Delaware | 001-13103 | 38-2046833 | ||
(State or other jurisdiction of | (Commission File Number) | (I.R.S. Employer Identification No.) | ||
incorporation) |
99.1 | Unaudited pro forma consolidated financial statements of Ciber, Inc. giving pro forma effect to the sale of Ciber Norge AS for the twelve months ended December 31, 2015 and the six months ended June 30, 2016. |
Ciber, Inc. | ||
Date: September 1, 2016 | By: | /s/ Christian Mezger |
Christian Mezger | ||
Chief Financial Officer |
1. | Adjustments relating to the unaudited pro forma consolidated balance sheet were computed assuming the Norway transaction were consummated on June 30, 2016, the latest balance sheet date included in the Form 10-Q filed on August 4, 2016 and all adjustments are directly attributable to the transactions and are factually supportable. |
2. | Management believes that the assumptions used and the adjustments made are reasonable given the information available. |
Six Months Ended June 30, | ||||||||||||||||
2016 | ||||||||||||||||
Ciber, Inc. Historical | Ciber Norge (divestiture) | Ciber Nederlands (divestiture) | Ciber, Inc. Pro Forma | |||||||||||||
REVENUES | ||||||||||||||||
Consulting services | $ | 322,458 | $ | (13,532 | ) | (a) | $ | (33,537 | ) | (b) | $ | 275,389 | ||||
Other revenue | 18,505 | (489 | ) | (a) | (370 | ) | (b) | 17,646 | ||||||||
Total revenues | 340,963 | (14,021 | ) | (33,907 | ) | 293,035 | ||||||||||
OPERATING EXPENSES | ||||||||||||||||
Cost of consulting services | 255,880 | (10,087 | ) | (a) | (27,820 | ) | (b) | 217,973 | ||||||||
Cost of other revenue | 10,317 | (346 | ) | (a) | (371 | ) | (b) | 9,600 | ||||||||
Selling, general and administrative | 105,131 | (3,496 | ) | (a) | (6,950 | ) | (b) | 94,685 | ||||||||
Goodwill Impairment | 115,483 | — | — | 115,483 | ||||||||||||
Amortization of intangible assets | 2,026 | — | — | 2,026 | ||||||||||||
Restructuring charges | 739 | — | — | 739 | ||||||||||||
Total operating expenses | 489,576 | (13,929 | ) | (35,141 | ) | 440,506 | ||||||||||
OPERATING LOSS FROM CONTINUING OPERATIONS | (148,613 | ) | (92 | ) | 1,234 | (147,471 | ) | |||||||||
Gain on sale of assets | 6,930 | — | (6,930 | ) | (b) | — | ||||||||||
Interest expense | (1,247 | ) | 2 | (a) | 27 | (b) | (1,218 | ) | ||||||||
Other income (expense), net | (769 | ) | (122 | ) | (a) | 1,380 | (b) | 489 | ||||||||
LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (143,699 | ) | (212 | ) | (4,289 | ) | (148,200 | ) | ||||||||
Income tax expense | 4,987 | 445 | (a) | (2,975 | ) | (b) | 2,457 | |||||||||
NET LOSS FROM CONTINUING OPERATIONS | $ | (148,686 | ) | $ | (657 | ) | $ | (1,314 | ) | $ | (150,657 | ) | ||||
Basic and diluted loss per share attributable to Ciber, Inc.: | ||||||||||||||||
Continuing operations | $ | (1.85 | ) | $ | (1.87 | ) | ||||||||||
Weighted average shares outstanding: | ||||||||||||||||
Basic | 80,576 | 80,576 | ||||||||||||||
Diluted | 80,576 | 80,576 |
Year Ended December 31, | ||||||||||||||||
2015 | ||||||||||||||||
Ciber, Inc. Historical | Ciber Norge (divestiture) | Ciber Nederlands (divestiture) | Ciber, Inc. Pro Forma | |||||||||||||
REVENUES | ||||||||||||||||
Consulting services | $ | 741,195 | $ | (39,481 | ) | (a) | $ | (81,918 | ) | (b) | $ | 619,796 | ||||
Other revenue | 45,760 | (1,406 | ) | (a) | (1,343 | ) | (b) | 43,011 | ||||||||
Total revenues | 786,955 | (40,887 | ) | (83,261 | ) | 662,807 | ||||||||||
OPERATING EXPENSES | ||||||||||||||||
Cost of consulting services | 556,371 | (29,189 | ) | (a) | (63,911 | ) | (b) | 463,271 | ||||||||
