GREENWOOD VILLAGE, Colo.,
Oct. 29, 2015 /PRNewswire/
-- Ciber, Inc. (NYSE: CBR), a leading global information
technology consulting, services and outsourcing company, today
reported results for the third quarter of 2015.
Financial Highlights
For the quarter ended September 30, 2015:
- Revenue of $192.6 million, down
1% in constant currency and 9% in U.S. dollars versus the prior
year
- North America revenue of
$110.0 million, up 4% versus the
prior year
- Gross margin of 26.8%, up from 26.0% in the prior year and
26.1% in the prior quarter
- Operating income of $2.6 million,
before amortization and restructuring charges of $1.0 million
- Net loss from continuing operations of $0.1 million, or $0.00 per share
- Operating cash flow from continuing operations improved to
$5 million
Revenue of $192.6 million
decreased 1% in constant currency and 9% in U.S. dollars, compared
with last year's third quarter. The North America segment posted revenue of
$110.0 million, up 4% from the
year-ago third quarter and up 1% compared to the second quarter of
2015. Revenue in the International division was $82.8 million for the third quarter of 2015, down
6% in constant currency and 21% in U.S. dollars compared to the
year-ago third quarter. Compared to the second quarter of
2015, International revenue was down 8% in constant currency and 7%
in U.S. dollars.
Net income from continuing operations, before amortization and
restructuring charges, for the third quarter of 2015 was
$0.9 million, or $0.01 per share compared to a net loss of
$1.9 million, or $(0.02) per share in the third quarter of
2014. GAAP net loss from continuing operations was
$0.1 million in the quarter or
$0.00 per share. GAAP operating
margin was 0.8% and non-GAAP operating margin was 1.4% for the
third 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 third quarter
results very clearly reflect both the costs and the benefits of our
plans to be a leader in staffing, services and
Software-as-a-Service (SaaS) delivery. We launched Ciber
Momentum™, our first SaaS offering for application modernization;
we strengthened our Talent Services offerings; and we added the
leadership and sales talent that will enable us to maximize the
market potential of these new products. We remain committed
that we will achieve 6% to 8% operating margins, with investments,
by the second half of 2016. Our recent progress in Ciber
Momentum™ and Ciber Transformation Services™ reinforces our
confidence in the achievability of these results."
Christian Mezger, Chief Financial
Officer, commented, "We have delivered five consecutive quarters of
year-over-year revenue growth in our North America segment, with sequential
improvement in revenue and gross margin. International
revenue, on a constant currency basis, was down year-over-year
mainly due to a decline in the UK. Fluctuations in European
currencies versus the US dollar continue to have a major impact on
2015 results."
Business Highlights
- Ciber signed a contract with a global leader in manufacturing
to deliver a new implementation on SAP's next-generation platform
over the next 15 months. The global project will involve
multiple customer and Ciber locations.
- Ciber signed a contract with Presbyterian Medical Services to
deploy Oracle Cloud ERP, Cloud HCM and Taleo. The project
will create a modernized and integrated system across
Presbyterian's enterprise, while reducing support costs by moving
to the cloud.
- Ciber launched Ciber Momentum™, our first SaaS offering, in
North America.
- Ciber invested $2 million in new
product development, primarily supporting Ciber Momentum™ and Ciber
Transformation Services™.
Stock Repurchase Program
Since the inception of the program, we have spent $1.7 million to repurchase shares 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 was substantially
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.
