-----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, LBGzyM49rq26u9jX7Si6wW/HEqud8afB0ytBVPhTMIKyzkRXfzOUTyUz0eby0g5s qP6gbjoOtQyStD/Prfunsg== 0000806388-96-000025.txt : 19960716 0000806388-96-000025.hdr.sgml : 19960716 ACCESSION NUMBER: 0000806388-96-000025 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960531 FILED AS OF DATE: 19960715 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: NICHOLS RESEARCH CORP /AL/ CENTRAL INDEX KEY: 0000806388 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-ENGINEERING SERVICES [8711] IRS NUMBER: 630713665 STATE OF INCORPORATION: DE FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-15295 FILM NUMBER: 96594848 BUSINESS ADDRESS: STREET 1: 4040 MEMORIAL PKWY SOUTH CITY: HUNTSVILLE STATE: AL ZIP: 35802 BUSINESS PHONE: 2058831140 10-Q 1 ================================================================== SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 ---------------------------------- FORM 10-Q (X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended May 31, 1996 ____________ OR ( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For The Transition Period From _____________ To _____________ _________________________ Nichols Research Corporation Commission File Number 0-15295 (Exact name of registrant as specified in its charter) _____________________ DELAWARE 63-0713665 ___________________________ _________________ (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification no.) 4040 Memorial Parkway, South Huntsville, Alabama 35802-1326 (205) 883-1140 (Address, including zip code, of principal offices) _____________________ NO CHANGE (Former name, address and fiscal year if changed since last report) _____________________ 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 --- --- Indicate the number of shares outstanding of each of the issuerOs classes of common stock, as of the latest practical date. COMMON STOCK, $.01 PAR VALUE 6,514,116 SHARES OUTSTANDING ON May 31, 1996 _____________________ ================================================================== FORM 10-Q NICHOLS RESEARCH CORPORATION QUARTERLY REPORT FOR THE PERIOD ENDED MAY 31, 1996 INDEX Part I. FINANCIAL INFORMATION Item 1. Financial Statements Condensed Consolidated Statements of Income for the Three Months and Nine Months Ended May 31, 1996 and May 31, 1995 (Unaudited) Condensed Consolidated Balance Sheets as of May 31, 1996 and August 31, 1995 (Unaudited) Condensed Consolidated Statements of Changes in Stockholders' Equity for the Nine Months Ended May 31, 1996 and May 31, 1995 (Unaudited) Condensed Consolidated Statements of Cash Flows for the Nine Months Ended May 31, 1996 and May 31, 1995 (Unaudited) Notes to Condensed Consolidated Financial Statements (Unaudited) Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Part II. OTHER INFORMATION Item 1. Legal Proceedings Item 6. Exhibits and Reports on Form 8-K Signatures FORM 10-Q NICHOLS RESEARCH CORPORATION PART I - FINANCIAL INFORMATION Item 1 - Financial Statements CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
For the Three Months Ended For the Nine Months Ended -------------------------- ------------------------- May 31, May 31, May 31, May 31, 1996 1995 1996 1995 ----------------------------------------------------- (amounts in thousands except share data) Revenues...................... $ 55,169 $ 44,444 $ 153,202 $ 116,848 Costs and expenses: Direct and allocable costs... 46,713 38,183 129,735 101,165 General and administrative expenses..................... 4,899 3,791 13,879 8,648 -------------------------------------------------- Total costs and expenses. 51,612 41,974 143,614 109,813 -------------------------------------------------- Operating profit.............. 3,557 2,470 9,588 7,035 Other income (expense): Interest expense............. (99) (57) (226) (65) Other income, principally interest..................... 262 516 749 1,188 -------------------------------------------------- Income before income taxes.... 3,720 2,929 10,111 8,158 Income taxes.................. 1,344 1,100 3,670 3,025 -------------------------------------------------- Net income.................... $ 2,376 $ 1,829 $ 6,441 $ 5,133 ================================================== Earnings per share............ $ .35 $ .29 $ .96 $ .83 ================================================== Weighted average number of common and common equivalent shares............ 6,859,862 6,299,391 6,741,527 6,211,111 ==================================================
