-----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, APf7iqqmTTLpkzjT13Cqyp7mbf5nbUTpBb5/nb+WI2uycZpU5LFycm2KMDnpy1ub JH8OO5ahacL7D6hoMxvHAQ== 0001047469-04-006376.txt : 20040303 0001047469-04-006376.hdr.sgml : 20040303 20040303134931 ACCESSION NUMBER: 0001047469-04-006376 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20040212 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040303 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CIBER INC CENTRAL INDEX KEY: 0000918581 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMPUTER PROGRAMMING SERVICES [7371] IRS NUMBER: 382046833 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-13103 FILM NUMBER: 04645493 BUSINESS ADDRESS: STREET 1: 5251 DTC PKYWAY STREET 2: STE 1400 CITY: ENGLEWOOD STATE: CO ZIP: 80111-2742 BUSINESS PHONE: 3032200100 MAIL ADDRESS: STREET 1: 5251 DTC PKWY STREET 2: STE 1400 CITY: ENGLEWOOD STATE: CO ZIP: 80111-2742 8-K 1 a2130158z8-k.htm 8-K
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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): February 12, 2004

CIBER, INC.
(Exact name of registrant as specified in its charter)

Delaware   0-23488   38-2046833
(State or other jurisdiction
of incorporation)
  (Commission
File Number)
  (IRS Employer
Identification No.)

5251 DTC Parkway, Suite 1400, Greenwood Village, Colorado 80111
(Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code: (303) 220-0100


CIBER, Inc.
Information to be included in the Report

Item 12. Disclosure of Results of Operations and Financial Condition

        On February 12, 2004, we issued a press release in which we announced our financial results for the three- and twelve-months ended December 31, 2003. The full text of the press release issued in connection with the announcement is attached as Exhibit 99.1 to this Current Report on Form 8-K.


Item 7(c). Exhibits

99.1
Press release dated February 12, 2004.


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, thereunto duly authorized.


 

 

CIBER, Inc.

Date: March 3, 2004

 

By:

 

/s/  
DAVID G. DURHAM      
David G. Durham
Chief Financial Officer, Senior Vice President and Treasurer



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CIBER, Inc. Information to be included in the Report
SIGNATURE
EX-99.1 3 a2130158zex-99_1.htm EX-99.1
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Exhibit 99.1

         Logo

CIBER, Inc.
5251 DTC Parkway, Suite 1400
Greenwood Village, CO 80111
www.ciber.com

For Immediate Release   Contacts:   Doug Eisenbrandt
Investor Relations
303-220-0100
IR@ciber.com
  Jenn Wing
Media Relations
303-220-0100
jwing@ciber.com


CIBER POSTS FOURTH QUARTER AND FISCAL 2003 RESULTS
Revenues Up 14% and Earnings Up 41% Over Fiscal 2002

        GREENWOOD VILLAGE, Colo.—Feb. 12, 2004—Today CIBER, Inc. (NYSE: CBR) reported its results for fiscal 2003 and its fourth quarter.

        Revenues for the year ended Dec. 31, 2003 were $692 million, an increase of 14 percent over fiscal 2002 results of $608.3 million. This $84 million increase included approximately $90 million in net increases from mergers and acquisitions activity, offset by a $7 million decrease from a significant customer budget outage that began in September 2003. Organic growth, excluding the one client curtailment, was essentially flat for 2003.

        Net income for fiscal 2003 was $20 million, this represented a 41 percent increase over fiscal 2002's results of $14.2 million. This improvement is principally attributed to continued cost reduction programs resulting in lower overhead costs and a tax benefit in Europe related to cost containments in former operations. GAAP earnings per share increased to $.31 for 2003 from $.22 for 2002, a 41 percent increase.

        For the December 2003 quarter, revenues totaled $167.4 million, an increase of 5 percent compared to $159.4 million for the December 2002 quarter. Net income totaled $4.2 million, a decrease of 16 percent from the December 2002 quarter results of $5 million. The lower quarterly results were a result of fewer billing days than usual, additional costs related to a continued customer budget outage, severance expense in the U.S. and Europe (which will benefit 2004 expenses), and interest expenses of the new convertible debt that closed in early December. Earnings per share were $.07 for the December 2003 quarter, a $.01 decrease compared to the December 2002 quarter of $.08 for the reasons described above.

        "2003 represented a transformational year for CIBER. We were able to post sequential gains in revenues and profits against a back drop of continued constrained IT services spending in both U.S. corporate and state government sectors," said Mac Slingerlend, CIBER's President and Chief Executive Officer. "Very positive 2003 events included:

    Closing the ECsoft Group plc merger effective Feb. 1, 2003. CIBER is now truly pan-European with offices in six countries, delivery services throughout Europe and over 10 percent of our total revenues in Europe.

    Closing the AlphaNet Solutions, Inc. acquisition on June 30, 2003. This added significant New York Metro Plex revenues and operations into our consulting, managed services, and business process outsourcing (BPO) work. This BPO expertise is now being utilized across other parts of our business model.

    The $175 million convertible, subordinated debenture offering that closed on Dec. 2, 2003, which added significant liquidity and long-term capital at terms we consider very favorable.

    The announced pending acquisition of SCB Computer Technology, Inc. (SCB) in October, which we believe will close in early March 2004, and which we believe will add approximately $125 million in annualized revenues to our strategic verticals of Federal government (approximately 50 percent), State & Local government (35 percent) and commercial sectors (15 percent).

