GREENWOOD VILLAGE, Colo.,
July 30, 2015 /PRNewswire/
-- Ciber, Inc. (NYSE: CBR), a leading global information
technology consulting, services and outsourcing company, today
reported results for the second quarter of 2015.
Financial Highlights
For the quarter ended June 30, 2015:
- Revenue of $197.9 million, a 2%
increase in constant currency, down 8% in U.S. dollars versus the
prior year
- Gross margin of 26.1%, up from 25.4% in the prior year and
25.6% in the prior quarter
- Operating income of $3.7 million,
before amortization and restructuring charges of $0.7 million
- Net income from continuing operations of $1.2 million, or $0.01 per share
- Operating cash flow used in continuing operations of
$3.5 million
Revenue of $197.9 million
increased 2% in constant currency, or decreased 8% in U.S. dollars,
compared with last year's second quarter. Net income from
continuing operations, before amortization, restructuring charges
and management transition costs, for the second quarter of 2015 was
$2.0 million, or $0.02 per share compared to $1.3 million, or $0.02 on a per share basis in the second quarter
of 2014. GAAP net income from continuing operations was
$1.2 million in the quarter.
GAAP operating margin was 1.5% and non-GAAP operating margin was
1.9% for the second quarter. Reconciliations of non-GAAP
financial measures to GAAP operating results and diluted EPS are
included at the end of this release.
President and Chief Executive Officer Michael Boustridge said, "Our second-quarter
results are solid, and we continue to show improvement. We
are delighted to launch our SaaS line of business for application
modernization, Ciber Momentum, which we believe will give us triple
digit increases in subscription revenues and services fees over
three years, allowing us to grow this into a $200M+ business."
Christian Mezger, Chief Financial
Officer, commented, "In constant currency, we have delivered four
consecutive quarters of year-over-year profit improvement and three
consecutive quarters of year-over-year revenue growth.
North America has shown strong
revenue performance, while International was flat year-over-year in
constant currency."
Market Highlights
- Ciber signed an industry-leading Talent Services deal, with a
Fortune 30 company, using its Talent Transformation Model.
This represents $90 million in total
contract value over the next three years.
- The University of Strathclyde in
Scotland chose Ciber to implement
a new Student Administration system based on Oracle.
- JFK Medical Center signed a contract with Ciber to implement a
new Infor ERP system.
- Aenova selected Ciber for their cloud journey to S/4 HANA.
Other Highlights
Stock Repurchase Program
In the second quarter of 2015 we purchased $0.9 million of treasury stock under our publicly
announced buyback plan.
Restructuring Program
On July 25, 2014, we approved a
restructuring plan focused on the implementation of a go-to-market
model, realigning the organization and improving our near and
offshore delivery mix ("the 2014 Plan"). The 2014 Plan
commenced in the third quarter of 2014 and is expected to be
completed in the third quarter of 2015. It is expected to
impact approximately 280 people. We estimate the total amount
of the restructuring charges for the 2014 Plan will be
approximately $27 million,
substantially all of which will be settled in cash. The total
estimated restructuring expenses include approximately $20 million related to employee severance and
related benefits and approximately $7
million related to professional fees, office closures and
other expenses. We expect the 2014 Plan will result in
annualized pre-tax net savings from these actions of approximately
$18 million that will be fully
realized starting in the second half of 2015 and each year
thereafter.
Continuing Operations
For a recap of historical comparisons, please refer to Ciber's
SEC filings on forms 10-Q and 8-K. These filings may be found
in the Investor Relations section of the Company's website at
www.ciber.com/cbr.
Investor and Analyst Conference Call
Ciber President and Chief Executive Officer Michael Boustridge invites you to participate in
a conference call or audiocast today at 8:30
a.m. Eastern Time to discuss the Company's financial
results.
The live audiocast of the conference call will be available to
the public at www.ciber.com/cbr. To participate in the
conference call, dial 877-407-8293 (U.S.) or +1-201-689-8349
(outside the U.S.) ten minutes prior to the start of the call.
A replay of the call and webcast will be available one hour
after the call ends through August
31, 2015. To access the telephone replay, dial
877-660-6853 (U.S.) or +1-201-612-7415 (outside the
U.S.). The webcast replay will be available at
www.ciber.com/cbr.
