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Previous: KAUFMANN FUND INC, NSAR-A, 1998-08-28 |
Next: LINCOLN NATIONAL INCOME FUND INC /NEW/, N-30D, 1998-08-28 |
<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q/A
AMENDEMENT NO. 1 TO
QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
FOR QUARTER ENDED JUNE 30, 1998 COMMISSION FILE NUMBER 1-7516
KEANE, INC.
(Exact name of registrant as specified in its charter)
MASSACHUSETTS 04-2437166
(State or other jurisdictions of (I.R.S. Employer Identification
incorporation or organization) Number)
Ten City Square, Boston, Massachusetts 02129
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (617) 241-9200
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
----- -----
As of June 30, 1998, the number of issued and outstanding shares of Common Stock
(excluding 305,615 shares held in treasury) and Class B Common Stock were
69,114,409 and 286,296 shares, respectively.
<PAGE>
Keane, Inc. and Subsidiaries
TABLE OF CONTENTS
Part I - Financial Information
<TABLE>
<S> <C>
Consolidated Statements of Income for the three months and six months ended June 30, 1998
and 1997................................................................................... 3
Consolidated Balance Sheets as of June 30, 1998 and December 31, 1997...................... 4
Consolidated Statements of Cash Flows for the six months ended June 30, 1998 and 1997...... 5
Notes to Unaudited Financial Statements.................................................... 6
Management's Discussion and Analysis of Financial Condition and Results of Operations...... 9
Part II - Other Information................................................................ 15
Signature Page............................................................................. 18
Exhibit Index.............................................................................. 19
</TABLE>
2
<PAGE>
Part II, Item 6 of the Quarterly Report on Form 10-Q of Keane, Inc. for the
quarter ended June 30, 1998, as filed with the Securities and Exchange
Commission on August 14, 1998 is hereby amended and restated in its entirety as
follows:
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
See exhibit index on page 19 for a list of the exhibits filed as part
of this Quarterly Report on Form 10-Q, which exhibit index is
incorporated herein by reference.
(b) Reports on Form 8-K
Current Report on Form 8-K, dated April 14, 1998, filing press
releases regarding the signing of the GSE Erudite Letter of Intent and
Bricker definitive agreement.
Current Report on Form 8-K, dated April 21, 1998, announcing intention
of Keane family members to sell an aggregate of up to 1,000,000
shares.
Current Report on Form 8-K, dated April 29, 1998, announcing intention
of Keane family members to sell an aggregate of only up to 600,000
shares in the sale first announced on April 21, 1998.
Current Report on Form 8-K, dated May 4, 1998, filing press release
announcing the acquisition of GSE Erudite.
Current Report on Form 8-K, dated May 12, 1998, filing press release
responding to investor inquiries regarding Keane's business outlook.
Current Report on Form 8-K, dated May 29, 1998, announcing increase in
number of authorized shares and filing press release announcing the
acquisition of Bricker.
3
<PAGE>
SIGNATURES
- --------------------------------------------------------------------------------
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this Form 10-Q/A amending its Quarterly Report on