NOTE: The Company has not declared or paid dividends in any of the periods presented. See accompanying notes. FORM 10-Q NICHOLS RESEARCH CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) May 31, August 31, 1996 1995 --------------------------------- (amounts in thousands) ASSETS Current assets: Cash and temporary cash investments...... $ 13,064 $ 17,196 Accounts receivable...................... 67,094 53,103 Deferred income taxes.................... 1,351 1,351 Other.................................... 2,416 1,593 --------------------------------- Total current assets................... 83,925 73,243 Long-term investments..................... 4,495 4,530 Property and equipment: Computers and related equipment.......... 15,866 11,973 Furniture, equipment and improvements.... 6,282 5,149 Equipment - contracts.................... 5,771 5,771 --------------------------------- 27,919 22,893 Less accumulated depreciation............ 13,768 11,434 --------------------------------- Net property and equipment............. 14,151 11,459 Goodwill (net of accumulated amortization)............................ 20,774 8,803 Other assets.............................. 4,341 2,844 --------------------------------- Total assets.............................. $127,686 $100,879 See accompanying notes. FORM 10-Q NICHOLS RESEARCH CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) May 31, August 31, 1996 1995 ------------------------------ (amounts in thousands except per share data) LIABILITIES AND STOCKHOLDERSO EQUITY Current liabilities: Accounts payable......................... $ 14,005 $ 16,886 Accrued compensation and benefits........ 9,667 6,897 Income taxes payable..................... 104 969 Note payable............................. 14,500 - Current maturities of long-term debt..... 1,191 1,187 Other.................................... 3,643 531 ----------------------------- Total current liabilities............ 43,110 26,470 Deferred income taxes..................... 1,195 1,195 Long-term debt: Industrial development bonds............. 1,777 2,000 Long-term notes.......................... 2,716 3,366 ----------------------------- Total long-term debt................. 4,493 5,366 Stockholders' equity: Common stock, par value $.01 per share Authorized - 20,000,000 and 10,000,000 shares, respectively Issued - 6,626,449 and 6,439,227 shares, respectively................. 66 64 Additional paid-in capital.............. 28,000 24,258 Retained earnings....................... 52,110 45,669 Less cost of treasury stock - 112,333 and 184,377 shares, respectively...... (1,288) (2,143) ----------------------------- Total stockholders' equity............ 78,888 67,848 ----------------------------- Total liabilities and stockholders' equity................................... $ 127,686 $ 100,879 See accompanying notes. FORM 10-Q NICHOLS RESEARCH CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED)
Additional Common Stock Paid-In Retained Treasury Shares Amount Capital Earnings Stock Total -------------------------------------------------------------- (amounts in thousands except share data) For the Nine Months Ended May 31, 1996 -------------------------------------- Balance, August 31, 1995 6,439,227 $ 64 $ 24,258 $ 45,669 $ (2,143) $ 67,848 Exercise of stock options 155,963 1 1,529 - - 1,530 Employee stock purchases 31,259 1 690 - - 691 Re-issue 72,044 shares of treasury stock - - 1,523 - 855 2,378 Net income - - - 6,441 - 6,441 ---------------------------------------------------------------- Balance, May 31, 1996 6,626,449 $ 66 $ 28,000 $ 52,110 $ (1,288) $ 78,888 ================================================================ For the Nine Months Ended May 31, 1995 -------------------------------------- Balance, August 31, 1994 6,262,137 $ 63 $ 22,528 $ 38,467 $ (3,750) $ 57,308 Exercise of stock options 91,038 1 620 - - 621 Employee stock purchases 34,948 - 417 - - 417 Re-issue 138,123 shares of treasury stock - - 213 - 1,607 1,820 Net income - - - 5,133 - 5,133 ---------------------------------------------------------------- Balance, May 31, 1995 6,388,123 $ 64 $ 23,778 $ 43,600 $ (2,143) $ 65,299 ================================================================
