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 16, 2005

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

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 communication 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 pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

CIBER, Inc.
Information to be included in the Report

Item 2.02. Disclosure of Results of Operations and Financial Condition

        On February 16, 2005, we issued a press release in which we announced our financial results for the three months and for the year ended December 31, 2004. 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.

        The Company reports its financial results in accordance with generally accepted accounting principles ("GAAP"). However, management believes that certain non-GAAP financial measures used in managing the Company's business may provide users of this financial information with additional meaningful comparisons between current results and prior reported results. Certain of the information set forth in the attached press release constitutes non-GAAP financial measures within the meaning of Regulation G adopted by the Securities and Exchange Commission. We have presented below a reconciliation of these measures to the most directly comparable GAAP financial measure. The presentation of this additional information is not meant to be considered in isolation or as a substitute for comparable amounts determined in accordance with generally accepted accounting principles in the United States.

        These non-GAAP financial measures are discussed below.

        1.     Cash Earnings Per Share—Cash Earnings Per Share is measured as GAAP net income plus amortization of intangible assets, as reported in our consolidated statements of operations, less income taxes associated with the amortization of intangible assets plus the interest expense associated with the contingent convertible debentures, net of tax, divided by weighted average shares—diluted, as reported in our consolidated statements of operations. The following table reconciles cash earnings per share to the most comparable GAAP measure, net income.

Reconciliation of GAAP Net Income to Cash Earnings Per Share (Non-GAAP)
(In thousands, except per share data)

	Q4-2003			Q4-2004			2003			2004
GAAP net income	$	4,178		$	7,451		$	19,984		$	29,701
Add: Amortization of intangible assets		641			1,375			2,664			4,214
Less: Income tax effect		(256	)		(522	)		(1,066	)		(1,601	)
Add: Debt interest expense, net of tax		319			960			319			3,837
Cash net income	$	4,882		$	9,264		$	21,901		$	36,151
Weighted average shares—diluted		67,741			76,573			65,451			74,642
Cash earnings per share	$	0.07		$	0.12		$	0.33		$	0.48

        2.     EBITA—EBITA is measured as GAAP Net Income, plus income tax expense and amortization of intangible assets, less interest and other income (expense), net, all as reported in our consolidated statements of operations. The following table reconciles EBITA to the most comparable GAAP measure, net income.

Reconciliation of GAAP Net Income to EBITA (Non-GAAP)
(In thousands)

	Q4-2003		Q4-2004		2003		2004
GAAP net income	$	4,178	$	7,451	$	19,984	$	29,701
Add: Income tax expense		1,348		3,958		11,451		17,694
Less: Interest and other income (expense), net		162		1,895		1,028		3,873
Add: Amortization of intangible assets		641		1,375		2,664		4,214
EBITA	$	6,329	$	14,679	$	35,127	$	55,482

        3.     Free Cash Flow as described in the press release is also a non-GAAP measure and is reconciled to the most comparable GAAP measure, net income in the press release.

Item 9.01(c). Exhibits.

99.1

Press release dated February 16, 2005.

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: February 17, 2005	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

Item 2.02. Disclosure of Results of Operations and Financial Condition
Item 9.01(c). Exhibits.

SIGNATURE

EX-99.1

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Exhibit 99.1

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
deisenbrandt@ciber.com Jenn Wing
Media Relations
303-220-0100
jwing@ciber.com

CIBER's 2004 REVENUE GROWS 22%, SETS RECORD
Fourth Quarter Revenue up 41% to $235 Million, Also a Record;
Fiscal and Fourth Quarter Earnings Up 49% and 78%, Respectively;
Free Cash Flow Increases 37% to $37 Million

        GREENWOOD VILLAGE, Colo.—February 16, 2005—CIBER, Inc. (NYSE: CBR), a leading international IT consultancy, reported its best revenue year ever and its best year in net income since 1999. Recapping 2004, revenue was $843.0 million, net income was $29.7 million, and (after $0.03 dilution from adopting EITF Issue 04-8 effective as of December 2003, discussed below), Cash EPS (also defined below) was $0.48 per share and GAAP EPS was $0.45 per share.