Non-GAAP Financial Information
Ciber presents a number of non-GAAP measurements because
management believes that these metrics provide meaningful
supplemental information in addition to the GAAP metrics and
provide comparability and consistency to prior periods. These
non-GAAP measurements include: second quarter 2015 revenue change
year-over-year adjusted for currency; second quarter 2015
year-to-date revenue change year-over-year adjusted for currency;
second quarter 2015 sequential revenue change adjusted for
currency; international second quarter 2015 revenue change
year-over-year adjusted for currency; international second quarter
2015 year-to-date revenue change year-over-year adjusted for
currency; international second quarter 2015 sequential revenue
change adjusted for currency; second quarter 2015 operating income
from continuing operations and operating margin adjusted for
restructuring, amortization, and management transition costs; first
quarter 2015 operating income from continuing operations and
operating margin adjusted for restructuring charges, amortization
and management transition costs; second quarter 2014 operating
income from continuing operations and operating margin adjusted for
restructuring charges, amortization and management transition
costs; second quarter 2015 net income from continuing operations
and net income per share from continuing operations adjusted for
restructuring charges, amortization and management transition
costs; first quarter 2015 net income from continuing operations and
net income per share from continuing operations adjusted for
restructuring charges, amortization and management transition
costs; and second quarter 2014 net income from continuing
operations and net income per share from continuing operations
adjusted for restructuring charges, amortization and management
transition costs. Reconciliations of non-GAAP to comparable GAAP
measures are available in the schedules accompanying this release.
These reconciliations may also be found in the Investor Relations
section of the Company's website at www.ciber.com/cbr.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995
relating to our operations, results of operations and other matters
that are based on our current expectations, estimates, forecasts
and projections. Words, such as "anticipate," "believe," "could,"
"expect," "estimate," "intend," "may," "opportunity," "plan,"
"positioned," "potential," "project," "should," and "will" and
similar expressions, are intended to identify these forward-looking
statements. These statements are not guarantees of future
performance and involve risks, uncertainties and assumptions that
are difficult to predict. Forward-looking statements are based on
assumptions as to future events that may not prove to be accurate.
Risks, uncertainties and
other factors that could cause actual results to differ
materially from those expressed or implied by our forward-looking
statements include, but are not limited to, risks that: our results
of operations may be adversely affected if we are unable to
execute on the key elements of our strategic plan or our strategic
plan proves to be less successful than anticipated; if we are not
able to anticipate and keep pace with rapid changes in technology,
our business may be negatively affected; a data security or
privacy breach could adversely affect our business; we may
experience declines in revenue and profitability if we do not
accurately estimate the cost of engagements conducted on a
fixed-price basis; our business could be adversely affected if our
clients are not satisfied with our services, and we could face
damage to our professional reputation and/or legal liability;
termination of a contract by a significant client and/or
cancellation with short notice could adversely affect our results
of operations; our results of operations can be adversely affected
by economic conditions and the impacts of economic conditions on
our clients' operations and technology spending; if we do not
continue to improve our operational, financial and other internal
controls and systems to manage our growth and size or if we are
unable to enter, operate and compete effectively in new geographic
markets, our results of operations may suffer and the value of our
business may be harmed; our brand and reputation are key assets and
competitive advantages of our Company and our business may be
affected by how we are perceived in the marketplace; our future
success depends on our ability to continue to retain and attract
qualified sales, delivery and technical employees; we cannot
guarantee that we are in compliance with all applicable laws and
regulations; if we are unable to protect our intellectual property
rights from unauthorized use or infringement by third parties, our
business could be adversely affected; our services or solutions
could infringe upon the intellectual property rights of others, or
we might lose our ability to utilize rights we claim in
intellectual property or the intellectual property of others; if we
are unable to collect our receivables, our results of operations
and cash flows could be adversely affected; our credit agreement,
an asset-based loan facility, limits our operational and financial
flexibility; our revenues, operating results and profitability may
vary from quarter to quarter and may result in increased volatility
in the price of our stock; our international operations expose us
to additional risks that could have adverse effects on our business
and operating results; the IT services industry, in the U.S. and
internationally, is highly competitive, with increased focus on
offshore capability and we may not be able to compete effectively
in this evolving marketplace; our operations are vulnerable to
disruptions that may impact our results of operations and from
which we may not recover; we might not be successful at
identifying, acquiring, or integrating businesses or entering into
joint ventures; we could incur additional losses due to further
impairment in the carrying value of our goodwill; we depend on
contracts with various public sector agencies for a significant
portion of our revenue and, if the spending policies or budget
priorities of these agencies change, we could lose revenue;
unfavorable government audits could require us to adjust previously
reported operating results, to forego anticipated revenue and
subject us to penalties and sanctions; we have adopted
anti-takeover defenses that could make it difficult for another
company to acquire control of Ciber or limit the price investors
might be willing to pay for our stock, thus affecting the market
price of our securities. For a more detailed discussion of
these factors, see the information under the "Risk Factors" heading
in our Annual Report on Form 10-K for the year ended December 31, 2014 and other documents filed with
or furnished to the Securities and Exchange Commission. We
undertake no obligation to publicly update any forward-looking
statements in light of new information or future events. Readers
are cautioned not to put undue reliance on forward-looking
statements.