See accompanying notes. FORM 10-Q NICHOLS RESEARCH CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) For the Nine Months Ended May 31, May 31, 1996 1995 ----------------------------- (amounts in thousands) Cash flows from operating activities: Net income.............................. $ 6,441 $ 5,133 Adjustments to reconcile net income to net cash provided (used) by operating activities: Depreciation and amortization.......... 3,070 2,017 Loss on sale of investments............ - 34 Changes in assets and liabilities net of effects of acquisitions: Accounts receivable.................... (6,959) (2,535) Other assets........................... (677) 823 Accounts payable....................... (4,917) (2,373) Accrued compensation and benefits...... 1,658 2,300 Income taxes payable................... (865) 703 Other current liabilities.............. 1,687 241 ---------------------------- Total adjustments.................. (7,003) 1,210 ---------------------------- Net cash provided (used) by operating activities.............................. (562) 6,343 Cash flows from investing activities: Purchase of property and equipment...... (3,113) (1,328) Payment for non-compete agreement....... - (900) Payments for acquisitions, net of cash acquired............................... (14,763) (2,869) Payments for investment in affiliates... (1,546) (1,535) Proceeds from sale of long-term investments............................ - 3,284 ---------------------------- Net cash used by investing activities... (19,422) (3,348) Cash flows from financing activities: Proceeds from issuance of common stock.. 2,221 1,039 Proceeds from sale of treasury stock.... - 734 Proceeds from industrial development bonds.................................. - 2,225 Proceeds from note payable.............. 14,500 - Payments of long-term debt.............. (869) (1,003) ---------------------------- Net cash provided by financing activities............................. 15,852 2,995 ---------------------------- Net increase (decrease) in cash......... (4,132) 5,990 FORM 10-Q NICHOLS RESEARCH CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (CONTINUED) Cash and temporary cash investments at beginning of period.................... 17,196 19,355 ---------------------------- Cash and temporary cash investments at end of period.......................... $ 13,064 $ 25,345 ============================ Non-cash transactions: Deferred compensation resulting from the exercise of restricted stock options and issuance of treasury stock.................................. $ - $ 81 Issuance of treasury stock as consideration in acquisition........... 2,378 1,005 See accompanying notes. FORM 10-Q NICHOLS RESEARCH CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) May 31, 1996 Note 1 - Basis of Presentation and Organization The condensed consolidated financial statements (and all other information in this report) have not been examined by independent auditors, but in the opinion of the Company, all adjustments, consisting of the normal recurring accruals necessary for a fair presentation of the results for the period, have been made. The condensed consolidated financial statements include the accounts of Nichols Research Corporation and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. On July 9, 1996, the Company announced the renaming and modification of four internal business areas to reflect continued evolution and development within the Company. The names and organizations will be used to better capture and focus the Company into specific markets, domains, clients, and cultures appropriate to the respective line of business. The names are Nichols InfoFed (Government I/T), Nichols Federal (Defense and Intelligence), NicholSELECT (Healthcare and Insurance I/T), and Nichols InfoTec (Commercial I/T). Note 2 - Investments and Affiliates In October 1995, the Company entered into an agreement to purchase 1,000 shares of Series B Preferred Stock of HealthGate Data Corporation (HealthGate). HealthGate provides a biomedical and health information system on the World Wide Web. The agreement provides for four equal purchase installments of $400,000, contingent upon HealthGate achieving certain milestones as defined in the agreement. Three installments have been made as of May 31, 1996. The 1,000 shares of Preferred Stock are convertible to 20% of the common stock on a fully diluted basis at the date of the agreement. In January 1996, the Company invested approximately $200,000 to acquire a 50% interest in a joint venture, HealthShare, LLC. HealthShare's mission is to provide an integrated information system and support services that enhance the quality and