Overview:

        "2004 was a momentous, record setting year for CIBER. We are hardly at the end of our journey, and this is a very nice mile-marker in our 31-year history. Having gone public (1994) prior to the frenzy of the late 1990's, survived the dotcom episode and reinvented our business model to thriving while others disappeared or languish, is a testimony to the hard work of our great employees. Our shareholders can be very proud of what our employees have done and are doing," said Mac Slingerlend, CIBER's President and Chief Executive Officer. "To increase revenue 22 percent, net income 49 percent, Cash EPS 45 percent, GAAP EPS 45 percent, and Free Cash Flow (defined below) 36 percent for 2004, hardly a robust year economically, was special."

        "In great measure, in 2004 we almost tripled our European end-of-year revenue size, almost doubled our U.S. Federal Government practice, added approximately 30 percent to our U.S. State & Local business, more than doubled our offshore business, and we increased our consolidated operating income margin by 140 basis points at the same time. While we readily admit many of these accomplishments came from accretive mergers and acquisitions joining the CIBER group, there were organic growth accomplishments as well."

Geographic Segments:

        By 'geography', the U.S. represented 83 percent of CIBER's 2004 revenue with Europe and Asia representing 17 percent. A year ago, the U.S. represented 89 percent of CIBER's 2003 revenue. For the December quarter only, European and Asian revenue increased to 23 percent of the total, more than double a year earlier. Some of CIBER's larger competitors have more international revenue than U.S. revenue.

Fourth Quarter and Fiscal 2004 Metrics

Record Revenue:

        Revenue for the fourth quarter of 2004 of $235.2 million was an all-time high for CIBER. This represented an increase of 41 percent year-over-year and 7.2 percent sequentially. Merger and acquisition activity represented the lion's share of the growth, but organic revenue grew approximately 3.0 percent year-over-year and 1.0 percent sequentially, representing the first time in two years that CIBER has achieved both sequential and year-over-year organic growth at the same time.

        "By 'business model' components, our fourth quarter of 2004 saw organic growth of over 100 consultants in our U.S. Custom Solutions Division, which grew revenue per day by approximately 3.0 percent sequentially, but was offset by fewer billing days in the quarter. As expected, profitability of this group was lower sequentially because of seasonal time off. Our ERP Division (CIBER Enterprise Solutions) had lower seasonal consulting revenue, but higher hardware sales commissions to offset this, and it had a very good profitability quarter driven by the commissions. European operations, with the first full quarter of Novasoft AG's operations, increased significantly in revenue and profitability, but were hindered by a Danish project that significantly impacted overall operating results. All together, because U.S. Custom Solutions continues to dominate total operations, revenue for the quarter was above mid-point of the guidance range and earnings were slightly below, mainly due to the previously mentioned Danish project," said Slingerlend

        Calendar 2004 revenue of $843.0 million was also a CIBER record. Aided by acquisitions, but with an organic growth contribution, revenue grew 22 percent from $692.0 million for 2003. A year earlier, 2003 revenue had also improved 14 percent compared to 2002's $608.0 million.

        "Looking at the components of 2004's revenue growth, our biggest fiscal growth was in European operations (84 percent, to $140.8 million). Our U.S. Federal Government business grew over 80 percent year-over-year to $162.2 million. Our U.S. State & Local business grew approximately 30 percent year-over-year to $115.5 million. And, our U.S. Commercial business was off approximately 3.0 percent at $336.5 million. All of these groups were benefited from mergers and acquisitions in varying amounts. Our U.S. ERP business (CIBER Enterprise Solutions) fell 6 percent to $88.0 million. Oracle's protracted hostile efforts upon PeopleSoft were not helpful from June 2003 forward; the recent acquisition may help unlock opportunities," Slingerlend concluded.

Net Income:

        Net income of $7.5 million for the December 2004 quarter increased 78 percent from $4.2 million for the December 2003 quarter. Operating leverage from top-line growth and margin expansion, mainly from cost containment, was the primary benefactor.