About Ciber, Inc.
Ciber is a global IT consulting company with some 6,500
consultants in North America,
Europe and Asia/Pacific, and approximately $1 billion in annual business. Client focused and
results driven, Ciber partners with organizations to develop
technology strategies and solutions that deliver tangible business
value. Founded in 1974, the company trades on the New York Stock
Exchange (NYSE: CBR). For more information, visit
www.Ciber.com.
Contact:
Christian Mezger
Investor Relations
303-220-0100
cmezger@ciber.com
Bonnie Bird
Media Relations
303-220-0100
bbird@ciber.com
Ciber, Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
|
|
|
|
|
|
Three Months
Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
REVENUES
|
|
|
|
|
|
|
|
Consulting
services
|
$
|
187,246
|
|
|
$
|
202,639
|
|
|
$
|
378,300
|
|
|
$
|
407,620
|
|
Other
revenue
|
10,698
|
|
|
12,007
|
|
|
21,649
|
|
|
25,037
|
|
Total
revenues
|
197,944
|
|
|
214,646
|
|
|
399,949
|
|
|
432,657
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES
|
|
|
|
|
|
|
|
Cost of consulting
services
|
140,621
|
|
|
153,260
|
|
|
284,416
|
|
|
307,111
|
|
Cost of other
revenue
|
5,618
|
|
|
6,830
|
|
|
12,113
|
|
|
14,419
|
|
Selling, general and
administrative
|
48,030
|
|
|
55,393
|
|
|
93,748
|
|
|
105,033
|
|
Amortization of
intangible assets
|
107
|
|
|
67
|
|
|
107
|
|
|
67
|
|
Restructuring
charges
|
675
|
|
|
1,508
|
|
|
736
|
|
|
1,406
|
|
Total operating
expenses
|
195,051
|
|
|
217,058
|
|
|
391,120
|
|
|
428,036
|
|
|
|
|
|
|
|
|
|
OPERATING INCOME
(LOSS) FROM CONTINUING OPERATIONS
|
2,893
|
|
|
(2,412)
|
|
|
8,829
|
|
|
4,621
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
(427)
|
|
|
(536)
|
|
|
(741)
|
|
|
(898)
|
|
Other expense,
net
|
(225)
|
|
|
(20)
|
|
|
(378)
|
|
|
(90)
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) FROM
CONTINUING OPERATIONS BEFORE INCOME TAXES
|
2,241
|
|
|
(2,968)
|
|
|
7,710
|
|
|
3,633
|
|
Income tax
expense
|
1,090
|
|
|
2,201
|
|
|
2,341
|
|
|
4,736
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) FROM
CONTINUING OPERATIONS
|
1,151
|
|
|
(5,169)
|
|
|
5,369
|
|
|
(1,103)
|
|
Loss from
discontinued operations, net of income tax
|
(16)
|
|
|
(288)
|
|
|
(58)
|
|
|
(430)
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED NET
INCOME (LOSS)
|
1,135
|
|
|
(5,457)
|
|
|
5,311
|
|
|
(1,533)
|
|
Net income (loss)
attributable to noncontrolling interests
|
(10)
|
|
|
10
|
|
|
(8)
|
|
|
15
|
|
|
|
|
|
|
|
|
|
NET EARNINGS (LOSS)
ATTRIBUTABLE TO CIBER, INC.