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 November
30, 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: third quarter 2015 revenue change
year-over-year adjusted for currency; third quarter 2015
year-to-date revenue change year-over-year adjusted for currency;
third quarter 2015 sequential revenue change adjusted for currency;
international third quarter 2015 revenue change year-over-year
adjusted for currency; international third quarter 2015
year-to-date revenue change year-over-year adjusted for currency;
international third quarter 2015 sequential revenue change adjusted
for currency; third quarter 2015 operating income from continuing
operations and operating margin adjusted for restructuring and
amortization; second quarter 2015 operating income from continuing
operations and operating margin adjusted for restructuring charges
and amortization; third quarter 2014 operating income from
continuing operations and operating margin adjusted for
restructuring charges and amortization; third quarter 2015 net
income from continuing operations and net income per share from
continuing operations adjusted for restructuring charges and
amortization; second quarter 2015 net income from continuing
operations and net income per share from continuing operations
adjusted for restructuring charges and amortization; and third
quarter 2014 net income from continuing operations and net income
per share from continuing operations adjusted for restructuring
charges and amortization. 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,
including new offerings, or our strategic plan proves to be less
successful than anticipated; investments may not produce intended
results; 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, 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
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 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 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 is highly competitive, and we may not be able to
compete effectively; our operations are vulnerable to disruptions
that may impact our results of operations and from which we may not
recover; 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 most recent Form 10-K and Form 10-Q
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
Kelly Butler
Media Relations
303-220-0100
kbutler@ciber.com
Ciber,
Inc.
CONSOLIDATED
STATEMENTS OF OPERATIONS
(In thousands, except
per share amounts)
(Unaudited)
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
REVENUES
|
|
|
|
|
|
|
|
Consulting
services
|
$
|
180,490
|
|
|
$
|
200,314
|
|
|
$
|
558,790
|
|
|
$
|
607,934
|
|
Other
revenue
|
12,111
|
|
|
10,992
|
|
|
33,760
|
|
|
36,029
|
|
Total
revenues
|
192,601
|
|
|
211,306
|
|
|
592,550
|
|
|
643,963
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES
|
|
|
|
|
|
|
|
Cost of consulting
services
|
133,705
|
|
|
150,414
|
|
|
418,121
|
|
|
457,525
|
|
Cost of other
revenue
|
7,273
|
|
|
6,040
|
|
|
19,386
|
|
|
20,459
|
|
Selling, general and
administrative
|
48,978
|
|
|
51,969
|
|
|
142,726
|
|
|
157,002
|
|
Amortization of
intangible assets
|
55
|
|
|
65
|
|
|
162
|
|
|
132
|
|
Restructuring
charges
|
1,002
|
|
|
21,244
|
|
|
1,738
|
|
|
22,650
|
|
Total operating
expenses
|
191,013
|
|
|
229,732
|
|
|
582,133
|
|
|
657,768
|
|
|
|
|
|
|
|
|
|
OPERATING INCOME
(LOSS) FROM CONTINUING OPERATIONS
|
1,588
|
|
|
(18,426)
|
|
|
10,417
|
|
|
(13,805)
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
(377)
|
|
|
(372)
|
|
|
(1,118)
|
|
|
(1,270)
|
|
Other expense,
net
|
(5)
|
|
|
(1,522)
|
|
|
(383)
|
|
|
(1,612)
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) FROM
CONTINUING OPERATIONS BEFORE INCOME TAXES
|
1,206
|
|
|
(20,320)
|
|
|
8,916
|
|
|
(16,687)
|
|
Income tax
expense
|
1,338
|
|
|
464
|
|
|
3,679
|
|
|
5,200
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) FROM
CONTINUING OPERATIONS
|
(132)
|
|
|
(20,784)
|
|
|
5,237
|
|
|
(21,887)
|
|
Loss from
discontinued operations, net of income tax
|
(200)
|
|
|
(47)
|
|
|
(258)
|
|
|
(477)
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED NET
INCOME (LOSS)
|
(332)
|
|
|
(20,831)
|
|
|
4,979
|
|
|
(22,364)
|
|
Net income (loss)
attributable to noncontrolling interests
|
24
|
|
|
20
|
|
|
16
|
|
|
35
|
|
|
|
|
|
|
|
|
|
NET EARNINGS (LOSS)
ATTRIBUTABLE TO CIBER, INC.
