<PAGE> 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended MARCH 31, 2000
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _________ to _________
Commission file number: 0-20540
ON ASSIGNMENT, INC.
(Exact name of registrant as specified in its charter)
DELAWARE 95-4023433
(State of Incorporation) (IRS Employer Identification No.)
26651 WEST AGOURA ROAD, CALABASAS, CA 91302
(Address of principal executive offices)
(Zip Code)
(818) 878-7900
(Registrant's telephone number, including area code)
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 [ ]
At March 31, 2000, the total number of outstanding shares of the Company's
Common Stock ($0.01 par value) was 22,042,722.
<PAGE> 2
ON ASSIGNMENT, INC.
INDEX
PART I - FINANCIAL INFORMATION
<TABLE>
<CAPTION>
PAGE NUMBER
<S> <C>
Item 1 - Consolidated Financial Statements
Consolidated Balance Sheets at March 31, 2000
and December 31, 1999 3
Consolidated Statements of Income and Comprehensive Income
for the three months ended March 31, 2000 and March 31, 1999 4
Consolidated Statements of Cash Flows for the three months
ended March 31, 2000 and March 31, 1999 5,6
Notes to Consolidated Financial Statements 7,8,9
Item 2 - Management's Discussion and Analysis of
Financial Condition and Results of Operations 10,11,12
Item 3 - Quantitative and Qualitative Disclosures about Market Risk 12
PART II - OTHER INFORMATION
Item 4 - Submission of Matters to a Vote of Security-Holders 13
Item 5 -Other information 13
Item 6 - Exhibits and Reports on Form 8-K 13
Signatures 14
</TABLE>
2
<PAGE> 3
PART I - FINANCIAL INFORMATION
ITEM 1 - CONSOLIDATED FINANCIAL STATEMENTS
ON ASSIGNMENT, INC.
CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
March 31, December 31,
2000 1999
------------ ------------
<S> <C> <C>
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 34,583,000 $ 24,120,000
Marketable securities 10,697,000 11,151,000
Accounts receivable, net (Note 3) 24,358,000 22,780,000
Advances and deposits 83,000 74,000
Prepaid expenses 1,628,000 1,800,000
Officer loan receivable 400,000 400,000
Income taxes receivable 0 681,000
Deferred income taxes 1,895,000 2,056,000
------------ ------------
Total current assets 73,644,000 63,062,000
------------ ------------
Office Furniture, Equipment and
Leasehold Improvements, net (Note 4) 3,414,000 3,510,000
Marketable securities 1,431,000 2,256,000
Deferred income taxes 160,000 274,000
Workers' compensation restricted deposits 236,000 169,000
Goodwill, net 1,437,000 1,468,000
Other assets 1,283,000 1,001,000
------------ ------------
TOTAL ASSETS $ 81,605,000 $ 71,740,000
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $ 1,265,000 $ 1,067,000
Accrued payroll 3,980,000 4,203,000
Income taxes payable 384,000 0
Deferred compensation 1,456,000 807,000
Accrued workers' compensation 1,401,000 1,447,000
Other accrued expenses 759,000 769,000
------------ ------------
Total current liabilities 9,245,000 8,293,000
------------ ------------
STOCKHOLDERS' EQUITY:
Preferred stock 0 0
Common stock (Notes 6 and 7) 220,000 217,000
Paid-in capital (Notes 6 and 7) 14,795,000 10,097,000
Deferred compensation liability 294,000 294,000
Retained earnings 57,056,000 52,850,000
Accumulated other comprehensive income (5,000) (11,000)
------------ ------------
Total stockholders' equity 72,360,000 63,447,000
------------ ------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 81,605,000 $ 71,740,000
============ ============
</TABLE>
See accompanying Notes to Consolidated Financial Statements
3
<PAGE> 4
PART I - FINANCIAL INFORMATION
ITEM 1 - CONSOLIDATED FINANCIAL STATEMENTS
ON ASSIGNMENT, INC.