|
$
|
1,145
|
|
|
$
|
(5,467)
|
|
|
$
|
5,319
|
|
|
$
|
(1,548)
|
|
|
|
|
|
|
|
|
|
Basic and diluted
earnings (loss) per share attributable to Ciber, Inc.:
|
|
|
|
|
|
|
|
Continuing
operations
|
$
|
0.01
|
|
|
$
|
(0.07)
|
|
|
$
|
0.07
|
|
|
$
|
(0.01)
|
|
Discontinued
operations
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.01)
|
|
Basic and diluted
earnings (loss) per share attributable to Ciber, Inc.
|
$
|
0.01
|
|
|
$
|
(0.07)
|
|
|
$
|
0.07
|
|
|
$
|
(0.02)
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding:
|
|
|
|
|
|
|
|
Basic
|
78,880
|
|
|
77,301
|
|
|
78,804
|
|
|
76,877
|
|
Diluted
|
79,801
|
|
|
77,301
|
|
|
79,670
|
|
|
76,877
|
|
Ciber, Inc.
CONSOLIDATED BALANCE SHEETS
(In thousands, except per share amounts)
(Unaudited)
|
|
|
|
|
|
June 30,
2015
|
|
December
31,
2014
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
|
17,624
|
|
|
$
|
45,858
|
|
Accounts receivable,
net of allowances of $2,989 and $2,842, respectively
|
187,009
|
|
|
173,450
|
|
Prepaid expenses and
other current assets
|
27,908
|
|
|
26,714
|
|
Total current
assets
|
232,541
|
|
|
246,022
|
|
|
|
|
|
Property and
equipment, net of accumulated depreciation of $42,185 and $46,871,
respectively
|
17,906
|
|
|
14,115
|
|
Goodwill
|
261,294
|
|
|
267,587
|
|
Other
assets
|
7,042
|
|
|
7,559
|
|
|
|
|
|
TOTAL
ASSETS
|
$
|
518,783
|
|
|
$
|
535,283
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
Liabilities:
|
|
|
|
Current
liabilities:
|
|
|
|
Current portion of
long-term debt
|
$
|
9,803
|
|
|
$
|
—
|
|
Accounts
payable
|
27,773
|
|
|
32,926
|
|
Accrued compensation
and related liabilities
|
37,433
|
|
|
59,012
|
|
Deferred
revenue
|
19,024
|
|
|
17,475
|
|
Income taxes
payable
|
67
|
|
|
573
|
|
Other accrued
expenses and liabilities
|
36,961
|
|
|
50,932
|
|
Total current
liabilities
|
131,061
|
|
|
160,918
|
|
|
|
|
|
Long-term
debt
|
20,850
|
|
|
11,402
|
|
Deferred income
taxes
|
29,828
|
|
|
28,422
|
|
Other long-term
liabilities
|
10,781
|
|
|
8,465
|
|
Total
liabilities
|
192,520
|
|
|
209,207
|
|
|
|
|
|
Commitments and
contingencies (see note 9)
|
|
|
|
|
|
|
|
Equity:
|
|
|
|
Ciber, Inc.
shareholders' equity:
|
|
|
|
Preferred stock,
$0.01 par value, 1,000 shares authorized, no shares
issued
|
—
|
|
|
—
|
|
Common stock, $0.01
par value, 100,000 shares authorized, 79,100 and 78,728 shares
issued, respectively
|
791
|
|
|
787
|
|
Treasury stock, at
cost, 44 and 32 shares, respectively
|
(153)
|
|
|
(117)
|
|
Additional paid-in
capital
|
364,928
|
|
|
360,419
|
|
Accumulated
deficit
|
(15,044)
|
|
|
(18,348)
|
|
Accumulated other
comprehensive loss
|
(24,829)
|
|
|
(17,243)
|
|
Total
Ciber, Inc. shareholders' equity
|
325,693
|
|
|
325,498
|
|
Noncontrolling
interests
|
570
|
|
|
578
|
|
Total
equity
|
326,263
|
|
|
326,076
|
|
|
|
|
|
TOTAL LIABILITIES AND
EQUITY
|
$
|
518,783
|
|
|
$
|
535,283
|
|
Ciber, Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands) (Unaudited)
|
|
|
|
Six Months Ended June
30,
|
|
2015
|
|
2014
|
CASH FLOWS FROM
OPERATING ACTIVITIES
|
|
|
|
Consolidated net
income (loss)
|
$
|
5,311
|
|
|
$
|
(1,533)
|
|
Adjustments to
reconcile consolidated net income (loss) to net cash used in
operating activities:
|
|
|
|
Loss from
discontinued operations
