-----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, WE16BCTRGoXgAq5NxBos1CEuvaz/fRm+5kuJDUPyA9PghLJxkfXU9j0H7943aq8V yYLcEt66fv5ns+92tw1LRw== 0000927016-00-001790.txt : 20000515 0000927016-00-001790.hdr.sgml : 20000515 ACCESSION NUMBER: 0000927016-00-001790 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000331 FILED AS OF DATE: 20000512 FILER: COMPANY DATA: COMPANY CONFORMED NAME: KEANE INC CENTRAL INDEX KEY: 0000054883 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMPUTER PROGRAMMING SERVICES [7371] IRS NUMBER: 042437166 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-07516 FILM NUMBER: 629126 BUSINESS ADDRESS: STREET 1: TEN CITY SQ CITY: BOSTON STATE: MA ZIP: 02129 BUSINESS PHONE: 6172419200 MAIL ADDRESS: STREET 1: TEN CITY SQ CITY: BOSTON STATE: MA ZIP: 02109 FORMER COMPANY: FORMER CONFORMED NAME: KEANE ASSOCIATES INC DATE OF NAME CHANGE: 19800826 10-Q 1 FORM 10-Q SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR QUARTER ENDED MARCH 31, 2000 COMMISSION FILE NUMBER 1-7516 KEANE, INC. (Exact name of registrant as specified in its charter) MASSACHUSETTS 04-2437166 (State or other jurisdictions of (I.R.S. Employer Identification incorporation or organization) Number) Ten City Square, Boston, Massachusetts 02129 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (617) 241-9200 Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No ----- ----- As of March 31, 2000, the number of issued and outstanding shares of Common Stock (excluding 2,539,561 shares held in treasury) and Class B Common stock are 69,906,444 and 284,987 shares, respectively. Page 1 of 13 KEANE, INC. AND SUBSIDIARIES TABLE OF CONTENTS Part I - Financial Information Consolidated Statements of Income for the three months ended March 31, 2000 and 1999.......................................................................................................3 Consolidated Balance Sheets as of March 31, 2000 and December 31, 1999.........................................4 Consolidated Statements of Cash Flows for the three months ended March 31, 2000 and 1999.......................................................................................................5 Notes to Unaudited Financial Statements........................................................................6 Management's Discussion and Analysis of Financial Condition and Results of Operations..........................8 Part II - Other Information...................................................................................12 Signature Page................................................................................................13
Page 2 of 13 KEANE, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(IN THOUSANDS EXCEPT PER SHARE AMOUNTS) THREE MONTHS ENDED MARCH 31, 2000 1999 Total revenues $216,208 $285,004 Salaries, wages and other direct costs 154,574 183,894 Selling, general and administrative expenses 51,254 49,583 Amortization of goodwill and other intangible assets 2,889 1,976 -------- -------- Operating income 7,491 49,551 Interest and dividend income 2,143 1,835 Interest expense 186 --- Other expenses, net 183 239 -------- -------- Income before income taxes 9,265 51,147 Provision for income taxes 3,754 20,969 -------- -------- Net income $ 5,511 $ 30,178 ======== ======== Net income per share (basic) $ 0.08 $ 0.42 ======== ======== Net income per share (diluted) $ 0.08 $ 0.42 ======== ======== Weighted average common shares outstanding (basic) 71,011 71,553 ======== ======== Weighted average common and common share equivalents 71,686 72,392 outstanding (diluted) ======== ========