CONSOLIDATED STATEMENTS OF INCOME
<TABLE>
<CAPTION>
Three Months Ended March 31,
-------------------------------
2000 1999
----------- -----------
<S> <C> <C>
Revenues $44,345,000 $34,789,000
Cost of services 29,899,000 23,569,000
----------- -----------
Gross profit 14,446,000 11,220,000
Operating expenses 8,190,000 6,791,000
----------- -----------
Operating income 6,256,000 4,429,000
Interest income 446,000 395,000
----------- -----------
Income before income taxes 6,702,000 4,824,000
Provision for income taxes 2,496,000 1,794,000
----------- -----------
Net income $ 4,206,000 $ 3,030,000
=========== ===========
Basic earnings per share (Note 8) $ 0.19 $ 0.14
=========== ===========
Weighted average number of common
shares outstanding (Note 8) 21,846,000 22,026,000
=========== ===========
Diluted earnings per share (Note 8) $ 0.19 $ 0.13
=========== ===========
Weighted average number of common and common
equivalent shares outstanding (Note 8) 22,476,000 22,679,000
=========== ===========
</TABLE>
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
<TABLE>
<CAPTION>
Three Months Ended March 31,
-----------------------------
2000 1999
---------- ----------
<S> <C> <C>
Net income $4,206,000 $3,030,000
Other comprehensive gain:
Foreign currency translation adjustment 6,000 8,000
---------- ----------
Comprehensive income $4,212,000 $3,038,000
========== ==========
</TABLE>
See accompanying Notes to Consolidated Financial Statements
4
<PAGE> 5
PART I - FINANCIAL INFORMATION
ITEM 1 - CONSOLIDATED FINANCIAL STATEMENTS
ON ASSIGNMENT, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>
Three Months Ended March 31,
----------------------------------
2000 1999
------------ ------------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 4,206,000 $ 3,030,000
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation and amortization 320,000 265,000
Increase in allowance for doubtful accounts 35,000 176,000
Decrease in income taxes receivable 681,000 254,000
Decrease (Increase) in deferred income taxes 273,000 (125,000)
Loss on disposal of office furniture and equipment 2,000 0
(Increase) Decrease in accounts receivable (1,621,000) 120,000
Increase in accounts payable and accrued expenses 576,000 1,494,000
Increase in income taxes payable 1,379,000 1,416,000
Increase in workers' compensation deposits (67,000) (2,000)
Decrease (Increase) in prepaid expenses 172,000 (314,000)
Increase in other assets (283,000) (255,000)
------------ ------------
Net cash provided by operating activities 5,673,000 6,059,000
------------ ------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of marketable securities 0 (3,500,000)
Proceeds from the maturity of marketable securities 1,279,000 2,355,000
Acquisition of office furniture, equipment and
leasehold improvements (195,000) (156,000)
(Increase) Decrease in advances and deposits (9,000) 35,000
------------ ------------
Net cash provided by (used for) investing activities 1,075,000 (1,266,000)
------------ ------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from exercise of common stock options 3,582,000 731,000
Proceeds from issuance of common stock -
Employee Stock Purchase Plan 124,000 129,000
------------ ------------
Net cash provided by financing activities 3,706,000 860,000
------------ ------------
Effect of exchange rate changes on cash and cash equivalents 9,000 7,000
------------ ------------
NET INCREASE IN CASH AND CASH EQUIVALENTS 10,463,000 5,660,000
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 24,120,000 27,706,000
------------ ------------
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 34,583,000 $ 33,366,000
============ ============
</TABLE>
See accompanying Notes to Consolidated Financial Statements
5
<PAGE> 6
PART I - FINANCIAL INFORMATION
ITEM 1 - CONSOLIDATED FINANCIAL STATEMENTS ON ASSIGNMENT, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)
- --------------------------------------------------------------------------------
SUPPLEMENTAL DISCLOSURE OF CASH
FLOW INFORMATION:
<TABLE>
<CAPTION>
Three Months Ended March 31,
----------------------------
2000 1999
-------- --------
<S> <C> <C>
Cash paid during the period for income taxes, net of refunds $163,000 $249,000
======== ========
</TABLE>
SUPPLEMENTAL DISCLOSURE OF NON-CASH
TRANSACTIONS:
<TABLE>
<CAPTION>
Three Months Ended March 31,
----------------------------
2000 1999
-------- --------
<S> <C> <C>
Tax benefit of disqualifying dispositions $995,000 $184,000
======== ========
</TABLE>
See accompanying Notes to Consolidated Financial Statements
6
<PAGE> 7
PART I - FINANCIAL INFORMATION
ITEM 1 - CONSOLIDATED FINANCIAL STATEMENTS
ON ASSIGNMENT, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND 1999
1. The accompanying consolidated financial statements have been prepared by the
Company, pursuant to the rules and regulations of the Securities and Exchange
Commission (SEC). This Report on Form 10-Q should be read in conjunction with
the Company's annual report on Form 10-K for the year ended December 31, 1999.
