Ciber, Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2016; Provides Earnings Guidance for the Fourth Quarter of 2016
November 08, 2016 at 07:00 am
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Ciber, Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2016. For the quarter, the company reported total revenue of $144,346,000 compared with $192,601,000 for the same period last year. Operating loss from continuing operations was $20,691,000 compared with operating income from continuing operations of $1,588,000 for the same period last year. Loss from continuing operations before tax was $16,169,000 compared with income from continuing operations before tax of $1,206,000 for the same period last year. Net loss from continuing operations was $18,798,000 or $0.23 per basic and diluted share compared with $132,000 for the same period last year. Loss attributable to company was $18,833,000 or $0.23 per basic and diluted share compared with $356,000 for the same period last year. Adjusted net loss from continuing operations for the third quarter of 2016, before gain on sale, amortization, litigation settlements and restructuring charges was $19.2 million, or $0.23 per share, compared to adjusted net income of $0.9 million, or $0.01 per share, in the third quarter of 2015. Adjusted operating loss was $15.5 million before amortization, litigation settlements and restructuring charges. Capital expenditures were $1 million in the third quarter, below its typical $2 million run rate.
For the nine months, the company reported total revenue of $485,309,000 compared with $592,550,000 for the same period last year. Operating loss from continuing operations was $169,304,000 compared with operating income from continuing operations $10,417,000 for the same period last year. Loss from continuing operations before tax was $159,868,000 compared with income from continuing operations before tax $8,916,000 for the same period last year. Loss from continuing operations was $167,484,000 or $2.07 basic and diluted per share compared with income from continuing operations $5,237,000 or $0.07 basic and diluted per share for the same period last year. Net loss attributable to company was $167,206,000 or $2.07 basic and diluted per share compared with net income attributable to company of $4,963,000 or $0.06 basic and diluted per share for the same period last year. Cash used in operating activities was $52,915,000 compared with $32,403,000 for the same period last year. Adjusted operating loss was $43.6 million before goodwill impairment, bad debt allowance adjustment, amortization, litigation settlements and restructuring charges. Adjusted net loss from continuing operations for the first nine months of 2016, before goodwill impairment, gain on sale, bad debt allowance adjustment, amortization, litigation settlements and restructuring charges was $51.4 million, or $0.64 per share, compared to adjusted net income of $5.9 million, or $0.08 per share in the first nine months of 2015. The company spent $9 million in capital expenditures.
The company does not expect to generate positive cash from operations in the fourth quarter of 2016, the company do expect trends to improve from its third quarter performance. The company continues to execute its plan to divest nonstrategic businesses.
CMTSU Liquidation, Inc., formerly Ciber, Inc., is a global information technology (IT) services company. The Company operates in two segments: North America and International. Its Ciber International segment primarily consists of countries in Western Europe and the Nordic region. Its North America segment is organized into service offerings, which include Independent Software Vendor Relationships (ISV)/Channel Partner Platforms, Managed Services, Business Consulting, Application Development and Management/Staffing, and Software-as-a-Service. It provides project management, application and technical consulting, and database administration for both implementation projects and managed-services engagements. It also provides a solution, Ciber Compliance Suite, which helps SAP customers monitor the usage of their SAP systems. Its business consulting offering helps clients manage their business by offering expertise in IT strategy, enterprise architecture and vertical business processes.
Ciber, Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2016; Provides Earnings Guidance for the Fourth Quarter of 2016