The accompanying notes are an integral part of the consolidated financial statements. Page 3 of 13 KEANE, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(IN THOUSANDS) MARCH 31, 2000 DECEMBER 31, 1999 Assets Current: Cash and cash equivalents $ 62,627 $ 53,018 Short term investments 8,674 8,582 Accounts receivable, net: Trade 186,954 213,767 Other 2,332 2,248 Prepaid expenses and other current assets 19,710 19,845 --------- --------- Total current assets 280,297 297,460 Long-term investments 82,720 81,163 Property and equipment, net 26,600 27,330 Intangible assets, net 93,436 93,885 Other assets, net 11,733 14,987 --------- --------- $ 494,786 $ 514,825 ========= ========= Liabilities Current: Accounts payable 9,249 18,500 Accrued expenses and other liabilities 31,591 35,466 Accrued compensation 31,414 18,288 Notes payable 7,368 7,564 Accrued income taxes 3,194 --- Unearned income 5,504 8,369 Current capital lease obligations 1,200 1,080 --------- --------- Total current liabilities 89,520 89,267 Long-term portion of capital lease obligations 2,219 2,610 Notes payable 91 149 Stockholders' Equity Common stock 7,245 7,208 Class B common stock 29 29 Additional paid-in capital 123,841 120,810 Accumulated other comprehensive income (2,152) (2,027) Retained earnings 329,131 323,620 Less treasury stock (55,138) (26,841) --------- --------- Total stockholders' equity 402,956 422,799 --------- --------- $ 494,786 $ 514,825 ========= =========
The accompanying notes are an integral part of the consolidated financial statements. Page 4 of 13 KEANE, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(IN THOUSANDS) THREE MONTHS ENDED MARCH 31, Cash flows from Operating Activities: 2000 1999 Net Income $ 5,511 $ 30,178 Adjustments to reconcile net income to net cash used for operating activities: Depreciation and amortization 4,503 5,845 Deferred income taxes 381 (1,473) Provision for doubtful accounts 1,231 (1,968) Loss on sale of property and equipment 489 --- Changes in operating assets and liabilities: Decrease (increase) in accounts receivable 25,498 (27,393) Decrease in prepaid expenses and other assets 2,879 6,510 Decrease in accounts payable, accrued expenses and other (2,865) (18,116) liabilities, and unearned revenue Increase in income taxes payable 3,194 6,665 -------- -------- Net cash provided by operating activities 40,821 248 -------- -------- Cash flows from Investing Activities: Purchase of investments (8,827) (17,828) Sale of investments 7,178 16,373 Purchase of property and equipment (3,844) (3,100) Proceeds from the sale of property and equipment 35 2 Payments for current acquisitions --- (3,181) -------- -------- Net cash used for investing activities (5,458) (7,734) -------- -------- Cash flows from Financing Activities: Payments under long-term debt (254) --- Principal payments under capital lease obligations (271) (41) Proceeds from issuance of common stock 5,598 5,706 Repurchase of common stock (30,827) --- -------- -------- Net cash provided by (used for) financing activities (25,754) 5,665 -------- -------- Net increase (decrease) in cash and cash equivalents 9,609 (1,821) Cash and cash equivalents at beginning of period 53,018 51,696 -------- -------- Cash and cash equivalents at end of period $ 62,627 $ 49,875 ======== ========
The accompanying notes are an integral part of the consolidated financial statements. Page 5 of 13 KEANE, INC. AND SUBSIDIARIES NOTES TO UNAUDITED FINANCIAL STATEMENTS Note 1. The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting policies for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. Operating results for the three-month period ended March 31, 2000 are not necessarily indicative of the results that may be expected for the year ended December 31, 2000. The balance sheet at December 31, 1999 has been derived from the audited financial statements at that date, but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. For further information, refer to the consolidated financial statements and footnotes thereto included in the Annual Report on Form 10-K for the year ended December 31, 1999. Note 2. Computation of Earnings Per Share for quarters ended March 31, 2000 and 1999.