Form 10-Q for the quarter ended June 30, 1998 to be signed on its behalf by the
undersigned thereunto duly authorized.
KEANE, INC.
(Registrant)
August 21, 1998 /s/ John F. Keane
Date __________________________ _____________________________
John F. Keane
President
August 21, 1998 /s/ Wallace A. Cataldo
Date __________________________ _____________________________
Wallace A. Cataldo
Vice President, Finance
4
<PAGE>
Exhibit Index
Exhibit Number Description
- -------------- -----------
Financial Data Schedule
27 For the three months ended June 30, 1998 Ex 27
Restated Financial Data Schedules
27.1 For the year ended December 31, 1995 Ex 27-1
27.2 For the three months ended March 31, 1996 Ex 27-2
27.3 For the three months ended June 30, 1996 Ex 27-3
27.4 For the three months ended September 30, 1996 Ex 27-4
27.5 For the year ended December 31, 1996 Ex 27-5
27.6 For the three months ended March 31, 1997 Ex 27-6
27.7 For the three months ended June 30, 1997 Ex 27-7
27.8 For the three months ended September 30, 1997 Ex 27-8
27.9 For the year ended December 31, 1997 Ex 27-9
27.10 For the three months ended March 31, 1998 Ex 27-10
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM BALANCE
SHEET/INCOME STATEMENT AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C> <C>
<PERIOD-TYPE> 3-MOS 6-MOS
<FISCAL-YEAR-END> DEC-31-1998 DEC-31-1998
<PERIOD-START> APR-01-1998 JAN-01-1998
<PERIOD-END> JUN-30-1998 JUN-30-1998
<CASH> 0 25,507
<SECURITIES> 0 5,781
<RECEIVABLES> 0 222,384
<ALLOWANCES> 0 0
<INVENTORY> 0 0
<CURRENT-ASSETS> 0 263,087
<PP&E> 0 55,940
<DEPRECIATION> 0 31,601
<TOTAL-ASSETS> 0 372,793
<CURRENT-LIABILITIES> 0 73,320
<BONDS> 0 0
0 0
0 0
<COMMON> 0 6,972
<OTHER-SE> 0 292,331
<TOTAL-LIABILITY-AND-EQUITY> 0 372,793
<SALES> 0 0
<TOTAL-REVENUES> 250,693 465,655
<CGS> 0 0
<TOTAL-COSTS> 212,471 392,495
<OTHER-EXPENSES> (1) 128
<LOSS-PROVISION> 0 0
<INTEREST-EXPENSE> (47) 2
<INCOME-PRETAX> 39,709 75,681
<INCOME-TAX> 19,041 34,087
<INCOME-CONTINUING> 0 0
<DISCONTINUED> 0 0
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> 20,668 41,594
<EPS-PRIMARY> .30 .60
<EPS-DILUTED> .29 .59
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<RESTATED>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> DEC-31-1995
<CASH> 23,432
<SECURITIES> 11,331
<RECEIVABLES> 84,096
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 123,486
<PP&E> 29,245
<DEPRECIATION> 16,363
<TOTAL-ASSETS> 198,191
<CURRENT-LIABILITIES> 22,882
<BONDS> 0
0
0
<COMMON> 6,746
<OTHER-SE> 162,780
<TOTAL-LIABILITY-AND-EQUITY> 198,191
<SALES> 0
<TOTAL-REVENUES> 394,961
<CGS> 0
<TOTAL-COSTS> 361,196
<OTHER-EXPENSES> 175
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 486
<INCOME-PRETAX> 34,814
<INCOME-TAX> 14,561
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 20,253
<EPS-PRIMARY> .30
<EPS-DILUTED> .30
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<RESTATED>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> MAR-31-1996
<CASH> 14,865
<SECURITIES> 14,162
<RECEIVABLES> 94,341
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 128,238
<PP&E> 30,180
<DEPRECIATION> 17,720
<TOTAL-ASSETS> 199,981
<CURRENT-LIABILITIES> 20,405
<BONDS> 0
0
0
<COMMON> 6,766
<OTHER-SE> 169,894
<TOTAL-LIABILITY-AND-EQUITY> 199,981
<SALES> 0
<TOTAL-REVENUES> 109,436
<CGS> 0
<TOTAL-COSTS> 99,709
<OTHER-EXPENSES> 145
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 96
<INCOME-PRETAX> 10,060
<INCOME-TAX> 3,636
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 6,424
<EPS-PRIMARY> .10
<EPS-DILUTED> .09
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<RESTATED>
