. Cysive's track record for quality and reliability is
unmatched in the e-business industry. Cysive is headquartered in Reston, Va.
with additional offices in Atlanta, Chicago, Dallas and Mountain View, Calif.
Cysive can be found on the Internet at www.cysive.com.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act
of 1995: Statements in this press release regarding Cysive's business which
are not historical facts are "forward-looking statements" that involve risks
and uncertainties. For a discussion of such risks and uncertainties, which
could cause actual results to differ from those contained in the forward-
looking statements, see "Risk Factors" in the Company's prospectus dated
October 15, 1999.
- Tables to Follow -
Cysive, Inc.
Statement of Operations
(In thousands except share and per share amounts)
(Unaudited)
Three months ended Nine months ended
September 30, September 30,
1998 1999 1998 1999
Revenues $2,585 $7,282 $5,778 $16,706
Gross profit 1,617 4,738 3,001 10,691
Operating expenses:
General and
administrative 729 2,201 1,738 4,619
Sales and marketing 486 1,647 1,158 3,370
Stock compensation 28 28 28 13,312
Total operating
expenses 1,243 3,876 2,924 21,301
Operating income 374 862 77 2,656*
Operating income (loss) 374 862 77 (10,610)
Pre-tax net income $381 $873 $100 $2,692*
Pre-tax net income
(loss) $381 $873 $100 ($10,574)
Basic earnings
per share $0.06 $0.11 $ 0.01 $0.33*
Basic earnings
(loss) per share $0.06 $0.11 $ 0.01 ($1.30)
Weighted average
shares outstanding 6,777,000 8,127,000 6,777,000 8,127,000
Diluted earnings
per share $0.05 $0.06 $0.01 $0.22*
Diluted earnings
(loss) per share $0.05 $0.06 $0.01 ($1.30)
Weighted average
shares and common
equivalent shares
outstanding 8,030,528 13,618,277 7,996,407 8,127,000
* Excluding the non-cash stock compensation charge of $13.3 million.
The Company was an S-Corporation through September 30, 1999, therefore
there is no provision for corporate income taxes. Net income and earnings per
share information are on a pre-tax basis
SOURCE Cysive, Inc.
-0- 11/10/1999
/CONTACT: John R. Lund, CFO, or for Press: Penny Karas, both of Cysive,
Inc., 703-810-2562, or Katherine Mittelbusher, or for Press: Eileen King, both
of Morgen Walke Associates, 212-850-5600, for Cysive, Inc./
(CYSV)
CO: Cysive, Inc.
ST: Virginia
IN: CPR MLM
SU: ERN
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