THREE MONTHS ENDED MARCH 31, 2000 1999 Net income $ 5,511 $30,178 Weighted average number of 71,011 71,553 common shares outstanding used in calculation of basic earnings per share Incremental shares from the assumed 675 839 exercise of dilutive stock options Weighted average number of 71,686 72,392 common shares outstanding used in calculation of diluted earnings per share Earnings per share Basic $ 0.08 $ 0.42 ======= ======= Diluted $ 0.08 $ 0.42 ======= =======
Page 6 of 13 KEANE, INC. AND SUBSIDIARIES NOTES TO UNAUDITED FINANCIAL STATEMENTS Note 3. The Company offers an integrated mix of end-to-end business solutions, such as Business and IT consulting (plan), e-Solutions including e-architecture, online branding, development and integration (Build), and Application Development and Management Outsourcing (Manage). Approximately 96% of the Company's revenues were derived from these offerings, with the balance from the healthcare industry. Effectively, the Company operates in one reportable segment. Note 4. Total comprehensive income, (i.e. net income plus available-for-sale securities valuation adjustments and currency translation adjustments to stockholders equity) for the first quarter of fiscal 2000 and fiscal 1999 was $ 5.4 million and $ 30.3 million, respectively. Note 5. In the fourth quarter of 1999, the Company recorded a restructuring charge of $13.7 million. Of this charge $3.8 million related to a workforce reduction of approximately 600 employees, primarily consultants. In addition, the Company performed a review of its business strategy and concluded that consolidating some of its branch offices was key to its success. As a result of this review, the Company wrote off $4.8 million of impaired assets, which included the carrying value of specific assets associated with these branch offices, and incurred charges of $3.8 million for branch closings and $1.3 million for payments to certain employees. A summary of first quarter activity with respect to the restructuring charge is as follows:
Branch Workforce Office Payments to Reduction Closures Certain Employees Total --------- -------- ----------------- ----- Balance 12/31/99 $2,800 $2,981 $1,300 $7,081 Cash expenditures $2,033 $ 197 $1,300 $3,530 ------ ------ ------ ------ Balance 03/31/00 $ 767 $2,784 $ 0 $3,551 ====== ====== ====== ======
Page 7 of 13 KEANE, INC. AND SUBSIDIARIES MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS This Quarterly Report on Form 10-Q contains forward-looking statements. For this purpose, any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the foregoing, the words "believes," "anticipates," "plans," "expects," and similar expressions are intended to identify forward-looking statements. There are a number of important factors that could cause the Company's actual results to differ materially from those indicated by such forward-looking statements. These factors include, without limitation, those set forth below under the caption "Certain Factors That May Affect Future Results." RESULTS OF OPERATIONS The Company's revenues for the first quarter of 2000 were $216.2 million, a 24.1% decrease from revenues of $285.0 million in the first quarter of 1999. First quarter 2000 revenues includes all prior year acquisitions. The decrease in revenue was primarily due to the anticipated and rapid decline of Y2K compliance revenue. Y2K-related revenue declined 93.2% to $5.4 million for the first quarter of 2000 versus $80.0 million for the first quarter of 1999, and decreased 77.5% from $24 million during the fourth quarter of 1999. The Company believes that, as of March 31, 2000, it recognized its final Y2K related revenues. Keane's core Plan, Build, Manage revenues for the first quarter of 2000, excluding Y2K compliance, was $211.0 million, up 3.0% from the first quarter of 1999 and up 8.0% from the fourth quarter of 1999. Although Keane's core business experienced positive growth, it was negatively impacted for much of the quarter by an industry-wide Y2K-related deferral of many new development projects during the first quarter of 2000. Despite this deferral of spending, Keane's Internet-related business increased to an annualized run rate of $138.0 million, an increase of 82.0% from the first quarter of 1999 and up 17.0% from the fourth quarter of 1999. First quarter 2000 revenues from the Company's Plan Services were $31.4 million, up 20.3% from Plan revenues of $26.1 million for the first quarter last year, and an increase of 20.7% from the fourth quarter of 1999. Plan revenue is primarily comprised of business innovation consulting and IT consulting services, which assist companies to develop new strategies, business processes, organizational structures and IT infrastructures, to leverage the Internet and position themselves within the new digital economy. First quarter 2000 revenues from the Company's Build Services were $79.6 million, a 1.7% decrease from the first quarter of 1999 revenues of $81.0 million, and a 1.1% increase from the fourth quarter of last year. Build