<MULTIPLIER> 1,000
<S> <C> <C>
<PERIOD-TYPE> 3-MOS 6-MOS
<FISCAL-YEAR-END> DEC-31-1996 DEC-31-1996
<PERIOD-START> APR-01-1996 JAN-01-1996
<PERIOD-END> JUN-30-1996 JUN-30-1996
<CASH> 0 17,290
<SECURITIES> 0 17,231
<RECEIVABLES> 0 101,151
<ALLOWANCES> 0 0
<INVENTORY> 0 0
<CURRENT-ASSETS> 0 141,052
<PP&E> 0 30,799
<DEPRECIATION> 0 18,876
<TOTAL-ASSETS> 0 209,991
<CURRENT-LIABILITIES> 0 21,855
<BONDS> 0 0
0 0
0 0
<COMMON> 0 6,822
<OTHER-SE> 0 178,491
<TOTAL-LIABILITY-AND-EQUITY> 0 209,991
<SALES> 0 0
<TOTAL-REVENUES> 116,915 226,351
<CGS> 0 0
<TOTAL-COSTS> 105,300 205,009
<OTHER-EXPENSES> 144 289
<LOSS-PROVISION> 0 0
<INTEREST-EXPENSE> 117 213
<INCOME-PRETAX> 11,950 22,010
<INCOME-TAX> 4,992 8,628
<INCOME-CONTINUING> 0 0
<DISCONTINUED> 0 0
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> 6,958 13,382
<EPS-PRIMARY> .10 .20
<EPS-DILUTED> .10 .20
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<RESTATED>
<MULTIPLIER> 1,000
<S> <C> <C>
<PERIOD-TYPE> 3-MOS 9-MOS
<FISCAL-YEAR-END> DEC-31-1996 DEC-31-1996
<PERIOD-START> JUL-01-1996 JAN-01-1996
<PERIOD-END> SEP-30-1996 SEP-30-1996
<CASH> 0 30,130
<SECURITIES> 0 16,214
<RECEIVABLES> 0 104,623
<ALLOWANCES> 0 0
<INVENTORY> 0 0
<CURRENT-ASSETS> 0 154,817
<PP&E> 0 31,078
<DEPRECIATION> 0 20,001
<TOTAL-ASSETS> 0 220,586
<CURRENT-LIABILITIES> 0 25,353
<BONDS> 0 0
0 0
0 0
<COMMON> 0 6,890
<OTHER-SE> 0 185,412
<TOTAL-LIABILITY-AND-EQUITY> 0 220,586
<SALES> 0 0
<TOTAL-REVENUES> 124,608 350,959
<CGS> 0 0
<TOTAL-COSTS> 112,718 317,727
<OTHER-EXPENSES> 152 441
<LOSS-PROVISION> 0 0
<INTEREST-EXPENSE> 126 339
<INCOME-PRETAX> 12,126 34,136
<INCOME-TAX> 5,709 14,337
<INCOME-CONTINUING> 0 0
<DISCONTINUED> 0 0
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> 6,417 19,799
<EPS-PRIMARY> .09 .29
<EPS-DILUTED> .09 .29
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<RESTATED>
<MULTIPLIER> 1,000
<S> <C> <C>
<PERIOD-TYPE> 3-MOS 12-MOS
<FISCAL-YEAR-END> DEC-31-1996 DEC-31-1996
<PERIOD-START> OCT-01-1996 JAN-01-1996
<PERIOD-END> DEC-31-1996 DEC-31-1996
<CASH> 0 42,118
<SECURITIES> 0 30,242
<RECEIVABLES> 0 98,203
<ALLOWANCES> 0 0
<INVENTORY> 0 0
<CURRENT-ASSETS> 0 149,193
<PP&E> 0 32,480
<DEPRECIATION> 0 21,360
<TOTAL-ASSETS> 0 240,097
<CURRENT-LIABILITIES> 0 36,112
<BONDS> 0 0
0 0
0 0
<COMMON> 0 6834
<OTHER-SE> 0 193,733
<TOTAL-LIABILITY-AND-EQUITY> 0 240,097
<SALES> 0 0
<TOTAL-REVENUES> 130,998 481,957
<CGS> 0 0
<TOTAL-COSTS> 118,631 436,358
<OTHER-EXPENSES> 300 741
<LOSS-PROVISION> 0 0
<INTEREST-EXPENSE> 110 449
<INCOME-PRETAX> 12,876 47,012
<INCOME-TAX> 5,686 20,023
<INCOME-CONTINUING> 0 0
<DISCONTINUED> 0 0
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> 7,190 26,989
<EPS-PRIMARY> .10 .40
<EPS-DILUTED> .10 .39
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<RESTATED>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> MAR-31-1997
<CASH> 20,952
<SECURITIES> 40,162
<RECEIVABLES> 121,304
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 185,563
<PP&E> 33,503
<DEPRECIATION> 22,358
<TOTAL-ASSETS> 246,897
<CURRENT-LIABILITIES> 34,940
<BONDS> 0
0
0
<COMMON> 6,846
<OTHER-SE> 204,428
<TOTAL-LIABILITY-AND-EQUITY> 246,897
<SALES> 0
<TOTAL-REVENUES> 144,301
<CGS> 0
<TOTAL-COSTS> 127,519
<OTHER-EXPENSES> (128)
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> (50)
<INCOME-PRETAX> 17,554
<INCOME-TAX> 7,537
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 10,016
<EPS-PRIMARY> .15
<EPS-DILUTED> .14
</TABLE>
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<PAGE>
<ARTICLE> 5
<RESTATED>