        "Subsequent to the end of 2003, we announced the acquisition of FullTilt Inc.'s Services Division, representing approximately $14 million in expected 2004 revenues for our Philadelphia and Pittsburgh branch locations; it closed in January 2004.

        "The above described activities, and dozens of others, continue to position CIBER as a very relevant and significant international player in the IT services sector, one that is well positioned for 2004 and beyond. In addition to the meaningful growth, particularly in the public sector, associated with the pending SCB closing, we are actively working in Europe to become a larger player in 2004. We are also excited to increase our offshore revenues this year. We are highly encouraged about prospects for 2004. Stability in our operations, improving world economies, and our enhanced cash flow and liquidity, all position us well for another year of gains.

        "Excluding SCB contributions, we believe 2004 revenue will be approximately $725-740 million and earnings are expected to be in the $.44-.52 per share range, an increase of 42-68 percent from 2003. For the first quarter of 2004, we currently expect revenue to be in the range of $170-176 million, and earnings per share to be between $.08-.10. Assuming we are able to close the pending SCB transaction as anticipated, we believe revenue for the first quarter of 2004 will increase by approximately $10 million, and earnings per share will increase by $.01. For 2004, again assuming SCB closes as anticipated, we believe revenue will be between $825-845 million, easily exceeding our previous corporate high of $742 million in 1999, and earnings are expected to be in the range of $.50-.60 per share, which would represent an increase of 61-94 percent from 2003," concluded Slingerlend.

About CIBER, Inc.

        CIBER, Inc. (NYSE: CBR) is a leading international system integration consultancy with superior value-priced services for both private and government sector clients. CIBER's services are offered on a project or strategic staffing basis, in both custom and enterprise resource planning (ERP) package environments, and across all technology platforms, operating systems and infrastructures. Founded in 1974, the company's consultants now serve client businesses from over 50 CIBER and 10 CIBER Europe offices. With offices in 10 countries, annualized revenue of approximately $700 million and approximately 6,000 employees, CIBER's IT specialists continuously build and upgrade our clients' systems to "competitive advantage status." CIBER is included in the Russell 2000 Index and the S&P Small Cap 600 Index. CIBER, ALWAYS ABLE.

Forward-Looking and Cautionary Statements

        Except for the historical information and discussions contained herein, statements contained in this release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially, as discussed in the company's filings with the Securities and Exchange Commission. CIBER and the CIBER logo are trademarks or registered trademarks of CIBER, Inc.

CIBER, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)

 
  Three Months Ended
December 31,

  Year Ended
December 31,

 
 
  2003
  2002
  2003
  2002
 
 
  In thousands, except per share data

 
Consulting services   $ 161,664   $ 153,620   $ 663,973   $ 582,864  
Other revenues     5,734     5,783     28,014     25,454  
   
 
 
 
 
  Total revenues     167,398     159,403     691,987     608,318  
   
 
 
 
 
Cost of consulting services     119,360     110,405     478,328     416,658  
Cost of other revenues     4,159     4,176     20,369     17,326  
Selling, general and administrative expenses     37,550     36,618     158,163     148,902  
Amortization of intangible assets     641     391     2,664     910  
   
 
 
 
 
  Operating income     5,688     7,813     32,463     24,522  
Other income (expense), net     (162 )   428     (1,028 )   (737 )
   
 
 
 
 
  Income before income taxes     5,526     8,241     31,435     23,785  
Income tax expense     1,348     3,290     11,451     9,607  
   
 
 
 
 
  Net income   $ 4,178   $ 4,951   $ 19,984   $ 14,178  
   
 
 
 
 
Earnings per share—diluted   $ .07   $ .08   $ .31   $ .22  
Weighted average shares—diluted     63,464     65,089     64,382     63,989  

        For the three months ended December 31, 2003 and 2002, respectively, earnings per share—basic was $0.07 and $0.08 and weighted average shares—basic were 62,228 and 64,550.

        For the years ended December 31, 2003 and 2002, respectively, earnings per share—basic was $0.31 and $0.22and weighted average shares—basic were 63,505 and 63,313.

CIBER, Inc.
Condensed Consolidated Balance Sheets
(Unaudited)

 
  December 31,
2003

  December 31,
2002

 
  In thousands

Assets            
Current assets:            
  Cash and cash equivalents   $ 132,537   $ 14,899
  Accounts receivable, net     140,037     132,513
  Prepaid expenses and other current assets     10,521     7,753
  Income taxes refundable     4,616     3,570
  Deferred income taxes     4,931     5,034
   
 
    Total current assets     292,642     163,769
Property and equipment, net     15,377     17,624
Intangible assets, net     258,223     237,867
Other assets     7,081     7,881
   
 
    Total assets   $ 573,323   $ 427,141
   
 
Liabilities and Shareholders' Equity            
Current liabilities:            
  Accounts payable   $ 17,236   $ 13,527
  Accrued compensation and related liabilities     37,954     30,360
  Other accrued expenses and liabilities     24,399     17,988
  Income taxes payable     501     1,047
   
 
    Total current liabilities     80,090     62,922
Bank line of credit         21,864
Long-term debt     175,000    
Other long-term liabilities     13,601     8,993
   
 
    Total liabilities     268,691     93,779
   
 
Contingent redemption value of put options         5,832
Shareholders' equity     304,632     327,530
   
 
    Total liabilities and shareholders' equity   $ 573,323   $ 427,141
   
 

###



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CIBER POSTS FOURTH QUARTER AND FISCAL 2003 RESULTS Revenues Up 14% and Earnings Up 41% Over Fiscal 2002
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