revenues primarily consists of implementing e-solutions, e-Customer Relationship Management systems, e-Architecture and data-warehousing services, custom application development projects and licensing and implementing the Company's proprietary suite of hospital and long-term care application software products. First quarter 2000 revenues from the Company's Manage Services were $99.8 million, up 8.6% from $91.9 million during the first quarter of 1999, and up 12.0% from the fourth quarter of last year. Manage revenue primarily consist of Application Development and Management (ADM) Outsourcing services, Call Center Outsourcing, and dot.com Outsourcing services. Salaries, wages and other direct costs for the first quarter of 2000 were $154.6 million, or 71.5% of revenues, compared to $183.9 million, or 64.5% of revenues, for the first quarter of 1999, an increase of 700 basis points. This increase as a percentage of revenues were primarily a result of lower utilization of billable employees caused by a decline in revenues associated with the Y2K transition. Selling, General & Administrative ("SG&A") expenses for the first quarter of 2000 were $51.3 million, or 23.7% of revenues, compared to $49.6 million, or 17.4% of revenues, for the first quarter last year, an increase of 630 basis points. This increase as a percentage of revenue is primarily attributable to the decrease in revenues, and continued investments the Company is making in the development and marketing of its core service offerings. Amortization of goodwill and other intangible assets for the first quarter of 2000 was $2.9 million, or 1.3% of revenues, compared to $2.0 million, or 0.7% of revenues in the first quarter of 1999. The increase in amortization was attributable to additional intangible assets as a result of the Company's acquisitions of First Coast Systems and Anstec in late December of 1999. Page 8 of 13 Interest and dividend income totaled $2.1 million for the first quarter of 2000, compared to $1.8 million for the same period last year. The increase in interest and dividend income was attributable to an increase in investments. Interest and other expenses for the first quarter of 2000 was $0.4 million and for the first quarter of 1999 totaled $0.2 million. Pre-tax income for the first quarter of 2000 was $9.3 million, or 4.3% of revenue, down 81.8% from pre-tax income of $51.1 million, or 17.9% of revenues, in the first quarter of 1999. The Company's effective tax rate for the first quarter of 2000 was 40.5% compared to 41.0% for the first quarter of 1999. LIQUIDITY AND CAPITAL RESOURCES The Company's cash and investments at the end of the first quarter increased to $154.0 million from the year end balance of $142.8 million. This increase was primarily attributable to net income and decreases in accounts receivable, offset in part by decreases in accounts payable and accrued expenses. On February 10, 2000, the Company's Board of Directors authorized a share repurchase program for the repurchase of up to 2,000,000 shares of Common Stock through February 9, 2001. During the first quarter, the Company purchased 1,302,000 common shares at a cost of approximately $30.8 million. The Company continues to believe that its shares are significantly undervalued at prevailing market prices. The Company paid down $ 3.5 million associated with the fourth quarter restructuring charge. The payments were primarily related to severance. The Company maintains and has available a $20 million unsecured demand line of credit with a major Boston bank for operations and acquisitions opportunities. There was no borrowing under this line during the first quarter of 2000. IMPACT OF INFLATION AND CHANGING PRICES Inflationary increases in costs have not been material in recent years and, to the extent permitted by competitive pressures, are passed on to the clients through increased billing rates. Rates charged by the Company are based on the cost of labor and market conditions within the industry. The Company was able to increase its billing rates over its increases in direct labor costs in the first quarter. This is due primarily to the Company's increase in strategic services such as business innovation consulting and e-solutions, in which the high value of services commands higher rates. YEAR 2000 ISSUES Although the transition from 1999 to 2000 has passed and Keane is not aware of any unresolved Year 2000 problems relating to the services provided by Keane, its internal systems, the products developed by Keane's Healthcare Solutions Practice or third party products used by Keane in its Healthcare Solutions Practice, it is possible that Year 2000 problems could be discerned in the future and that such problems could have a material adverse effect on Keane's business, financial condition and prospects. Keane has in the past devoted significant resources to, and earned significant revenue from, providing services to its clients to address the Year 2000 problem. Keane believes that, as of March 31, 2000, it recognized its