|
$
|
(356)
|
|
|
$
|
(20,851)
|
|
|
$
|
4,963
|
|
|
$
|
(22,399)
|
|
|
|
|
|
|
|
|
|
Basic and diluted
earnings (loss) per share attributable to Ciber, Inc.:
|
|
|
|
|
|
|
|
Continuing
operations
|
$
|
—
|
|
|
$
|
(0.27)
|
|
|
$
|
0.07
|
|
|
$
|
(0.28)
|
|
Discontinued
operations
|
—
|
|
|
—
|
|
|
(0.01)
|
|
|
(0.01)
|
|
Basic and diluted
earnings (loss) per share attributable to Ciber, Inc.
|
$
|
—
|
|
|
$
|
(0.27)
|
|
|
$
|
0.06
|
|
|
$
|
(0.29)
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding:
|
|
|
|
|
|
|
|
Basic
|
79,206
|
|
|
78,121
|
|
|
78,938
|
|
|
77,291
|
|
Diluted
|
79,206
|
|
|
78,121
|
|
|
79,725
|
|
|
77,291
|
|
Ciber,
Inc.
CONSOLIDATED BALANCE
SHEETS
(In thousands, except
per share amounts)
(Unaudited)
|
|
|
September 30,
2015
|
|
December 31,
2014
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
|
18,153
|
|
|
$
|
45,858
|
|
Accounts receivable,
net of allowances of $2,378 and $2,842, respectively
|
172,132
|
|
|
173,450
|
|
Prepaid expenses and
other current assets
|
25,418
|
|
|
26,714
|
|
Total current
assets
|
215,703
|
|
|
246,022
|
|
|
|
|
|
Property and
equipment, net of accumulated depreciation of $43,317 and $46,871,
respectively
|
18,648
|
|
|
14,115
|
|
Goodwill
|
259,308
|
|
|
267,587
|
|
Other
assets
|
6,779
|
|
|
7,559
|
|
|
|
|
|
TOTAL
ASSETS
|
$
|
500,438
|
|
|
$
|
535,283
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
Liabilities:
|
|
|
|
Current
liabilities:
|
|
|
|
Current portion of
long-term debt
|
$
|
607
|
|
|
$
|
—
|
|
Accounts
payable
|
25,977
|
|
|
32,926
|
|
Accrued compensation
and related liabilities
|
31,692
|
|
|
59,012
|
|
Deferred
revenue
|
13,858
|
|
|
17,475
|
|
Income taxes
payable
|
454
|
|
|
573
|
|
Other accrued
expenses and liabilities
|
33,563
|
|
|
50,932
|
|
Total current
liabilities
|
106,151
|
|
|
160,918
|
|
|
|
|
|
Long-term
debt
|
29,366
|
|
|
11,402
|
|
Deferred income
taxes
|
30,459
|
|
|
28,422
|
|
Other long-term
liabilities
|
10,021
|
|
|
8,465
|
|
Total
liabilities
|
175,997
|
|
|
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, 79,399 and 78,728 shares
issued, respectively
|
794
|
|
|
787
|
|
Treasury stock, at
cost, 32 and 32 shares, respectively
|
(106)
|
|
|
(117)
|
|
Additional paid-in
capital
|
367,022
|
|
|
360,419
|
|
Accumulated
deficit
|
(15,841)
|
|
|
(18,348)
|
|
Accumulated other
comprehensive loss
|
(28,022)
|
|
|
(17,243)
|
|
Total
Ciber, Inc. shareholders' equity
|
323,847
|
|
|
325,498
|
|
Noncontrolling
interests
|
594
|
|
|
578
|
|
Total
equity
|
324,441
|
|
|
326,076
|
|
|
|
|
|
TOTAL LIABILITIES AND
EQUITY
|
$
|
500,438
|
|
|
$
|
535,283
|
|
Ciber,
Inc.