        For the year, net income of $29.7 million was the best since 1999 and represented a 49 percent increase over $20.0 million for 2003, which was 41 percent higher than 2002's net income of $14.2 million.

Adoption of EITF Issue 04-8:

        CIBER has adopted EITF Issue 04-8 retroactive to December 2003. This action provides that, because of our contingent convertible debt offering of December 2003, and solely for the sake of calculating FASB's stipulated EPS number, CIBER shall now retroactively add to our 2004 results the potential dilution of the conversion of this debt. For 2004, this increased net income by $3.8 million and added 12.83 million more shares to our fully diluted share count. The affect in tabular form: (In millions, except per share data)

	Fourth Quarter—2004				Fiscal 2004
	Before EITF 04-8		With EITF 04-8		Before EITF 04-8		With EITF 04-8
Net Income	$	7.5	$	8.5	$	29.7	$	33.5
Diluted Shares		63.7		76.6		61.8		74.6
GAAP EPS	$	0.12	$	0.11	$	0.48	$	0.45

        Please note that bondholders cannot convert their holdings into CIBER stock until our stock trades at least $16.36 per share or higher (it closed February 15, 2005 at $8.02 per share), and there is no cash outlay, no P&L expense and no additional shares outstanding representing this prescribed EPS number. FASB's wisdom apparently is that these shares could become outstanding in the future and should be considered outstanding now, albeit we believe in our case likely misleading to investors in the near term.

        Defensively, CIBER declared irrevocably on January 5, 2005 that it will settle not less than 30 percent of the principal amount of the bonds upon conversion "in cash," a choice CIBER protected when the debt was issued. Consequently, instead of adding 12.83 million shares outstanding for 2005 for EPS purposes, CIBER will be adding 70 percent of this amount (~9.0 million) to its fully diluted shares count to compute FASB's EPS, and instead of adding $3.8 million to net income, CIBER will only add $2.7 million.

        CIBER's results for 2004 and comments on 2005 expectations reflect the addition of these non-outstanding shares, more specifically, 12.83 million for 2004 and 8.94 million for 2005. These entries retroactively reduced 2004's EPS by $0.03/share and 2005's EPS prospectively by approximately $0.04/share.

Cash EPS:

        Cash EPS (net income plus tax adjusted amortization of intangible assets) of $0.12/share for 2004's fourth quarter was 71 percent higher than results a year earlier of $0.07/share. For the year, Cash EPS of $0.48/share increased 45 percent over 2003's results of $0.33/share (restated from $0.34/share for EITF 04-8, see above), which was 65 percent higher than 2002's results of $0.20/share.

GAAP EPS:

        Prior to the EITF Issue 04-8 adjustment, GAAP EPS for the December 2004 quarter was $0.12/share. After the adjustment, GAAP EPS of $0.11 per share for the December 2004 quarter was 57 percent higher than the December 2003 quarter of $0.07/share. Margin expansion, top-line growth and a positive year-to-year comparison with a telecom client that curtailed work in September 2003 all contributed.

        For the year, post-FASB adjusted GAAP EPS of $0.45/share represented a 45 percent increase of $0.31/share for 2003. 2003 had improved 41 percent over $0.22/share for CIBER's 2002.

        Both Cash EPS and GAAP EPS would have been $0.02/share higher for the quarter and year had we not incurred extra project expenses during the fourth quarter.

Free Cash Flow & Net Free Cash Flow:

        Free Cash Flow (defined as net income + depreciation + amortization - capital expenditures) for the quarter and year-to-date was: (In millions, except per share data)

	Quarter				Calendar
	Dec 2003		Dec 2004		2003		2004
Net Income	$	4.2	$	7.5	$	20.0	$	29.7
Depreciation and Amortization		2.5		3.6		11.2		14.2
Capital Expenditures		-1.2		-2.6		-4.4		-7.3
Free Cash Flow (FCF)	$	5.5	$	8.5	$	26.8	$	36.6
Other Operating Activities Changes		14.3		7.7		15.6		0.3
Net FCF	$	19.8	$	16.2	$	42.4	$	36.9
FCF/Share	$	0.09	$	0.13	$	0.42	$	0.59
Shares used in calculations		65.9		63.8		64.0		61.8

