CBSI-Earnings out-Yeesssss.
Ron:
I am sure you have seen it by now but for those who might not have.. I think the market in general should do quite well today following a interest rate cuts in Europe(Sweden & Spain),CBSI should do likewise if my calculations are correct.Also we have Cisco reporting earnings today,if they do well as expected that will be another boost to tech stocks today.What do you think.?
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Revenue Increases 35% in Third Quarter, Pro Forma For Mergers; Pro Forma Net Income Up 134%, Before Merger Costs, In Quarter.
Claremont Technology Merger Accretive Excluding One-Time Merger Costs
FARMINGTON HILLS, Mich., Nov. 3 /PRNewswire/ -- Complete Business Solutions, Inc. (Nasdaq: CBSI - news), a worldwide information technology (IT) consultant and service provider to large and medium-size organizations, reported third quarter 1998 diluted earnings per share (pro forma) of $0.24, before one-time merger costs, a 118 percent increase over third quarter 1997 pro forma diluted EPS of $0.11. Third quarter 1998 revenue increased 35 percent to $98.7 million, from $72.9 million in third quarter 1997. Pro forma net income increased 134 percent to $8.7 million, before the one-time merger costs, compared with pro forma third quarter 1997 net income of $3.7 million, before one-time merger costs......
Complete Business Solutions, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, in thousands except per share amounts)
) Three Months Ended Nine Months Ended
September 30, September 30,
1998 1997 %Change 1998 1997 %Change
Revenues $98,688 $72,878 35.4% $272,554 $198,543 37.3%
Salaries, wages and employee
benefits 50,839 39,806 27.7% 140,462 109,391 28.4%
Contractual services 9,804 5,204 88.4% 26,438 13,962
Project travel
and relocation 3,006 3,065 10,585 7,976
Depreciation and
amortization 984 848 3,018 2,119
Gross Profit 34,055 23,955 42.2% 92,051 65,095 41.4%
Selling, general and
administrative 21,769 18,149 19.9% 62,922 50,413 24.8%
Merger costs
and other 9,180 360 28,250 716
Income from
Operations 3,106 5,446 -43.0% 879 13,966 -93.7%
Other expense
(income) (821) (163) (2,110) (126)
Income before tax and minority
interest 3,927 5,609 2,989 14,092
Provision for
income taxes 2,657 1,832 5,493 5,121
Minority interest 0 0 0 82
Net Income (loss) $1,270 $3,777 -66.4% ($2,504) $8,889-128.2%
Pro forma information: Pro forma provision for
income taxes 0 265 (1,417) 57
Pro forma net
income (loss) $1,270 $3,512 -63.8% ($1,087) $8,832-112.3%
Net income (pro forma) excluding one-time
merger expenses $8,706 $3,728 133.5% $20,872 $9,262 125.4%
Earnings Per Share
(pro forma) $0.03 $0.11 ($0.03) $0.28
Earnings Per Share (pro forma) excluding one-time
merger expenses $0.24 $0.11 $0.57 $0.30
Weighted Average
Common Shares 36,297 33,411 36,404 31,143
SELECTED OPERATING DATA
Operating Margin 3.15% 7.47% 0.32% 7.03%
Operating Margin excluding one-time
merger expenses 12.45% 7.97% 10.69% 7.39%
Net Margin (pro
forma) 1.29% 4.82% -0.40% 4.45%
Net Margin (pro
forma) 8.82% 5.12% 7.66% 4.66%
excluding one-time merger expenses
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