-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Cu5mJQwnW0ysi2ugArcoAiWJ4u4FmAxhXw0h86xqKnTHA660jwidkK2lkqIEp87M H7XO6IFk43GiVYtA4BGTEw== 0001104659-06-002792.txt : 20060119 0001104659-06-002792.hdr.sgml : 20060119 20060119102028 ACCESSION NUMBER: 0001104659-06-002792 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20060119 ITEM INFORMATION: Other Events FILED AS OF DATE: 20060119 DATE AS OF CHANGE: 20060119 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MAXIMUS INC CENTRAL INDEX KEY: 0001032220 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MANAGEMENT CONSULTING SERVICES [8742] IRS NUMBER: 541000588 STATE OF INCORPORATION: VA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-12997 FILM NUMBER: 06537032 BUSINESS ADDRESS: STREET 1: ATTN: TREASURY DEPT. STREET 2: 11419 SUNSET HILLS ROAD CITY: RESTON STATE: VA ZIP: 20190 BUSINESS PHONE: 7032518500 MAIL ADDRESS: STREET 1: ATTN: TREASURY DEPT. STREET 2: 11419 SUNSET HILLS ROAD CITY: RESTON STATE: VA ZIP: 20190 8-K 1 a06-2824_18k.htm CURRENT REPORT OF MATERIAL EVENTS OR CORPORATE CHANGES

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported):  January 19, 2006

 

 

MAXIMUS, INC.

(Exact name of registrant as specified in its charter)

 

Virginia

 

1-12997

 

54-1000588

(State or other jurisdiction

 

(Commission

 

(IRS Employer

of incorporation)

 

File Number)

 

Identification No.)

 

 

 

 

 

11419 Sunset Hills Road,

 

 

Reston, Virginia

 

20190-5207

(Address of principal executive offices)

 

(Zip Code)

 

Registrant’s telephone number, including area code:  (703) 251-8500

 

Not Applicable

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

o                                    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

o                                    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

o                                    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

o                                    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 


 

Item 8.01.                                          Other Events.

 

We are filing this Current Report on Form 8-K on January 19, 2006, to disclose financial information reflecting certain organizational changes within our principal operating segments.

 

The changes, which were effective October 1, 2005, were instituted to focus and manage our relationship with our growing federal customer base, and to align certain projects and divisions under our new segment leadership.

 

These organizational changes included the creation of two new divisions within our Operations reporting segment as part of our federal strategy (these two new divisions, Federal Civil Sector and Federal Defense Sector, were previously one division, Medical Management, in the Operations segment), as well as some realignment of projects between reporting segments. The most significant change between segments is the move of the Educational Systems division from the Consulting Segment into the Systems Segment and the move of the Technology Support division from the Systems Segment into the Consulting Segment.

 

Consulting, Systems, and Operations remain our reporting segments pursuant to Financial Accounting Standard No. 131, “Disclosures about Segments of an Enterprise and Related Information,” but in certain cases the organizational changes described above resulted in the realignment of divisions and projects between these segments. To reflect this realignment, the accompanying financial information presents our segment data as if we had operated under the new reporting structure for the past two years.

 

Our Consulting Segment provides specialized financial consulting services such as assisting state, local agencies and school districts in obtaining funding reimbursements from federal and state agencies for their programs.  The segment also provides strategic management and information technology consulting services to government agencies.   The segment is comprised of six divisions including Revenue Services, Child Welfare, Cost Services, Educational Services (school-based claiming), Technology Support and Unison-MAXIMUS (airport financial consulting).

 

Our Systems Segment develops and implements our proprietary software in the areas of justice, asset and K-12 student information systems, and also implements third party software solutions to improve the efficiency and cost-effectiveness of program administration.  The products and services are provided through five divisions including ERP Solutions, Justice Solutions, Asset Solutions, Enterprise Solutions and Educational Systems (K-12 student information system implementation).

 

Our Operations Segment provides a variety of program management and outsourcing services for federal and state funded public programs.  This segment also focuses on the delivery of administrative services for government health and human services programs including integrated eligibility programs, Temporary Assistance to Needy Families (TANF) funded workforce services programs, child support enforcement programs, Children’s Health Insurance Programs (CHIPs), and Medicaid and Medicare administrative programs.  Our Operations Segment provides these services through seven divisions including Health Services, Workforce Services, Child Support, Integrated Services, Correctional Services, Federal Civil Sector, and Federal Defense Sector.