        (Our definition of Free Cash Flow includes the line items shown above, but does not include all operational working capital changes as the "timing" of certain payments and receipts unevenly distort quarterly results. For example, the fourth quarter of 2004 and year each had an extra payroll period (~$12 million) compared to the respective 2003 periods. We added above "Other Operating Activities Changes" from the Statement of Cash Flows, which increase or decrease Free Cash Flow, to provide "Net Free Cash Flow".) Net Income and shares used in the above table are without FASB's EITF 04-8, as it would be misleading to add cash flow that did not occur and divide by shares that are not outstanding.

        Compared to the $36.6 million FCF above, Wall Street analysts' current FCF consensus estimate for 2005 is approximately $48-52 million.

Novasoft Update:

        Pursuant to a German government approved offering document, CIBER purchased 26.5 percent of Novasoft AG's outstanding minority shares in November 2004. CIBER proceeded to add 0.6 percent in December. Combined with our 67.0 percent purchased in September 2004, CIBER owned 94.1 percent of Novasoft's net outstanding shares as of December 31, 2004. Subsequent to year-end, CIBER has acquired another 0.7 percent, or 94.8 percent in total. As soon as we acquire the required 95.0 percent level, we will proceed to promptly provide to acquire the remaining publicly-held shares pursuant to mechanisms of German securities laws.

Domestic Bookings and Pipeline:

        "Signed contracts for U.S. operations for the December 2004 quarter were approximately $190 million. For the 2004 year, U.S. bookings were approximately $865 million, representing a U.S. book to bill ratio of 1.2 to 1. Our U.S. pipeline has increased slightly to $1.6 billion at year's end," said Ed Longo, CIBER's Chief Operating Officer.

Sarbanes Oxley:

        The cost for 2004 to CIBER shareholders to comply with this legislation was approximately $1 million, or $0.01/share. We believe CIBER's costs have been lower than those reported by most public companies that have broken them out. Ongoing costs are currently projected at about $500,000 per year. Much higher external accounting fees, because that industry is being asked to defend themselves more than ever, are the main costs to shareholders going forward.

Goals for 2005:

        "CIBER's 2005 is heavily focused on 'organic growth' initiatives. Industry verticals in our ERP services groups are a priority. Public sector growth, both Federal and State & Local, are also high priorities. Continued assimilation of our material 2004 M&A in Europe 2004 is also vital. SAP consulting, now representing well over 10 percent of consolidated annualized revenues, is an area of greater attention for 2005. And, our recently announced "CIBERsites" initiative, our domestic development centers which offer an alternative to sending U.S. jobs offshore, will hopefully gain the traction that we think can be very meaningful," continued Slingerlend.

2005 Outlook

        Please again note that CIBER's guidance for 2005 includes potential dilution from its 2⁷/8 percent of 2003 debenture offering (as though bondholders will convert all of their holdings (not currently possible) into common shares once CIBER's stock trades above $16.36/share). The retroactive dilution from this synthetic calculation was approximately $0.03 per share to 2004 results and will average approximately $0.01 per quarter in 2005.

        Consistent with the Company's more baseline approach to guidance, for the quarter ending March 2005, CIBER now anticipates, under current circumstances, revenue of $235-240 million, Cash EPS of $0.11-0.12 per share and GAAP EPS of $0.10-0.11 per share.

        For calendar 2005, we are guiding revenue to a range of $970-990 million. Cash EPS is anticipated in the $0.60 per share range with GAAP EPS of approximately $0.55 per share, both plus or minus $0.02 per share. These would be representative increases of 15-17 percent in revenue, 21-29 percent in Cash EPS and 18-27 percent in GAAP EPS. Free Cash Flow is forecasted to be $48-52 million, or approximately $0.80/share (without including FASB's additions to income and share count).

About CIBER, Inc.

