related financial statements
NAVIGANT CONSULTING, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
For the Three Months Ended 09/30/00 and 06/30/00
(in thousands, except per share and selected operating data)
(Unaudited)
Three months
September 30 June 30
2000 2000
Revenues $61,259 $58,465
Cost of Services 40,319 39,733
Gross Profit 20,940 18,732
G&A (before depreciation) 14,960 16,302
EBITDA (before restructuring) 5,980 2,430
Depreciation 1,653 1,573
Amortization 1,222 1,130
Restructuring Costs 944 9,285
Litigation Settlement Provision 500 16,000
Stock Option Compensation 102 137
Operating Income (Loss) 1,559 (25,695)
Other 240 1,932
Pre-tax Income (Loss) 1,319 (27,627)
Income Taxes 1,087 (10,474)
Net Income (Loss) Continuing Operations $232 ($17,153)
Income (Loss) on Discontinued Operations,
net of tax 0 (2,926)
Loss on Dispositions, net of tax (10,264) (145,917)
Net Income (Loss) ($10,032) ($165,996)
Diluted Shares 41,367 41,305
EBITDA (before restructuring) per Share $0.14 $0.06
Diluted EPS Continuing Operations $0.01 ($0.42)
Selected Operating Data
(% of Revenues)
Gross Profit 34.2% 32.0%
General and Administrative 24.4% 27.9%
EBITDA (before restructuring) 9.8% 4.2%
NAVIGANT CONSULTING, INC.
PROFORMA STATEMENT OF OPERATIONS
For the Three Months Ended 09/30/00 and 06/30/00
(in thousands, except per share and selected operating data)
(Unaudited)
Proforma
Three months Proforma Three months
ended 09/30/00 Adjustment ended 9/30/00
Revenues $61,259 $0 $61,259
Cost of Services 40,319 (3,121) 37,198
Gross Profit 20,940 3,121 24,061
G&A (before depreciation) 14,960 (1,167) 13,793
EBITDA (before restructuring) 5,980 4,288 10,268
Depreciation 1,653 0 1,653
Amortization 1,222 0 1,222
Restructuring Costs 944 (944) 0
Litigation Settlement Provision 500 (500) 0
Stock Option Compensation 102 0 102
Operating Income (Loss) 1,559 5,732 7,291
Other 240 (164) 76
Pre-tax Income (Loss) 1,319 5,896 7,215
Income Taxes 1,087 2,388 3,475
Net Income (Loss) Continuing
Operations $232 $3,508 $3,740
Income (Loss) on Discontinued
Operations, net of tax 0 0
Loss on Dispositions,
net of tax (10,264) (10,264)
Net Income (Loss) ($10,032) ($6,524)
Diluted Shares 41,367 41,367
EBITDA (before restructuring)
per Share $0.14 $0.25
Diluted EPS Continuing
Operations $0.01 $0.09
Selected Operating Data
(% of Revenues)
Gross Profit 34.2% 39.3%
General and Administrative 24.4% 22.5%
EBITDA (before restructuring) 9.8% 16.8%
As Reported Acquisition Proforma
Three months Proforma Three months
ended 06/30/00 Adjustment ended 06/30/00
Revenues $58,465 $0 $58,465
Cost of Services 39,733 (1,562) 38,171
Gross Profit 18,732 1,562 20,294
G&A (before depreciation) 16,302 (1,667) 14,635
EBITDA (before restructuring) 2,430 3,229 5,659
Depreciation 1,573 0 1,573
Amortization 1,130 0 1,130
Restructuring Costs 9,285 (9,285) 0
Litigation Settlement Provision 16,000 (16,000) 0
Stock Option Compensation 137 0 137
Operating Income (Loss) (25,695) 28,514 2,819
Other 1,932 (1,573) 359
Pre-tax Income (Loss) (27,627) 30,087 2,460
Income Taxes (10,474) 12,185 1,711
Net Income (Loss)
Continuing Operations ($17,153) $17,902 $749
Income (Loss) on Discontinued
Operations, net of tax (2,926) (2,926)
Loss on Dispositions,
net of tax (145,917) (145,917)
Net Income (Loss) ($165,996) ($148,094)
Diluted Shares 41,305 41,305
EBITDA (before
restructuring) per Share $0.06 $0.14
Diluted EPS
Continuing Operations ($0.42) $0.02
Selected Operating Data
(% of Revenues)
Gross Profit 32.0% 34.7%
General and Administrative 27.9% 25.0%
EBITDA (before restructuring) 4.2% 9.7%
NAVIGANT CONSULTING, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share and selected operating data)
(Unaudited)
Three months Nine months
September 30 September 30 September 30 September 30
2000 1999 2000 1999
Revenues $61,259 $54,956 $185,566 $161,436
Cost of Services 40,319 29,917 121,811 88,256
Gross Profit 20,940 25,039 63,755 73,180
G&A (before
depreciation) 14,960 10,054 46,281 31,205
EBITDA (before
restructuring) 5,980 14,985 17,474 41,975
Depreciation 1,653 1,296 4,997 3,777
Amortization 1,222 0 3,482 0
Restructuring Costs 944 (881) 10,229 (881)
Litigation Settlement
Provision 500 0 16,500 0
Stock Option Compensation 102 1,064 423 3,294
Operating Income
(Loss) 1,559 13,506 (18,157) 35,785
Other 240 (1,054) 2,128 (3,021)
Pre-tax Income (Loss) 1,319 14,560 (20,285) 38,806
Income Taxes 1,087 6,166 (6,452) 16,745
Net Income (Loss)
Continuing Operations $232 $8,394 ($13,833) $22,061
Income (Loss) on
Discontinued
Operations,net of tax 0 (533) (10,193) 1,163
Loss on Dispositions,
net of tax (10,264) 0 (156,181) 0
Net Income (Loss) ($10,032) $7,861 ($180,207) $23,224
Diluted Shares 41,367 45,357 41,281 43,550
EBITDA (before
restructuring)
per Share $0.14 $0.33 $0.42 $0.96
Diluted EPS
Continuing
Operations $0.01 $0.19 ($0.34) $0.51
Selected Operating Data
(% of Revenues)
Gross Profit 34.2% 45.6% 34.4% 45.3%
General and
Administrative 24.4% 18.3% 24.9% 19.3%
EBITDA (before
restructuring) 9.8% 27.3% 9.4% 26.0%
NAVIGANT CONSULTING, INC.