CONSOLIDATED
STATEMENTS OF CASH FLOWS
(In
thousands)
(Unaudited)
|
|
|
|
Nine Months Ended
September 30,
|
|
2015
|
|
2014
|
CASH FLOWS FROM
OPERATING ACTIVITIES
|
|
|
|
Consolidated net
income (loss)
|
$
|
4,979
|
|
|
$
|
(22,364)
|
|
Adjustments to
reconcile consolidated net income (loss) to net cash used in
operating activities:
|
|
|
|
Loss from
discontinued operations
|
258
|
|
|
477
|
|
Depreciation
|
4,115
|
|
|
4,178
|
|
Amortization of
intangible assets
|
162
|
|
|
132
|
|
Deferred income tax
expense
|
2,858
|
|
|
3,567
|
|
Provision for
doubtful receivables
|
343
|
|
|
259
|
|
Share-based
compensation expense
|
5,850
|
|
|
9,726
|
|
Amortization of debt
costs
|
570
|
|
|
428
|
|
Other, net
|
912
|
|
|
1,581
|
|
Changes in operating
assets and liabilities:
|
|
|
|
Accounts
receivable
|
(4,770)
|
|
|
266
|
|
Other current and
long-term assets
|
(3,834)
|
|
|
288
|
|
Accounts
payable
|
(5,935)
|
|
|
(10,209)
|
|
Accrued compensation
and related liabilities
|
(24,128)
|
|
|
(17,959)
|
|
Other current and
long-term liabilities
|
(16,006)
|
|
|
8,053
|
|
Income taxes
payable/refundable
|
2,735
|
|
|
(6,508)
|
|
Cash used in
operating activities — continuing operations
|
(31,891)
|
|
|
(28,085)
|
|
Cash used in
operating activities — discontinued operations
|
(512)
|
|
|
(481)
|
|
Cash used in
operating activities
|
(32,403)
|
|
|
(28,566)
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES
|
|
|
|
Acquisition
|
—
|
|
|
(845)
|
|
Purchases of property
and equipment, net
|
(6,288)
|
|
|
(7,867)
|
|
Cash used in
investing activities — continuing operations
|
(6,288)
|
|
|
(8,712)
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES
|
|
|
|
Borrowings on
long-term debt
|
263,138
|
|
|
245,163
|
|
Payments on long-term
debt
|
(244,476)
|
|
|
(232,062)
|
|
Employee stock
purchases and options exercised
|
1,172
|
|
|
4,912
|
|
Purchase of shares
for employee tax withholdings
|
(1,194)
|
|
|
(3,172)
|
|
Purchase of
noncontrolling interest
|
(4,991)
|
|
|
—
|
|
Purchase of treasury
stock
|
(1,665)
|
|
|
—
|
|
Cash provided by
financing activities — continuing operations
|
11,984
|
|
|
14,841
|
|
Effect of foreign
exchange rate changes on cash and cash equivalents
|
(998)
|
|
|
(1,029)
|
|
Net decrease in cash
and cash equivalents
|
(27,705)
|
|
|
(23,466)
|
|
Cash and cash
equivalents, beginning of period
|
45,858
|
|
|
44,483
|
|
Cash and cash
equivalents, end of period
|
$
|
18,153
|
|
|
$
|
21,017
|
|
Ciber,
Inc.