        CIBER, Inc. (NYSE: CBR) is a pure-play international system integration consultancy with superior value-priced services for both private and government sector clients. CIBER's global delivery 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 60 U.S. offices, 22 European offices and three offices in Asia. With offices in 17 countries, annualized revenue run rate of approximately $950 million and approximately 8,000 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

        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 undertakes neither intention nor obligation to publicly update or revise any forward-looking statements. CIBER and the CIBER logo are trademarks or registered trademarks of CIBER, Inc. Copyright© 2005. All rights reserved.

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

		Three Months Ended December 31,						Year Ended December 31,
		2003			2004			2003			2004
		In thousands, except per share data
Consulting services		$	161,664		$	226,043		$	663,973		$	809,162
Other revenue			5,734			9,194			28,014			33,859
	Total revenue		167,398			235,237			691,987			843,021
Cost of consulting services			119,360			167,302			478,328			589,397
Cost of other revenue			4,159			5,167			20,369			21,450
Selling, general and administrative expenses			37,550			48,089			158,163			176,692
Amortization of intangible assets			641			1,375			2,664			4,214
	Operating income		5,688			13,304			32,463			51,268
Other income (expense), net			(162	)		(1,895	)		(1,028	)		(3,873	)
	Income before income taxes		5,526			11,409			31,435			47,395
Income tax expense			1,348			3,958			11,451			17,694
	Net income	$	4,178		$	7,451		$	19,984		$	29,701
Earnings per share—diluted		$	.07		$	0.11		$	.31		$	0.45
Weighted average shares—diluted			67,741			76,573			65,451			74,642

        For the three months ended December 31, 2003 and 2004, respectively, earnings per share—basic was $0.07 and $0.12, and weighted average shares—basic were 62,228 and 62,540.

        For the year ended December 31, 2003 and 2004, respectively, earnings per share—basic was $0.31 and $0.49, and weighted average shares—basic were 63,505 and 60,701.

CIBER, Inc. and Subsidiaries
Consolidated Balance Sheets
(Unaudited)

			December 31, 2003		December 31, 2004
			In thousands
Assets
Current assets:
	Cash and cash equivalents		$	132,537	$	44,446
	Accounts receivable, net			140,037		206,108
	Prepaid expenses and other current assets			10,521		18,163
	Income taxes refundable			4,616		743
	Deferred income taxes			4,931		5,421
		Total current assets		292,642		274,881
Property and equipment, net				15,377		26,745
Intangible assets, net				258,223		449,645
Other assets				7,081		7,401
		Total assets	$	573,323	$	758,672
Liabilities and Shareholders' Equity
Current liabilities:
	Accounts payable		$	17,236	$	28,200
	Accrued compensation and related liabilities			37,954		46,491
	Other accrued expenses and liabilities			24,399		50,405
	Income taxes payable			501		10,914
		Total current liabilities		80,090		136,010
Long-term line of credit—bank				—		48,704
Long-term debentures				175,000		175,000
Other long-term liabilities				13,601		17,418
		Total liabilities		268,691		377,132
Minority Interest				—		3,877
Shareholders' equity				304,632		377,663
		Total liabilities and shareholders' equity	$	573,323	$	758,672

CIBER, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(Unaudited)

