brk, I just found this news item from yesterday, this may be what is helping PXCM:
Excerpted from 10-K filed on 03/30 by PROXICOM INC:
PROXICOM INC files 12/31/99 10-K. Reports $82.6 mil tot rev, $-0.8 mil NI
RESULTS OF OPERATIONS
The following table presents, for the periods indicated, the relative
composition of revenue and selected statements of operations data as a
percentage of revenue:
TABLE
CAPTION
YEAR ENDED DECEMBER 31,
1999 COMPARED TO 1998
Revenue. In 1999, revenue increased by $38.7 million, or 87.9%, to $82.7
million from $44.0 million in 1998. This increase in 1999 was attributable to a
100% increase in the number of engagements compared to 1998. The overall size of
each engagement remained consistent compared to the year ended December 31,
1998. Our largest client contributed 14.7% of our revenue for the year ended
December 31, 1999. No other individual client contributed 10% or more for the
year ended December 31, 1999. For the year ended December 31, 1998, our two
largest clients contributed 14.2% and 13.2% of our revenue. No other individual
client contributed 10% or more for the year ended December 31, 1998. We believe
that period-to-period comparisons of our revenue and operating results are not
meaningful and that you should not rely on these comparisons as indicators of
future performance.
Cost of Revenue. Cost of revenue consists primarily of compensation and
associated employee benefits for personnel directly assigned to client projects,
non-research and development efforts and non-reimbursed direct expenses incurred
to complete projects, such as technical consulting fees. Cost of revenue
increased $18.6 million, or 74.7%, to $43.6 million in 1999 from $24.9 million
in 1998. The increase was due primarily to increases in the number of personnel
needed to service our client engagements. Service project personnel increased
from 340 at December 31, 1998 to 568 at December 31, 1999. As a percentage of
revenue, cost of revenue decreased to 52.7% during 1999 as compared to 56.6%
during 1998.
Gross Profit. In 1999, gross profit increased $20.0 million, or 105.1%, to
$39.1 million from $19.1 million in 1998. The gross profit dollar increase
reflects an increase in revenue during the year ended December 31, 1999. As a
percentage of revenue, gross profit increased to 47.3% during 1999 as compared
to 43.4% during 1998. The percentage increase reflects increased overall billing
rates and improvements in gross profit per billable consulting and delivery
personnel.<<<<<<<<<<
I have to go see when they report, but a 105% increase in profits looks damn good. |