SUMMARY SEGMENT
DATA
(Dollars in
thousands)
(Unaudited)
|
Summary Segment
Analysis
|
|
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
2015
|
|
2014
|
|
Change
|
|
2015
|
|
2014
|
|
Change
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
International
|
$
|
82,837
|
|
|
$
|
105,007
|
|
|
(21)
|
%
|
|
$
|
268,819
|
|
|
$
|
329,818
|
|
|
(18)
|
%
|
North
America
|
110,031
|
|
|
106,300
|
|
|
4
|
%
|
|
324,423
|
|
|
314,932
|
|
|
3
|
%
|
Other
|
838
|
|
|
706
|
|
|
19
|
%
|
|
2,459
|
|
|
1,927
|
|
|
28
|
%
|
Total segment
revenues
|
193,706
|
|
|
212,013
|
|
|
(9)
|
%
|
|
595,701
|
|
|
646,677
|
|
|
(8)
|
%
|
Inter-segment
|
(1,105)
|
|
|
(707)
|
|
|
n/m
|
|
|
(3,151)
|
|
|
(2,714)
|
|
|
n/m
|
|
Total
revenues
|
$
|
192,601
|
|
|
$
|
211,306
|
|
|
(9)
|
%
|
|
$
|
592,550
|
|
|
$
|
643,963
|
|
|
(8)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss) from continuing operations:
|
|
|
|
|
|
|
|
|
|
|
|
International
|
$
|
4,556
|
|
|
$
|
1,822
|
|
|
150
|
%
|
|
$
|
16,194
|
|
|
$
|
11,877
|
|
|
36
|
%
|
North
America
|
10,266
|
|
|
10,430
|
|
|
(2)
|
%
|
|
30,649
|
|
|
28,011
|
|
|
9
|
%
|
Other
|
48
|
|
|
79
|
|
|
(39)
|
%
|
|
173
|
|
|
212
|
|
|
(18)
|
%
|
Total segment
operating income
|
14,870
|
|
|
12,331
|
|
|
21
|
%
|
|
47,016
|
|
|
40,100
|
|
|
17
|
%
|
Corporate
expenses
|
(12,225)
|
|
|
(9,448)
|
|
|
(29)
|
%
|
|
(34,699)
|
|
|
(31,123)
|
|
|
(11)
|
%
|
Operating income from
continuing operations before amortization and restructuring
charges
|
2,645
|
|
|
2,883
|
|
|
(8)
|
%
|
|
12,317
|
|
|
8,977
|
|
|
37
|
%
|
Amortization of
intangible assets
|
(55)
|
|
|
(65)
|
|
|
n/m
|
|
|
(162)
|
|
|
(132)
|
|
|
n/m
|
|
Restructuring
charges
|
(1,002)
|
|
|
(21,244)
|
|
|
95
|
%
|
|
(1,738)
|
|
|
(22,650)
|
|
|
92
|
%
|
Total operating
income (loss) from continuing operations
|
$
|
1,588
|
|
|
$
|
(18,426)
|
|
|
109
|
%
|
|
$
|
10,417
|
|
|
$
|
(13,805)
|
|
|
176
|
%
|
Segments as
Percent of Total Segment Revenue and Total Segment Operating
Income
(excluding Inter-segment, corporate expenses, amortization and
restructuring)
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Revenues:
|
|
|
|
|
|
|
|
International
|
43
|
%
|
|
50
|
%
|
|
45
|
%
|
|
51
|
%
|
North
America
|
57
|
%
|
|
50
|
%
|
|
55
|
%
|
|
49
|
%
|
Other
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
Total segment
revenues
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
|
|
|
|
|
|
|
Operating
income:
|
|
|
|
|
|
|
|
International
|
31
|
%
|
|
15
|
%
|
|
35
|
%
|
|
30
|
%
|
North
America
|
69
|
%
|
|
85
|
%
|
|
65
|
%
|
|
70
|
%
|
Other
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
Total segment
operating income
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
Segment Operating
Margins
(excluding
corporate expenses, amortization and restructuring
charges)
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Operating
margin:
|
|
|
|
|
|
|
|
International
|
6
|
%
|
|
2
|
%
|
|
6
|
%
|
|
4
|
%
|
North
America
|
9
|
%
|
|