 

2


 

We are providing certain financial segment information for earlier periods to reflect this change in the composition of our reportable segments as if we had operated under the new organizational structure during the last two full fiscal years. The changes have no impact on the previously reported consolidated financial results of the Company. This information is being provided for informational purposes only.

 

 

 

Three Months Ended

 

 

 

(dollars in thousands)

 

Dec. 31,
2003

 

Mar. 31,
2004

 

June 30,
2004

 

Sept 30,
2004

 

Year Ended
Sept. 30, 2004

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

Consulting

 

$

29,350

 

$

26,648

 

$

25,077

 

$

25,768

 

$

106,843

 

Systems

 

26,465

 

29,386

 

31,754

 

29,633

 

117,238

 

Operations

 

83,079

 

94,673

 

103,327

 

98,614

 

379,693

 

Total

 

$

138,894

 

$

150,707

 

$

160,158

 

$

154,015

 

$

603,774

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from Operations:

 

 

 

 

 

 

 

 

 

 

 

Consulting

 

$

5,956

 

$

4,110

 

$

2,249

 

$

4,126

 

$

16,441

 

Systems

 

557

 

1,437

 

2,825

 

1,930

 

6,749

 

Operations

 

8,256

 

9,400

 

10,511

 

10,089

 

38,256

 

Consolidating adjustments

 

162

 

431

 

537

 

470

 

1,600

 

Total

 

$

14,931

 

$

15,378

 

$

16,122

 

$

16,615

 

$

63,046

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Margin:

 

 

 

 

 

 

 

 

 

 

 

Consulting

 

20.3

%

15.4

%

9.0

%

16.0

%

15.4

%

Systems

 

2.1

%

4.9

%

8.9

%

6.5

%

5.8

%

Operations

 

9.9

%

9.9

%

10.2

%

10.2

%

10.1

%

Total

 

10.7

%

10.2

%

10.1

%

10.8

%

10.4

%

 

 

 

Three Months Ended

 

 

 

(dollars in thousands)

 

Dec. 31,
2004

 

Mar. 31,
2005

 

June 30,
2005

 

Sept 30,
2005

 

Year Ended
Sept. 30, 2005

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

Consulting

 

$

24,064

 

$

23,583

 

$

27,272

 

$

25,440

 

$

100,359

 

Systems

 

32,838

 

32,614

 

35,105

 

33,850

 

134,407

 

Operations

 

95,593

 

97,854

 

111,281

 

108,044

 

412,772

 

Total

 

$

152,495

 

$

154,051

 

$

173,658

 

$

167,334

 

$

647,538

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from Operations:

 

 

 

 

 

 

 

 

 

 

 

Consulting

 

$

2,290

 

$

1,877

 

$

4,473

 

$

4,519

 

$

13,159

 

Systems

 

4,926

 

1,961

 

2,959

 

1,417

 

11,263

 

Operations

 

7,135

 

10,645

 

8,396

 

9,998

 

36,174

 

Consolidating adjustments

 

604

 

859

 

722

 

493

 

2,678

 

Legal settlement expense

 

(99

)

(341

)

(1,060

)

(5,500

)

(7,000

)

Total

 

$

14,856

 

$

15,001

 

$

15,490

 

$

10,927

 

$

56,274

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Margin:

 

 

 

 

 

 

 

 

 

 

 

Consulting

 

9.5

%

8.0

%

16.4

%

17.8

%

13.1

%

Systems

 

15.0

%

6.0

%

8.4

%

4.2

%

8.4

%

Operations

 

7.5

%

10.9

%

7.5

%

9.3

%

8.8

%

Total

 

9.7

%

9.7

%

8.9

%

6.5

%

8.7

%

 

(dollars in thousands)

 

Year Ended
Sept. 30, 2004

 

Year Ended
Sept. 30, 2005

 

 

 

 

 

 

 

Identifiable assets:

 

 

 

 

 

Consulting

 

$

62,763

 

$

53,891

 

Systems

 

114,740

 

134,101

 

Operations

 

127,017

 

146,904

 

Corporate

 

160,227

 

199,666

 

Total

 

$

464,747

 

$

534,562

 

 

3


 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

MAXIMUS, Inc.

 

 

 

 

Date:    January 19, 2006

By:

/s/ Richard A. Montoni

 

 

Richard A. Montoni, Chief Financial Officer

 

4

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