|
58
|
|
|
430
|
|
Depreciation
|
2,715
|
|
|
2,611
|
|
Amortization of
intangible assets
|
107
|
|
|
67
|
|
Deferred income tax
expense
|
2,172
|
|
|
2,413
|
|
Provision for
(recovery of) doubtful receivables
|
373
|
|
|
(65)
|
|
Share-based
compensation expense
|
3,927
|
|
|
7,420
|
|
Amortization of debt
costs
|
285
|
|
|
285
|
|
Other, net
|
1,154
|
|
|
195
|
|
Changes in operating
assets and liabilities:
|
|
|
|
Accounts
receivable
|
(18,462)
|
|
|
(8,413)
|
|
Other current and
long-term assets
|
(8,309)
|
|
|
2,040
|
|
Accounts
payable
|
(4,337)
|
|
|
(7,129)
|
|
Accrued compensation
and related liabilities
|
(20,828)
|
|
|
(17,195)
|
|
Other current and
long-term liabilities
|
(3,061)
|
|
|
(5,985)
|
|
Income taxes
payable/refundable
|
1,802
|
|
|
(2,391)
|
|
Cash used in
operating activities — continuing operations
|
(37,093)
|
|
|
(27,250)
|
|
Cash used in
operating activities — discontinued operations
|
(222)
|
|
|
(779)
|
|
Cash used in
operating activities
|
(37,315)
|
|
|
(28,029)
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES
|
|
|
|
Acquisition
|
—
|
|
|
(845)
|
|
Purchases of property
and equipment, net
|
(3,621)
|
|
|
(5,009)
|
|
Cash used in
investing activities — continuing operations
|
(3,621)
|
|
|
(5,854)
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES
|
|
|
|
Borrowings on
long-term debt
|
196,009
|
|
|
157,869
|
|
Payments on long-term
debt
|
(176,734)
|
|
|
(150,414)
|
|
Employee stock
purchases and options exercised
|
999
|
|
|
4,373
|
|
Purchase of shares
for employee tax withholdings
|
(799)
|
|
|
(2,675)
|
|
Purchase of
noncontrolling interest
|
(4,991)
|
|
|
—
|
|
Purchase of treasury
stock
|
(1,665)
|
|
|
—
|
|
Cash provided by
financing activities — continuing operations
|
12,819
|
|
|
9,153
|
|
Effect of foreign
exchange rate changes on cash and cash equivalents
|
(117)
|
|
|
611
|
|
Net decrease in cash
and cash equivalents
|
(28,234)
|
|
|
(24,119)
|
|
Cash and cash
equivalents, beginning of period
|
45,858
|
|
|
44,483
|
|
Cash and cash
equivalents, end of period
|
$
|
17,624
|
|
|
$
|
20,364
|
|
Ciber, Inc.
SUMMARY SEGMENT DATA
(Dollars in thousands) (Unaudited)
|
|
|
|
Summary Segment
Analysis
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended June
30,
|
|
2015
|
|
2014
|
|
Change
|
|
2015
|
|
2014
|
|
Change
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
International
|
$
|
89,295
|
|
|
$
|
109,830
|
|
|
(19)
|
%
|
|
$
|
185,982
|
|
|
$
|
224,811
|
|
|
(17)
|
%
|
North
America
|
108,825
|
|
|
105,154
|
|
|
3
|
%
|
|
214,392
|
|
|
208,632
|
|
|
3
|
%
|
Other
|
833
|
|
|
567
|
|
|
47
|
%
|
|
1,621
|
|
|
1,221
|
|
|
33
|
%
|
Total segment
revenues
|
198,953
|
|
|
215,551
|
|
|
(8)
|
%
|
|
401,995
|
|
|
434,664
|
|
|
(8)
|
%
|
Inter-segment
|
(1,009)
|
|
|
(905)
|
|
|
n/m
|
|
(2,046)
|
|
|
(2,007)
|
|
|
n/m
|
Total
revenues
|
$
|
197,944
|
|
|
$
|
214,646
|
|
|
(8)
|
%
|
|
$
|
399,949
|
|
|
$
|
432,657
|
|
|
(8)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss) from continuing operations:
|
|
|
|
|
|
|
|
|
|
|
|
International
|
$
|
5,225
|
|
|
$
|
3,231
|
|
|
62
|
%
|
|
$
|
11,638
|
|
|
$
|
10,055
|
|
|
16
|
%
|
North
America
|
10,387
|
|
|
9,109
|
|
|
14
|
%
|
|
20,383
|
|
|
17,581
|
|
|
16
|
%