efficiency of healthcare delivery at a reduced cost. FORM 10-Q NICHOLS RESEARCH CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED) On May 31, 1996, the Company entered into a stock purchase agreement and purchased all of the issued and outstanding capital stock of Advanced Marine Enterprises, Inc. (AME), a Virginia corporation. The purchase price was approximately $17,522,000, of which $15,122,000 was payable in cash and $2,400,000 was paid in Common Stock of the Company. The cash was borrowed under the Company's existing credit agreement. The transaction was accounted for as a purchase and, accordingly, the purchase price and liabilities assumed have been allocated to the assets acquired, including goodwill of approximately $12,500,000 to be amortized over 15 years. The Consolidated Balance Sheet at May 31, 1996 includes the accounts of AME. Note 3 - Reclassification Certain prior period amounts have been reclassified to conform with the current period's presentation. FORM 10-Q NICHOLS RESEARCH CORPORATION Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations Results of Operations The Company provides information systems and technology services to agencies of the Department of Defense, non-defense federal agencies, state governments and commercial entities. The major portion of the Company's revenues results from services performed under U.S. Government contracts, either directly or through subcontracts. The following tables set forth, for the periods indicated, the amount and percentage change for certain items in the consolidated statements of income and the percentages such items bear to consolidated revenues.
For the Three Months Ended For the Nine Months Ended May 31, 1996 Compared May 31, 1996 Compared to the Three Months Ended to the Nine Months Ended May 31, 1995 May 31, 1995 Amount of Percentage Amount of Percentage Change Change Change Change -------------------------------------------------------- (amounts in thousands) Revenues................. $ 10,725 24.1 % $ 36,354 31.1 % Cost and expenses: Direct and allocable costs................... 8,530 22.3 28,570 28.2 General and administrative expenses............... 1,108 29.2 5,231 60.5 Total cost and expenses............ 9,638 23.0 33,801 30.8 Operating profit......... 1,087 44.0 2,553 36.3 Other income (expense), net..................... (296) (64.5) (600) (53.4) Income before income taxes................... 791 27.0 1,953 23.9 Income taxes............. 244 22.2 645 21.3 Net income............... $ 547 29.9% $ 1,308 25.5 %
FORM 10-Q NICHOLS RESEARCH CORPORATION
For the Three Months Ended For the Nine Months Ended May 31, May 31, May 31, May 31, 1996 1995 1996 1995 --------------------------------------------------------- Revenues................. 100.0 % 100.0 % 100.0 % 100.0 % Cost and expenses: Direct and allocable costs................... 84.7 85.9 84.7 86.6 General and administrative expenses................ 8.9 8.5 9.0 7.4 --------------------------------------------------------- Total cost and expenses............. 93.6 94.4 93.7 94.0 --------------------------------------------------------- Operating profit......... 6.4 5.6 6.3 6.0 Other income (expense), net..................... 0.3 1.0 0.3 1.0 --------------------------------------------------------- Income before income taxes................... 6.7 6.6 6.6 7.0 Income taxes............. 2.4 2.5 2.4 2.6 --------------------------------------------------------- Net income............... 4.3 % 4.1 % 4.2 % 4.4 % =========================================================
Revenues for the three months ended May 31, 1996 increased 24 percent, or $10.7 million and for the nine months ended May 31, 1996 increased 31 percent, or $36.4 million, as compared to the three months and nine months ended May 31, 1995. The increase was primarily the result of the revenues contributed by a significant information technology services contract with a commercial customer, and the revenues contributed by two information technology subsidiaries acquired late in the 1995 fiscal year (approximately 67% of the increase). The Company also realized an increase in revenues from its existing contract base. FORM 10-Q NICHOLS RESEARCH CORPORATION Costs and expenses were 93.6 percent of revenues for the three months and 93.7 percent of revenues for the nine months ended May 31, 1996, as compared to 94.4 percent for the three months and 94.0 percent for the nine months ended May 31, 1995. The reduction