News Release:
May 17, 1999 16:20
PEROT SYSTEMS CORP files 0331 qtr 10-Q. Reports $274.3 mil tot rev and $0.19 EPS.
Excerpted from 10-Q filed on 05/17 by PEROT SYSTEMS CORP: PEROT SYSTEMS CORP files 0331 qtr 10-Q. Reports $274.3 mil tot rev and $0.19 EPS.
RESULTS OF OPERATIONS
Comparison of the three months ended March 31, 1999 and 1998 Total revenue increased in the three months ended March 31, 1999 by 28.2% to $274.4 million from $214.1 million in the three months ended March 31, 1998 due to increases of $22.9 million from several new contracts entered into after the first quarter of 1998, $28.7 million from UBS (the Company's largest customer) and $8.7 million from other new and existing business.
Domestic revenue grew by 30.7% in the first quarter of 1999 to $182.3 million from $139.5 million in the first quarter of 1998, and increased slightly as a percentage of total contract revenue to 66.5% from 65.2% over the same period.
Non-domestic revenue, consisting of European and Asian operations, grew by 23.5% in the first quarter of 1999 to $92.1 million from $74.6 million in the first quarter of 1998, and decreased as a percentage of total contract revenue to 33.5% from 34.8%. The largest components of European operations were the United Kingdom, where revenue increased 10.6% to $59.4 million in the first
quarter of 1999 from $53.7 million in the first quarter of 1998, and
Switzerland, where revenue increased 51.1% to $13.7 million in the first quarter of 1999 from $9.1 million in the first quarter of 1998. Asian operations represented $4.8 million, or 1.8%, and $2.4 million, or 1.1%, of total revenue for the three months ended March 31, 1999 and 1998, respectively.
Direct cost of services increased in the first quarter of 1999 by 23.8% to $210.3 million from $169.9 million over the same period of 1998, due primarily to continued growth in the Company's business. Gross margin as a percentage of revenue increased to 23.4% from 20.6% for the first quarter of 1999 compared to the first quarter of 1998, due primarily to significant improvements in profitability on short-term projects.
Selling, general, and administrative expenses ("SG&A") increased in the first quarter of 1999 by 26.2% to $41.4 million from $32.8 million over the same period of 1998, but decreased slightly as a percentage of total contract revenue to 15.1% from 15.3%. While the Company continued to control its normal general and administrative spending during the first quarter of 1999, there were $3.5 million of charges for departmental relocations, special payroll tax accruals and litigation-related costs, collectively increasing first quarter of 1999 SG&A as a percentage of revenue by 1.3 percentage points.
(End of Item Excerpt)
----------FINANCIAL DATA SCHEDULE--------
CIK 0000894253
NAME PEROT SYSTEMS CORPORATION
MULTIPLIER 1,000
PERIOD-TYPE 3-MOS
FISCAL-YEAR-END DEC-31-1999
PERIOD-START JAN-01-1999
PERIOD-END MAR-31-1999
CASH 225,849
SECURITIES 0
RECEIVABLES 153,261
ALLOWANCES 1,713
INVENTORY 0
CURRENT-ASSETS 425,762
DEPRECIATION 90,463
TOTAL-ASSETS 497,524
CURRENT-LIABILITIES 218,676
BONDS 0
PREFERRED-MANDATORY 0
PREFERRED 0
COMMON 895
OTHER-SE 272,682
TOTAL-LIABILITY-AND-EQUITY 497,524
SALES 274,368
TOTAL-REVENUES 274,368
CGS 210,327
TOTAL-COSTS 251,719
OTHER-EXPENSES 44
LOSS-PROVISION 0
INTEREST-EXPENSE 235
INCOME-PRETAX 26,982
INCOME-TAX 10,793
INCOME-CONTINUING 0
DISCONTINUED 0
EXTRAORDINARY 0
CHANGES 0
NET-INCOME 16,189
EPS-PRIMARY 0.19
EPS-DILUTED 0.15
------------------------------------------------------------------------
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