|
Other
|
49
|
|
|
(4)
|
|
|
1325
|
%
|
|
125
|
|
|
133
|
|
|
(6)
|
%
|
Total segment
operating income
|
15,661
|
|
|
12,336
|
|
|
27
|
%
|
|
32,146
|
|
|
27,769
|
|
|
16
|
%
|
Corporate
expenses
|
(11,986)
|
|
|
(13,173)
|
|
|
9
|
%
|
|
(22,474)
|
|
|
(21,675)
|
|
|
(4)
|
%
|
Operating income
(loss) from continuing operations before amortization and
restructuring charges
|
3,675
|
|
|
(837)
|
|
|
539
|
%
|
|
9,672
|
|
|
6,094
|
|
|
59
|
%
|
Amortization of
intangible assets
|
(107)
|
|
|
(67)
|
|
|
n/m
|
|
(107)
|
|
|
(67)
|
|
|
n/m
|
Restructuring
charges
|
(675)
|
|
|
(1,508)
|
|
|
55
|
%
|
|
(736)
|
|
|
(1,406)
|
|
|
48
|
%
|
Total operating
income (loss) from continuing operations
|
$
|
2,893
|
|
|
$
|
(2,412)
|
|
|
220
|
%
|
|
$
|
8,829
|
|
|
$
|
4,621
|
|
|
91
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_____________
|
n/m = not
meaningful
|
Segments as
Percent of Total Segment Revenue and Total Segment Operating
Income (excluding Inter-segment, corporate expenses,
amortization and restructuring)
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended June
30,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Revenues:
|
|
|
|
|
|
|
|
International
|
45
|
%
|
|
51
|
%
|
|
47
|
%
|
|
52
|
%
|
North
America
|
55
|
%
|
|
49
|
%
|
|
53
|
%
|
|
48
|
%
|
Other
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
Total segment
revenues
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
|
|
|
|
|
|
|
Operating
income:
|
|
|
|
|
|
|
|
International
|
34
|
%
|
|
26
|
%
|
|
37
|
%
|
|
36
|
%
|
North
America
|
66
|
%
|
|
74
|
%
|
|
63
|
%
|
|
63
|
%
|
Other
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
1
|
%
|
Total segment
operating income
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
Segment Operating
Margins (excluding corporate expenses, amortization and
restructuring charges)
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended June
30,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Operating
margin:
|
|
|
|
|
|
|
|
International
|
6
|
%
|
|
3
|
%
|
|
6
|
%
|
|
5
|
%
|
North
America
|
10
|
%
|
|
9
|
%
|
|
10
|
%
|
|
8
|
%
|
Other
|
6
|
%
|
|
(1)%
|
|
|
8
|
%
|
|
11
|
%
|
Total segment
operating margin
|
8
|
%
|
|
6
|
%
|
|
8
|
%
|
|
6
|
%
|
Ciber, Inc.
NON-GAAP FINANCIAL INFORMATION
(Dollars in millions, except per share
amounts)
(Unaudited)
Ciber reports its financial results in accordance with U.S.
generally accepted accounting principles ("GAAP"). However,
management believes that certain non-GAAP financial measures used
in managing our business may provide users of this financial
information with additional meaningful comparisons between current
results and prior reported results. Certain of the
information set forth in this press release, our quarterly earnings
call, and our quarterly report on form 10-Q constitutes non-GAAP
financial measures within the meaning of Regulation G adopted by
the Securities and Exchange Commission. We have presented
below a reconciliation of these measures to the most directly
comparable GAAP financial measure. The presentation of this
additional information is not meant to be considered in isolation
or as a substitute for comparable amounts determined in accordance
with GAAP in the United
States.