10
|
%
|
|
9
|
%
|
|
9
|
%
|
Other
|
6
|
%
|
|
11
|
%
|
|
7
|
%
|
|
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
September 30, 2015 Comparison to
Three Months Ended September 30, 2014
|
|
|
|
Constant Currency
Revenue Decrease
|
|
Foreign Exchange
Impact
|
|
GAAP Reported
Revenue Decrease
|
Revenues:
|
|
|
|
|
|
|
Consolidated
|
|
(1.1)%
|
|
(7.8)%
|
|
(8.9)%
|
|
|
|
|
|
|
|
International
|
|
(5.5)%
|
|
(15.6)%
|
|
(21.1)%
|
|
|
|
|
Three Months Ended
September 30, 2015 Sequential
Comparison to Three Months Ended June 30, 2015
|
|
|
|
Constant Currency
Revenue Decrease
|
|
Foreign Exchange
Impact
|
|
GAAP Reported
Revenue Decrease
|
Revenues:
|
|
|
|
|
|
|
Consolidated
|
|
(2.9)%
|
|
0.2%
|
|
(2.7)%
|
|
|
|
|
|
|
|
International
|
|
(7.7)%
|
|
0.5%
|
|
(7.2)%
|
|
|
|
|
Nine Months Ended
September 30, 2015 Comparison to
Nine Months Ended September 30, 2014
|
|
|
|
Constant Currency
Revenue Increase (Decrease)
|
|
Foreign Exchange
Impact
|
|
GAAP Reported
Revenue Decrease
|
Revenues:
|
|
|
|
|
|
|
Consolidated
|
|
0.4%
|
|
(8.4)%
|
|
(8.0)%
|
|
|
|
|
|
|
|
International
|
|
(2.0)%
|
|
(16.5)%
|
|
(18.5)%
|
Adjusted Results
of Operations
|
|
|
|
Consolidated*
|
|
Three Months Ended
September 30, 2015
|
|
Three Months Ended
September 30, 2014
|
|
Three Months Ended
June 30, 2015
|
|
In
millions
|
|
Margin
|
|
In
millions
|
|
Margin
|
|
In
millions
|
|
Margin
|
GAAP reported
operating income (loss) from continuing operations
|
1.6
|
|
|
0.8
|
%
|
|
$
|
(18.4)
|
|
|
(8.7)%
|
|
|
$
|
2.9
|
|
|
1.5
|
%
|
Restructuring
charges
|
1.0
|
|
|
0.5
|
|
|
21.2
|
|
|
10.1
|
|
|
0.7
|
|
|
0.3
|
|
Amortization of
intangible assets
|
0.1
|
|
|
—
|
|
|
0.1
|
|
|
—
|
|
|
0.1
|
|
|
0.1
|
|
Operating income from
continuing operations before restructuring charges, amortization
and management transition costs
|
$
|
2.6
|
|
|
1.4
|
%
|
|
$
|
2.9
|
|
|
1.4
|
%
|
|
$
|
3.7
|
|
|
1.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Columns may not
total due to rounding
|
|
Consolidated*
|
|
Three Months Ended
September 30, 2015
|
|
Three Months Ended
September 30, 2014
|
|
Three Months Ended
June 30, 2015
|
|
In
millions
|
|
Per
Share
|
|
In
millions
|
|
Per Share
|
|
In
millions
|
|
Per Share
|
GAAP net income
(loss) from continuing operations
|
(0.1)
|
|
|
$
|
—
|
|
|
(20.8)
|
|
|
$
|
(0.27)
|
|
|
$
|
1.2
|
|
|
$
|
0.01
|
|
Restructuring
charges
|
1.0
|
|
|
0.01
|
|
|
21.2
|
|
|
0.27
|
|
|
0.7
|
|
|
0.01
|
|
Tax impact of
restructuring charges
|
—
|
|
|
—
|
|
|
(2.4)
|
|
|
(0.03)
|
|
|
—
|
|
|
—
|
|
Amortization of
intangibles
|
0.1
|
|
|
—
|
|
|
0.1
|
|
|
—
|
|
|
0.1
|
|
|
—
|
|
Net income from
continuing operations before restructuring charges, amortization
and management transition costs
|
$
|
0.9
|
|
|
$
|
0.01
|
|
|
$
|
(1.9)
|
|
|
$
|
(0.02)
|
|
|
$
|
2.0
|
|
|
$
|
0.02
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Columns may not
total due to rounding
|
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SOURCE Ciber, Inc.