in direct and allocable costs as a percentage of revenues is offset by increases in general and administrative expenses which reflect the efforts to use contract cost reductions and increased margins to fund planned increases in business development and marketing efforts, primarily with commercial market opportunities. Other income consists primarily of interest income. Substantially all available cash is invested in interest bearing accounts or fixed income instruments. The 53.4 percent decrease in other income for the nine months ended May 31, 1996 as compared to the nine months ended May 31, 1995 is the result of the use of cash to make strategic acquisitions and investments in affiliates. Net income increased 29.9 percent, or $547,000 for the three months and 25.5 percent, or $1,308,000 for the nine months ended May 31, 1996, as compared to the same periods in the prior year. The increase is the result of reasons discussed above. Financial Condition For the nine months ended May 31, 1996, operating activities used $562,000 in cash as compared to providing $6,343,000 during the nine months ended May 31, 1995. The decrease is the result of changes in working capital requirements. The Company realized proceeds from the issuance of common stock of $2,222,000 for the nine months ended May 31, 1996 as compared to $1,039,000 during the nine months ended May 31, 1995. During the nine months ended May 31, 1995, the Company also reissued 70,000 shares of treasury stock, providing cash of $734,000. Working capital was $40,815,000 at May 31, 1996 as compared to $51,597,000 at May 31, 1995. The Company's working capital ratios were 1.9:1 at May 31, 1996 as compared to 3.6:1 at May 31, 1995. The Company also has $4,495,000 invested primarily in fixed income instruments which are classified as noncurrent assets at May 31, 1996, as compared to $4,542,000 at May 31, 1995. The Company has a bank line of credit which provides for borrowing up to $73,500,000, secured primarily by accounts receivable. On May 31, 1996, the Company borrowed $14,500,000 under this credit agreement. The proceeds were used to acquire the outstanding capital stock of Advanced Marine Enterprises, Inc. (AME), a Virginia corporation. The Company had no other outstanding borrowings under the provisions of this line of credit. Long-term debt includes a term note used to purchase computer hardware for lease to a customer under a system integration contract. The proceeds from an Alabama State Industrial Development Bond are being used to expand information technology programs. FORM 10-Q NICHOLS RESEARCH CORPORATION Purchases of property and equipment were $3,113,000 during the nine months ended May 31, 1996, as compared to $1,328,000 during the nine months ended May 31, 1995. The Company is upgrading its enterprise information systems as well as replacing capital assets in the normal course of business. The Company is actively pursuing new contracts for information systems development and computer system integration activities which could require the Company to acquire substantial amounts of computer hardware. The Company is also regularly evaluating potential acquisition candidates. The Company believes that its existing capital resources, together with available borrowing capacity, are sufficient to fund these activities. During the nine months ended May 31, 1996, the Company won new contract awards totaling approximately $449,495,000 as compared to approximately $135,153,000 for the nine months ended May 31, 1995. The acquisition of AME provided additional backlog of approximately $180,000,000. The trend in contract awards is for increased amounts to be awarded in options. The Company's backlog at May 31, 1996 and May 31, 1995 was as follows: 1996 1995 ---- ---- Base period contracts and exercised options, net of services provided........ $ 519,143,000 $ 289,560,000 Options................... 