Components of
Revenue
|
|
|
|
|
Three Months Ended
June 30, 2015 Comparison
to
Three Months Ended June 30, 2014
|
|
|
Constant Currency
Revenue Decrease
|
|
Foreign Exchange
Impact
|
|
GAAP Reported Revenue
Decrease
|
Revenues:
|
|
|
|
|
|
|
Consolidated
|
|
1.9
|
%
|
|
(9.7)%
|
|
|
(7.8)%
|
|
|
|
|
|
|
|
|
International
|
|
0.3
|
%
|
|
(19)%
|
|
|
(18.7)%
|
|
|
|
|
|
|
Three Months Ended
June 30, 2015 Sequential Comparison
to Three Months Ended March 31, 2015
|
|
|
Constant Currency
Revenue Decrease
|
|
Foreign Exchange
Impact
|
|
GAAP Reported Revenue
Decrease
|
Revenues:
|
|
|
|
|
|
|
Consolidated
|
|
(0.3)%
|
|
|
(1.7)%
|
|
|
(2.0)%
|
|
|
|
|
|
|
|
|
International
|
|
(4.0)%
|
|
|
(3.6)%
|
|
|
(7.6)%
|
|
|
|
|
|
|
Six Months Ended June
30, 2015 Comparison to Six Months
Ended June 30, 2014
|
|
|
Constant Currency
Revenue Decrease
|
|
Foreign Exchange
Impact
|
|
GAAP Reported Revenue
Decrease
|
Revenues:
|
|
|
|
|
|
|
Consolidated
|
|
1.2
|
%
|
|
(8.8)%
|
|
|
(7.6)%
|
|
|
|
|
|
|
|
|
International
|
|
(0.5)%
|
|
|
(16.8)%
|
|
|
(17.3)%
|
|
Adjusted Results
of Operations
|
|
|
|
Consolidated*
|
|
Three Months Ended
June 30, 2015
|
|
Three Months Ended
June 30, 2014
|
|
Three Months Ended
March 31, 2015
|
|
In
millions
|
|
Margin
|
|
In
millions
|
|
Margin
|
|
In
millions
|
|
Margin
|
GAAP reported
operating income (loss) from continuing operations
|
2.9
|
|
|
1.5
|
%
|
|
$
|
(2.4)
|
|
|
(1.1)%
|
|
|
$
|
5.9
|
|
|
2.9
|
%
|
Restructuring
charges
|
0.7
|
|
|
0.3
|
|
|
1.5
|
|
|
0.7
|
|
|
0.1
|
|
|
—
|
|
Amortization of
intangible assets
|
0.1
|
|
|
0.1
|
|
|
0.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Management transition
costs
|
—
|
|
|
—
|
|
|
5.0
|
|
|
2.3
|
|
|
—
|
|
|
—
|
|
Operating income from
continuing operations before restructuring charges, amortization
and management transition costs
|
$
|
3.7
|
|
|
1.9
|
%
|
|
$
|
4.1
|
|
|
1.9
|
%
|
|
$
|
6.0
|
|
|
3.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Columns may not
total due to rounding
|
|
|
|
Consolidated*
|
|
Three Months
Ended
June 30, 2015
|
|
Three Months
Ended
June 30, 2014
|
|
Three Months
Ended
March 31, 2015
|
|
In
millions
|
|
Per
Share
|
|
In
millions
|
|
Per Share
|
|
In
millions
|
|
Per Share
|
GAAP net income
(loss) from continuing operations
|
1.2
|
|
|
$
|
0.01
|
|
|
(5.2)
|
|
|
$
|
(0.07)
|
|
|
$
|
4.2
|
|
|
$
|
0.05
|
|
Restructuring
charges
|
0.7
|
|
|
0.01
|
|
|
1.5
|
|
|
0.02
|
|
|
0.1
|
|
|
—
|
|
Tax impact of
restructuring charges
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.2)
|
|
|
—
|
|
Amortization of
intangibles
|
0.1
|
|
|
—
|
|
|
0.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Management transition
costs
|
—
|
|
|
—
|
|
|
5.0
|
|
|
0.06
|
|
|
—
|
|
|
—
|
|
Net income from
continuing operations before restructuring charges, amortization
and management transition costs
|
$
|
2.0
|
|
|
$
|
0.02
|
|
|
$
|
1.3
|
|
|
$
|
0.02
|
|
|
$
|
4.1
|
|
|
$
|
0.05
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Columns may not
total due to rounding
|
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SOURCE Ciber, Inc.