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Thursday April 15, 8:31 am Eastern Time
Company Press Release
CIBER Reports 21st Straight Record Quarter
$190 Million Revenues
$.28 Pro Forma EPS(a)
ENGLEWOOD, Colo.--(BUSINESS WIRE)--April 15, 1999-- CIBER, Inc. (''CIBER'') (NYSE:CBR - news) reported record results today for its third fiscal 1999 quarter, which ended March 31, 1999.
Revenues for the March 1999 quarter were $190,017,000, compared to revenues of $156,015,000 for the March 1998 quarter. The increase in revenues reflects a 25% increase in services revenues offset by planned lesser growth in other revenues, primarily hardware reselling. Excluding merger costs, pro forma net income for the March 1999 quarter increased 41% to $16,711,000 or $.28 per share, compared to $11,861,000 or $.20 per share for the March 1998 quarter.
After merger costs, pro forma net income for the March 1999 quarter increased to $14,201,000 or $.24 per share, compared to $11,357,000 or $.19 per share for the March 1998 quarter. Revenues and pro forma net income, excluding merger costs, for the March 1999 quarter were 51% and 73%, respectively, greater than as originally reported for the March 1998 quarter. (All prior period information has been restated for poolings of interests and all per share data is presented on a ''diluted'' basis.)
Revenues for the nine months ended March 31, 1999 were $551,801,000 compared to $441,160,000 for the same period ended March 31, 1998. The increase in revenues reflects a 27% increase in services revenues offset by planned lesser growth in other revenues. Excluding merger costs, pro forma net income for the nine months ended March 31, 1999 was $45,633,000 or $.76 per share, an increase of 57% compared to $29,009,000 or $.50 per share, for the nine months ended March 31, 1998. After merger costs, pro forma net income for the nine months ended March 31, 1999 increased 58% to $41,588,000 or $.70 per share, compared to $26,318,000 or $.46 per share for the nine months ended March 31, 1998.
''The results of our March 1999 quarter were very impressive. It was marked with six business combinations, all of which improved our business model and are functioning well. It was also the quarter when we crossed the threshold to over 50% 'solutions business,''' stated Mac Slingerlend, President/Chief Executive Officer.
''CIBER is driving toward $1 billion in revenue; we already execute a very robust business model. We are working on multi-million dollar, longer-term transactions, business not traditionally available to CIBER. We are also seeking to further diversify our business model. Our competition is rapidly becoming the consulting arms of the Big Five accounting firms and the international system integrators. Our packaged capabilities are robust solutions. We are well on our way to differentiating our positioning from former competitors to a new breed of larger cap players,'' Slingerlend continued.
CIBER, Inc. is a premier provider of system integration consulting services. Employing 6,600+ employees located in over 45 major cities in more than 20 states plus Canada, CIBER offers leveraged information technology integration solutions in five principal areas: management consulting, aligning business/IT solutions (including E-Business, data warehousing and middleware integration), enterprise applications solutions (EAS/ERP) implementation and outsourcing services, enterprise integration and network services consulting, and professional services.
CIBER, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
In thousands, except Three Months Nine Months
per share data Ended March 31, Ended March 31,
1999 1998(1) 1999 1998(1)
Consulting services $178,572 $142,404 $503,795 $395,181
Other revenues 11,445 13,611 48,006 45,979
Total revenues 190,017 156,015 551,801 441,160
Cost of consulting services 113,261 90,163 322,750 254,842
Cost of other revenues 7,953 9,727 33,174 33,719
Selling, general and
administrative expenses 41,217 35,817 119,591 102,783
Amortization of intangible
assets 1,453 978 3,604 2,886
Merger costs 2,510 504 4,045 2,691
Operating income 23,623 18,826 68,637 44,239
Interest and other
income, net 797 445 2,226 1,308
Income before income
taxes 24,420 19,271 70,863 45,547
Income tax expense 10,969 6,955 29,577 17,899
Net income 13,451 12,316 41,286 27,648
Pro forma adjustment to
income tax expense 750 (959) 302 (1,330)
Pro forma net income $ 14,201 $ 11,357 $ 41,588 $ 26,318
Pro forma income per share
-- diluted $ .24 $ .19 $ .70 $ .46
Pro forma income per share
-- diluted, excluding
merger costs $ .28 $ .20 $ .76 $ .50
Weighted average shares
-- diluted 60,141 58,524 59,760 57,821
(1) Restated for poolings of interests through March 31, 1999.
For the three months ended March 31, 1999 and 1998, respectively, pro forma income per share -- basic was $.24 and $.20 ($.29 and $.21 excluding merger costs) and weighted average shares -- basic were 58,274 and 55,932.
For the nine months ended March 31, 1999 and 1998, respectively, pro forma income per share -- basic was $.72 and $.48 ($.79 and $.52 excluding merger costs) and weighted average shares - basic were 57,787 and 55,320.
(a) Excluding merger costs
''Safe Harbor'' Statement under the Private Securities Litigation Reform Act of 1995: Forward-looking statements 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.
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