431,233,000 230,441,000 ------------- ------------- Total.................... $ 950,376,000 $ 520,001,000 ============= ============= Contracts with the U.S. Government, either directly or through subcontracts, are the primary source of backlog values. The Company's business is dependent upon its ability to win new contracts, the funding levels of awarded contracts and the Company's ability to perform under contract provisions. FORM 10-Q NICHOLS RESEARCH CORPORATION PART II - OTHER INFORMATION Item 1 - Legal Proceedings On May 31, 1996, the Company purchased all of the capital stock of Advanced Marine Enterprises, Inc. (AME) pursuant to a Stock Purchase Agreement which provided for indemnity of the Company by the Sellers from all damages arising out of or connected with pending litigation against AME. An Escrow Agreement was signed by Sellers to provide security for the indemnity obligations assumed by Sellers under the Stock Purchase Agreement in the amount of $2,700,000. One of the described cases was PRC, Inc. v. AME, et al, instituted on January 2, 1996 in the Circuit Court of Arlington County, Virginia, Chancery No. 96.1 wherein PRC, Inc. in a nine count complaint (breach of fiduciary duty, intentional interference with contractual relations, intentional interference with prospective business and contractual relations, specific performance in breach of PRC terms and conditions of employment, violation of Virginia Trade Secrets Act, violation of Virginia Computer Crimes Act, violation of Virginia Code Annotated 18.2-499, conversion, request for accounting pursuant to Virginia Code ANN.8.01-31) sought injunctive relief and both compensatory and punitive damages. In that action PRC alleged that, among other matters, AME and certain of its employees conspired to illegally acquire the PRC Engineering Department, including its employees, customers, property and proprietary information. The trial of this non-jury action commenced May 28, 1996 and concluded on June 19, 1996. At this time the judge orally announced his tentative findings and conclusions of law awarding PRC, Inc. monetary damages totaling approximately $4,100,000, exclusive of attorneysO fees and expenses estimated to be in the range of $650,000 to $700,000. While the courtOs pronouncement is presently inconclusive and subject to change, it is an indication of the amount of the final judgment expected to be entered before August 1, 1996. An agreement has been reached wherein Sellers will increase the funding of the Escrow Agreement to fully cover the anticipated judgment and accrued interest. The amount now provided in such agreement is approximately $5,550,000. Management believes that such amounts will be sufficient to pay any judgements, costs or expenses that may ultimately result from this matter. FORM 10-Q NICHOLS RESEARCH CORPORATION Item 6 - Exhibits and Reports on Form 8-K (a) Exhibits. Exhibit No. Description ----------- ----------- 27 Financial Data Schedule (b) The Company has filed the following reports on Form 8-K for the Three Months ended May 31, 1996. On June 17, 1996, the Company filed Form 8-K with the Commission reporting the acquisition of all of the outstanding capital stock of Advanced Marine Enterprises, Inc. (AME), a Virginia corporation. The purchase agreement was executed and the acquisition was consumated on May 31, 1996. The financial statements required by Item 7(a)(4) of Form 8-K shall be filed by amendment no later than 60 days after June 15, 1996. The pro forma financial information required by Item 7(b) of Form 8-K shall be filed by amendment no later than 60 days after June 15, 1996. FORM 10-Q NICHOLS RESEARCH CORPORATION SIGNATURES MANAGEMENT REPRESENTATION The accompanying unaudited Consolidated Balance Sheets at May 31, 1996, and August 31, 1995 as well as the Consolidated Statements of Income for the three months ended May 31, 1996 and May 31, 1995 and the Consolidated Statements of Income, Consolidated Statements of Changes in Stockholders' Equity and Consolidated Statements of Cash Flows for the nine months ended May 31, 1996 and May 31, 1995, are unaudited by independent public accountants; however, in the opinion of management, all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the results of operations for the periods presented and financial position for the dates presented have been made. July 15, 1996 By: - ----------------------- ---------------------- Date Allen E. Dillard Chief Financial Officer (Principal Finance and Accounting Officer) 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. NICHOLS RESEARCH CORPORATION July 15, 1996 By: - ----------------------- --------------------- Date Allen E. Dillard Chief Financial Officer (Principal Finance and Accounting Officer) EX-27 2
5 1,000 9-MOS AUG-31-1996 MAY-31-1996 13,064 0 67,094 0 0 83,925 27,919 13,768 127,686 43,110 4,493 0 0 66 78,822 127,686 153,202 153,202 129,735 129,735 0 0 226 10,111 3,670 4,065 0 0 0 4,065 .96 .96
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