Cost of other revenue | 26,442 | (999 | ) | (a) | (999 | ) | (b) | 24,444 | ||||||||
Selling, general and administrative | 188,415 | (8,297 | ) | (a) | (15,086 | ) | (b) | 165,032 | ||||||||
Amortization of intangible assets | 332 | — | — | 332 | ||||||||||||
Restructuring charges | 3,644 | — | — | 3,644 | ||||||||||||
Total operating expenses | 775,204 | (38,485 | ) | (79,996 | ) | 656,723 | ||||||||||
OPERATING INCOME FROM CONTINUING OPERATIONS | 11,751 | (2,402 | ) | (3,265 | ) | 6,084 | ||||||||||
Interest expense | (1,582 | ) | 5 | (a) | 72 | (b) | (1,505 | ) | ||||||||
Other income (expense), net | (15 | ) | (132 | ) | (a) | (403 | ) | (b) | (550 | ) | ||||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 10,154 | (2,529 | ) | (3,596 | ) | 4,029 | ||||||||||
Income tax expense | 6,562 | (508 | ) | (a) | — | (c) | 6,054 | |||||||||
NET INCOME (LOSS) FROM CONTINUING OPERATIONS | $ | 3,592 | $ | (2,021 | ) | $ | (3,596 | ) | $ | (2,025 | ) | |||||
Basic and diluted earnings per share attributable to Ciber, Inc.: | ||||||||||||||||
Continuing operations | $ | 0.04 | $ | (0.03 | ) | |||||||||||
Weighted average shares outstanding: | ||||||||||||||||
Basic | 79,085 | 79,085 | ||||||||||||||
Diluted | 79,918 | 79,918 |
Ciber, Inc. Historical (1) | Ciber Norge (divestiture) | Ciber, Inc. Pro Forma | ||||||||||
June 30, 2016 | June 30, 2016 | June 30, 2016 | ||||||||||
ASSETS | ||||||||||||
Current assets: | ||||||||||||
Cash and cash equivalents | $ | 11,288 | $ | 6,300 | (e) | $ | 17,588 | |||||
Restricted cash | 2,500 | 350 | (e) | 2,850 | ||||||||
Accounts receivable, net of allowances | 141,743 | (3,511 | ) | (d) | 138,232 | |||||||
Prepaid expenses and other current assets | 36,948 | (791 | ) | (d) | 36,157 | |||||||
Total current assets | 192,479 | 2,348 | 194,827 | |||||||||
Property and equipment, net of accumulated depreciation | 20,452 | (253 | ) | (d) | 20,199 | |||||||
Goodwill | 133,681 | — | 133,681 | |||||||||
Intangibles, net | 3,553 | — | 3,553 | |||||||||
Other assets | 7,255 | (1,775 | ) | (d) (e) | 5,480 | |||||||
TOTAL ASSETS | $ | 357,420 | $ | 320 | $ | 357,740 | ||||||
LIABILITIES AND EQUITY | ||||||||||||
Liabilities: | ||||||||||||
Current liabilities: | ||||||||||||
Current portion of long-term debt | $ | 40,285 | $ | — | $ | 40,285 | ||||||
Accounts payable | 24,306 | (847 | ) | (d) | 23,459 | |||||||
Accrued compensation and related liabilities | 33,573 | (2,827 | ) | (d) | 30,746 | |||||||
Deferred revenue | 10,226 | (1,132 | ) | (d) | 9,094 | |||||||
Income taxes payable | 123 | (89 | ) | (d) | 34 | |||||||
Other accrued expenses and liabilities | 23,422 | 350 | (d) (f) | 23,772 | ||||||||
Total current liabilities | 131,935 | (4,545 | ) | 127,390 | ||||||||
Long-term debt | — | — | — | |||||||||
Deferred income taxes | 32,085 | — | 32,085 | |||||||||
Other long-term liabilities | 14,404 | 113 | (d) (f) | 14,517 | ||||||||
Total liabilities | 178,424 | (4,432 | ) | 173,992 | ||||||||
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, 80,924 shares issued | 809 | — | 809 | |||||||||
Treasury stock, at cost, 29 shares | (45 | ) | — | (45 | ) | |||||||
Additional paid-in capital | 373,321 | — | 373,321 | |||||||||
Accumulated deficit | (166,971 | ) | 4,752 | (g) | (162,219 | ) | ||||||
Accumulated other comprehensive loss | (28,739 | ) | — | (28,739 | ) | |||||||
Total Ciber, Inc. shareholders' equity | 178,375 | 4,752 | 183,127 | |||||||||
Noncontrolling interests | 621 | — | 621 | |||||||||
Total equity | 178,996 | 4,752 | 183,748 | |||||||||
TOTAL LIABILITIES AND EQUITY | $ | 357,420 | $ | 320 | $ | 357,740 |