final Y2K related revenues and expects that it will have no material Y2K related revenues after the first quarter of 2000. Further, Keane's services addressing the Year 2000 problem involve key aspects of its client's computer systems. A failure in a client's system could result in a claim for substantial damages against Keane, regardless of Keane's responsibility for the failure. Keane could incur substantial costs in connection with any resulting litigation, regardless of the outcome. CERTAIN FACTORS THAT MAY AFFECT FUTURE RESULTS The following important factors, among others, could cause actual results to differ materially from those indicated by forward-looking statements made in this Quarterly Report on Form 10-Q and presented elsewhere by management from time to time. Page 9 of 13 Fluctuations in Operating Results. Keane has experienced and expects to continue to experience fluctuations in its quarterly results. Keane's gross margins vary based on a variety of factors including employee utilization rates and the number and type of services performed by Keane during a particular period. A variety of factors influence Keane's revenue in a particular quarter, including: . general economic conditions which may influence investment decisions or cause downsizing; . the number and requirements of client engagements; . employee utilization rates; . changes in the rates Keane can charge clients for services; . acquisitions; and . other factors, many of which are beyond Keane's control. A significant portion of Keane's expenses does not vary relative to revenue. As a result, if revenue in a particular quarter does not meet expectations, Keane's operating results could be materially adversely affected, which in turn may have a material adverse impact on the market price of Keane common stock. In addition, many of Keane's engagements are terminable without client penalty. An unanticipated termination of a major project could result in an increase in underutilized employees and a decrease in revenue and profits. Risks Relating to Acquisitions. In the past five years, Keane has grown significantly through acquisitions. Since January 1, 1999, Keane has completed the acquisitions of Emergent Corporation in San Mateo, California; Amherst Consulting Group, Inc, in Boston, Massachusetts; Advanced Solutions Inc. in New York, New York; Anstec, Inc. of Maclean, Virginia; First Coast Systems, Inc. of Jacksonville, Florida; Jamison/Gold, LLC, of Marina Del Ray, California and Parallax Solutions Limited, of Birmingham, England. Keane's future growth may be based in part on selected acquisitions. At any given time, Keane may be in various stages of considering such opportunities. Keane can provide no assurances that it will be able to find and identify desirable acquisition targets or that it will be successful in entering into a definitive agreement with any one target. Also, even if a definitive agreement is reached, there is no assurance that any future acquisition will be completed. Keane typically anticipates that each acquisition will bring certain benefits, such as an increase in revenue. Prior to completing an acquisition, however, it is difficult to determine if such benefits can actually be realized. Accordingly, there is a risk that an acquired company may not achieve an increase in revenue or other benefits for Keane. In addition, an acquisition may result in unexpected costs and expenses. Any of these events could have a material adverse effect on Keane's business, financial condition and results of operations. The process of integrating acquired companies into Keane's existing business may also result in unforeseen difficulties. Unforeseen operating difficulties may absorb significant management attention, which Keane might otherwise devote to its existing business. Also, the process may require significant financial resources that Keane might otherwise allocate to other activities, including the ongoing development or expansion of Keane's existing operations. Finally, future acquisition could result in Keane having to incur additional debt and/or contingent liabilities. All of these possibilities might have a material adverse effect on Keane's business, financial condition and result of operations. Dependence on Personnel. Keane believes that its future success will depend in large part on its ability to continue to attract and retain highly skilled technical and management personnel. The competition for such personnel is intense. Keane may not succeed in attracting and retaining the personnel necessary to develop its business. If Keane does not, its business, financial condition and result of operations could be materially adversely affected. Highly Competitive Market. The market for Keane's services is highly competitive. The technology for custom software services can change rapidly. The market is fragmented, and no company holds a dominant position. Consequently, Keane's competition for client assignments and experienced personnel varies significantly from city to Page 10 