PROFORMA STATEMENT OF OPERATIONS
For the Nine Months Ended 09/30/00 and 09/30/99
(in thousands, except per share and selected operating data)
(Unaudited)
Proforma
Nine months Proforma Nine months
ended 9/30/00 Adjustment ended 9/30/00
Revenues $185,566 $0 $185,566
Cost of Services 121,811 (6,245) 115,566
Gross Profit 63,755 6,245 70,000
G&A (before depreciation) 46,281 (2,834) 43,447
EBITDA (before restructuring) 17,474 9,079 26,553
Depreciation 4,997 0 4,997
Amortization 3,482 0 3,482
Restructuring Costs 10,229 (10,229) 0
Litigation Settlement Provision 16,500 (16,500) 0
Stock Option Compensation 423 0 423
Operating Income (Loss) (18,157) 35,808 17,651
Other 2,128 (1,718) 410
Pre-tax Income (Loss) (20,285) 37,526 17,241
Income Taxes (6,452) 15,198 8,746
Net Income (Loss)
Continuing Operations ($13,833) $22,328 $8,495
Income (Loss) on Discontinued
Operations, net of tax (10,193) (10,193)
Loss on Dispositions (156,181) (156,181)
Net Income (Loss) ($180,207) ($157,879)
Diluted Shares 41,281 41,281
EBITDA (before
restructuring) per Share $0.42 $0.64
Diluted EPS Continuing
Operations ($0.34) $0.21
Selected Operating Data
(% of Revenues)
Gross Profit 34.4% 37.7%
General and Administrative 24.9% 23.4%
EBITDA (before restructuring) 9.4% 14.3%
As Reported Acquisition Proforma
Nine months Proforma Nine months
ended 9/30/99 Adjustment ended 9/30/99
Revenues $161,436 $19,509 $180,945
Cost of Services 88,256 14,835 103,091
Gross Profit 73,180 4,674 77,854
G&A (before depreciation) 31,205 2,940 34,145
EBITDA (before restructuring) 41,975 1,734 43,709
Depreciation 3,777 225 4,002
Amortization 0 3,390 3,390
Restructuring Costs (881) 0 (881)
Litigation Settlement Provision 0 0 0
Stock Option Compensation 3,294 0 3,294
Operating Income (Loss) 35,785 (1,881) 33,904
Other (3,021) 1,517 (1,504)
Pre-tax Income (Loss) 38,806 (3,398) 35,408
Income Taxes 16,745 (3) 16,742
Net Income (Loss)
Continuing Operations $22,061 ($3,395) $18,666
Income (Loss) on Discontinued
Operations, net of tax 1,163 1,163
Loss on Dispositions 0 0
Net Income (Loss) $23,224 $19,829
Diluted Shares 43,550 43,550
EBITDA (before restructuring)
per Share $0.96 $1.00
Diluted EPS
Continuing Operations $0.51 $0.43
Selected Operating Data
(% of Revenues)
Gross Profit 45.3% 43.0%
General and Administrative 19.3% 18.9%
EBITDA (before restructuring) 26.0% 24.2%
NAVIGANT CONSULTING, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
September 30 June 30
2000 2000
Cash and cash equivalents $34,798 $2,149
Trade accounts receivable 68,380 69,971
Prepaid and other assets 17,274 12,001
Net assets of discontinued operations
held for disposition 4,249 63,557
Total current assets 124,701 147,678
Property and equipment, net 20,835 20,573
Intangible assets, net 26,633 29,088
Other non-current assets, net 5,447 5,193
Total assets $177,616 $202,532
Current liabilities 47,157 62,936
Other liabilities 5,732 5,223
Stockholders' equity 124,727 134,373
Total liabilities and stockholders' equity $177,616 $202,532
Source: Navigant Consulting, Inc.
Contact:
Ben W. Perks, Executive Vice President and Chief Financial
Officer of Navigant Consulting, Inc., 312-573-5630
URL: navigantconsulting.com |