<MULTIPLIER> 1,000
<S> <C> <C>
<PERIOD-TYPE> 3-MOS 6-MOS
<FISCAL-YEAR-END> DEC-31-1997 DEC-31-1997
<PERIOD-START> APR-01-1997 JAN-01-1997
<PERIOD-END> JUN-30-1997 JUN-30-1997
<CASH> 0 18,606
<SECURITIES> 0 45,678
<RECEIVABLES> 0 134,462
<ALLOWANCES> 0 0
<INVENTORY> 0 0
<CURRENT-ASSETS> 0 202,339
<PP&E> 0 37,432
<DEPRECIATION> 0 23,973
<TOTAL-ASSETS> 0 263,357
<CURRENT-LIABILITIES> 0 38,889
<BONDS> 0 0
0 0
0 0
<COMMON> 0 6,866
<OTHER-SE> 0 217,077
<TOTAL-LIABILITY-AND-EQUITY> 0 263,357
<SALES> 0 0
<TOTAL-REVENUES> 155,494 299,795
<CGS> 0 0
<TOTAL-COSTS> 135,997 263,516
<OTHER-EXPENSES> (373) (501)
<LOSS-PROVISION> 0 0
<INTEREST-EXPENSE> (50) (100)
<INCOME-PRETAX> 20,010 37,563
<INCOME-TAX> 8,576 16,113
<INCOME-CONTINUING> 0 0
<DISCONTINUED> 0 0
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> 11,434 21,450
<EPS-PRIMARY> .17 .31
<EPS-DILUTED> .16 .31
</TABLE>
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<PAGE>
<ARTICLE> 5
<RESTATED>
<MULTIPLIER> 1,000
<S> <C> <C>
<PERIOD-TYPE> 3-MOS 9-MOS
<FISCAL-YEAR-END> DEC-31-1997 DEC-31-1997
<PERIOD-START> JUL-01-1997 JAN-01-1997
<PERIOD-END> SEP-30-1997 SEP-30-1997
<CASH> 0 18,021
<SECURITIES> 0 48,188
<RECEIVABLES> 0 148,654
<ALLOWANCES> 0 0
<INVENTORY> 0 0
<CURRENT-ASSETS> 0 222,692
<PP&E> 0 42,403
<DEPRECIATION> 0 24,669
<TOTAL-ASSETS> 0 285,418
<CURRENT-LIABILITIES> 0 47,854
<BONDS> 0 0
0 0
0 0
<COMMON> 0 6,878
<OTHER-SE> 0 230,432
<TOTAL-LIABILITY-AND-EQUITY> 0 285,418
<SALES> 0 0
<TOTAL-REVENUES> 173,523 473,317
<CGS> 0 0
<TOTAL-COSTS> 152,877 416,393
<OTHER-EXPENSES> (34) (535)
<LOSS-PROVISION> 0 0
<INTEREST-EXPENSE> (51) (151)
<INCOME-PRETAX> 21,766 59,329
<INCOME-TAX> 9,331 25,444
<INCOME-CONTINUING> 0 0
<DISCONTINUED> 0 0
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> 12,435 33,884
<EPS-PRIMARY> .18 .50
<EPS-DILUTED> .18 .49
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<RESTATED>
<MULTIPLIER> 1,000
<S> <C> <C>
<PERIOD-TYPE> 3-MOS 12-MOS
<FISCAL-YEAR-END> DEC-31-1997 DEC-31-1997
<PERIOD-START> OCT-01-1997 JAN-01-1997
<PERIOD-END> DEC-31-1997 DEC-31-1997
<CASH> 0 36,929
<SECURITIES> 0 6,607
<RECEIVABLES> 0 151,712
<ALLOWANCES> 0 0
<INVENTORY> 0 0
<CURRENT-ASSETS> 0 205,066
<PP&E> 0 47,332
<DEPRECIATION> 0 26,270
<TOTAL-ASSETS> 0 311,961
<CURRENT-LIABILITIES> 0 59,099
<BONDS> 0 0
0 0
0 0
<COMMON> 0 6,889
<OTHER-SE> 0 245,785
<TOTAL-LIABILITY-AND-EQUITY> 0 311,961
<SALES> 0 0
<TOTAL-REVENUES> 196,115 669,432
<CGS> 0 0
<TOTAL-COSTS> 173,235 589,628
<OTHER-EXPENSES> (265) (800)
<LOSS-PROVISION> 0 0
<INTEREST-EXPENSE> (21) (172)
<INCOME-PRETAX> 23,715 83,044
<INCOME-TAX> 10,263 35,707
<INCOME-CONTINUING> 0 0
<DISCONTINUED> 0 0
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> 13,452 47,336
<EPS-PRIMARY> .20 .69
<EPS-DILUTED> .19 .68
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<RESTATED>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> MAR-31-1998
<CASH> 20,417
<SECURITIES> 5,965
<RECEIVABLES> 194,996
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 232,642
<PP&E> 50,293
<DEPRECIATION> 28,876
<TOTAL-ASSETS> 344,222
<CURRENT-LIABILITIES> 66,928
<BONDS> 0
0
0
<COMMON> 6,952
<OTHER-SE> 270,010
<TOTAL-LIABILITY-AND-EQUITY> 344,222
<SALES> 0
<TOTAL-REVENUES> 214,962
<CGS> 0
<TOTAL-COSTS> 180,024
<OTHER-EXPENSES> 129
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 49
<INCOME-PRETAX> 35,972
<INCOME-TAX> 15,046
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 20,926
<EPS-PRIMARY> .30
<EPS-DILUTED> .30
</TABLE>
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