of 13 city and by the type of service provided. Some of Keane's competitors are larger and have greater technical, financial and marketing resources and greater name recognition in the markets they serve than does Keane. In addition, clients may elect to increase their internal information systems resources to satisfy their custom software development needs. Keane believes that in order to compete successfully in the software services industry it must be able to: . compete cost-effectively; . develop strong client relationships; . generate recurring revenues; . utilize comprehensive delivery methodologies; and . achieve organizational learning by implementing standard operational processes. In the healthcare software systems market, Keane competes with some companies that are larger in the healthcare market and have greater financial resources than Keane. Keane believes that significant competitive factors in the healthcare software systems market include size and demonstrated ability to provide service to targeted healthcare markets. Keane may not be able to compete successfully against current or future competitors. In addition, competitive pressures faced by Keane may materially adversely affect its business, financial condition and results of operations. Risks Associated with Provision of Year 2000 Services. The Company's business may suffer as a result of defects to Year 2000 compliance issues that have not yet been detected. We have not had any independent verification of our year 2000 compliance efforts. We have not procured any Year 2000 specific insurance or made any contingency plans to address any undetected year 2000 risks. Keane has devoted significant resources to, and earned significant revenue from, providing services to address the Year 2000 problem. Keane believes that, as of March 31, 2000, it recognized its final Y2K related revenues and expects that it will have no material Y2K related revenues after the first quarter of 2000. Further, Keane's services addressing the Year 2000 problem involve key aspects of its client's computer systems. A failure in a client's system could result in a claim for substantial damages against Keane, regardless of Keane's responsibility for the failure. Keane could incur substantial costs in connection with any resulting litigation, regardless of the outcome. International Operations. In August 1998, Keane commenced operations in the United Kingdom with its acquisition of Icom Systems Ltd, now known as Keane Limited. These operations were expanded with Keane's acquisition of Parallax Solutions Ltd. in May 1999. Keane's international operations will be subject to political and economic uncertainties, currency exchange rate fluctuations, foreign exchange restrictions, and changes in taxation and other difficulties in managing operations overseas. Keane may not be successful in its international operations. As a result of these and other factors, the Company's past financial performance should not be relied on as an indication of future performance. Keane believes that period to period comparisons of its financial results are not necessarily meaningful and it expects that results of operations may fluctuate from period to period in the future. Quantitative and Qualitative Disclosures about Market Risks. Market risks were reported in the Company's Annual Report on Form 10-K for the year ended December 31, 1999. There have been no material changes in these risks since the end of the year. Page 11 of 13 KEANE, INC. AND SUBSIDIARIES PART II - OTHER INFORMATION Item 5. Other Information. The Company announced on February 10, 2000 that its Board of Directors has authorized the Company to repurchase up to two million shares of its Common Stock during the 12-month period ending February 9, 2001. The timing and amount of shares repurchased will be determined by the Company's management based on its evaluation of market and economic conditions. The Company expects to use any shares repurchased for its stock plans, employee stock purchase and stock benefit plans, and other general corporate purposes. Item 6. Exhibits and Reports on Form 8-K. (a) Exhibits - None (b) Reports on Form 8-K - The registrant filed no reports on Form 8-K during the quarter ended March 31, 2000. Page 12 of 13 SIGNATURES - ------------------------------------------------------------------------------- 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 thereunto duly authorized. KEANE, INC. (Registrant) Date: May 11, 2000 \s\ John F. Keane -------- ----------------- John F. Keane Chairman (Principal Executive Officer) Date: May 11, 2000 \s\ John J. Leahy -------- ----------------- John J. Leahy Vice President, Finance (Principal Financial and Accounting Officer) Page 13 of 13 EX-27 2 FINANCIAL DATA SCHEDULE
5 1,000 3-MOS DEC-31-2000 JAN-01-2000 MAR-31-2000 62,627 8,674 189,286 0 0 280,297 89,179 62,579 494,786 89,520 0 0 0 7,245 395,711 494,786 0 216,208 0 208,717 183 0 186 9,265 3,754 0 0 0 0 5,511 .08 .08
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