					Year ended December 31,
					2003			2004
					In thousands
Operating activities:
	Net income				$	19,984		$	29,701
	Adjustments to reconcile net income to net cash provided by (used in) operating activities:
		Depreciation				8,604			10,006
		Amortization of intangible assets				2,664			4,214
		Deferred income taxes				7,653			10,155
		Provision for doubtful receivables				2,025			1,222
		Provision for office lease and closure costs				1,267			—
		Other, net				(253	)		(27	)
		Changes in operating assets and liabilities, net of the effects of acquisitions:
			Accounts receivable			6,789			(15,962	)
			Other current and long-term assets			1,459			1,347
			Accounts payable			1,169			4,685
			Accrued compensation and related liabilities			271			(12,145	)
			Other accrued expenses and liabilities			(15,592	)		(6,185	)
			Income taxes payable/refundable			6,328			9,914
				Net cash provided by operating activities		42,368			36,925
Investing activities:
	Acquisitions, net of cash acquired					(17,648	)		(120,328	)
	Proceeds from the sale of DigiTerra Broadband, net of expenses					1,986			300
	Purchases of property and equipment, net					(4,410	)		(7,357	)
	Purchases of investments					(62	)		—
	Sales of investments					593			—
				Net cash used in investing activities		(19,541	)		(127,385	)
Financing activities:
	Employee stock purchases and options exercised					7,824			8,629
	Purchases of treasury stock					(55,348	)		(11,181	)
	Borrowings on long term bank line of credit					367,965			246,448
	Payments on long term bank line of credit					(389,829	)		(197,744	)
	Line of credit origination fees paid					(250	)		(88	)
	Repayment of debt of acquired companies					—			(52,628	)
	Proceeds of debenture offering					169,289			—
	Borrowing on term note					—			6,000
	Payments on term note					—			(1,800	)
	Cash settlement of put option					(5,832	)		—
	Minority contribution					—			294
				Net cash provided by (used in) financing activities		93,819			(2,070	)
	Effect of foreign exchange rate changes on cash					992			4,439
				Net increase (decrease) in cash and cash equivalents		117,638			(88,091	)
	Cash and cash equivalents, beginning of period					14,899			132,537
	Cash and cash equivalents, end of period				$	132,537		$	44,446

Supplemental Information:

CIBER, Inc.
Operating Results Analysis
For the Quarter and Year Ended December 31, 2004
(unaudited)
($ In millions)

		Three Months Ended						Year Ended
		December 31, 2003			December 31, 2004			December 31, 2003			December 31, 2004
		Amount		% of Revenue	Amount		% of Revenue	Amount		% of Revenue	Amount		% of Revenue
Revenue By Divisions
U.S. Custom
	Commercial*	$	80.6	48	$	86.0	37	$	349.0	50	$	339.0	40
	Public Sector		43.8	26		73.7	31		174.9	25		277.7	33
U.S. Package			21.1	13		21.9	9		93.8	14		88.0	10
Europe*			22.6	14		53.9	23		76.5	11		140.8	17
Corporate Elims.			-0.7	—		-0.3	—		-2.2	—		-2.5	—
Total		$	167.4	100	$	235.2	100	$	692.0	100	$	843.0	100

				% of Div. Revenue			% of Div. Revenue			% of Div. Revenue			% of Div. Revenue
Operating Income
U.S. Custom
	Commercial*	$	4.5	5.6	$	7.1	8.3	$	27.5	7.9	$	28.1	8.3
	Public Sector		4.7	10.7		6.2	8.4		19.3	11.0		29.6	10.7
U.S. Package			1.0	4.7		2.9	13.2		8.9	9.5		8.0	9.1
Europe*			1.5	6.6		2.9	5.4		2.4	3.1		9.1	6.5
Corporate Expense			-5.4	-3.2		-4.4	-1.9		-22.9	-3.3		-19.3	-2.3
EBITA		$	6.3	3.8	$	14.7	6.3	$	35.2	5.1	$	55.5	6.6
Amortization Expense			0.6	0.4		1.4	0.6		2.7	0.4		4.2	0.5
Operating Income		$	5.7	3.4	$	13.3	5.7	$	32.5	4.7	$	51.3	6.1

*

U.S. includes India's results; Europe includes Eastern Asia

Average Headcounts: (~)
	Billable		5,100			7,100			5,000			6,400
	Total		5,800			8,100			5,700			7,300
Utilization (~)			85	%		87	%		88	%		90	%
Avg. Hourly Bill Rates (~)		$	72.00		$	74.00		$	72.00		$	71.25

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CIBER's 2004 REVENUE GROWS 22%, SETS RECORD Fourth Quarter Revenue up 41% to $235 Million, Also a Record; Fiscal and Fourth Quarter Earnings Up 49% and 78%, Respectively; Free Cash Flow Increases 37% to $37 Million