Certain information and footnote disclosures which are normally included in
financial statements prepared in accordance with generally accepted accounting
principles have been condensed or omitted pursuant to SEC rules and regulations.
The information reflects all normal and recurring adjustments which, in the
opinion of the Company's Management, are necessary for a fair presentation of
the financial position of the Company and its results of operations for the
interim periods set forth herein. The results for the three months ended March
31, 2000 are not necessarily indicative of the results to be expected for the
full year or any other period.
2. The consolidated financial statements include the accounts of the Company and
its wholly owned domestic and foreign subsidiaries. All significant intercompany
accounts and transactions have been eliminated.
3. Accounts receivable are stated net of an allowance for doubtful accounts of
$1,251,000 and $1,216,000 at March 31, 2000 and December 31, 1999, respectively.
4. Office furniture, equipment and leasehold improvements are stated net of
accumulated depreciation and amortization of $4,553,000 and $4,268,000 at March
31, 2000 and December 31, 1999, respectively.
5. Goodwill represents the excess of the purchase price over the fair value of
the net assets acquired. It is being amortized on a straight-line basis over 15
years. Goodwill is stated net of accumulated amortization of $382,000 and
$352,000 at March 31, 2000 and December 31, 1999, respectively.
6. At March 31, 2000 and December 31, 1999, Common Stock, at a par value of
$0.01 per share, consisted of 25,000,000 shares authorized and 22,042,722 and
21,665,050 shares issued and outstanding, respectively.
On March 7, 2000, the Board of Directors authorized a two-for-one-stock split,
effected as a 100 percent common stock dividend, to be distributed on April 3,
2000 to shareholders of record as of March 27, 2000. All references to number of
shares and per share amounts of the Company's common stock have been
retroactively restated to reflect the increased number of common shares
outstanding. In addition, stockholders' equity has been restated to give
retroactive recognition to the stock split by reclassifying from paid in capital
to common stock the par value of the additional shares arising from the split.
7
<PAGE> 8
PART I - FINANCIAL INFORMATION
ITEM 1 - CONSOLIDATED FINANCIAL STATEMENTS
ON ASSIGNMENT, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND 1999 (continued)
- --------------------------------------------------------------------------------
7. On April 1, 1999, the Board of Directors authorized the Company to repurchase
up to $15,000,000 of its common stock. The Company plans to make such purchases
primarily in the open market, from time to time, at prevailing prices pursuant
to rules and regulations of the Securities and Exchange Commission. At March 31,
2000, the Company had repurchased 660,000 shares of its common stock at a total
cost of $7,812,000.
8. The following is a reconciliation of the shares used to compute basic and
diluted earnings per share:
<TABLE>
<CAPTION>
Three Months Ended March 31,
-----------------------------
2000 1999
---------- ----------
<S> <C> <C>
Weighted average number of shares outstanding used to compute
basic earnings per share 21,846,000 22,026,000
Dilutive effect of stock options 630,000 653,000
---------- ----------
Number of shares used to compute diluted earnings per share 22,476,000 22,679,000
========== ==========
</TABLE>
9. Indicated below is the information required to comply with SFAS No. 131,
Disclosures about Segments of an Enterprise and Related Information.
Effective in the first quarter of 2000, management has decided to change the
composition of its reportable segments by reclassifying the Clinical Lab Staff
division from the Lab Support segment to the Healthcare Financial Staffing
segment as the division is managed and operated in the same manner as the
Healthcare Financial Staffing division. The Healthcare Financial Staffing
segment was renamed the Healthcare Staffing segment. The prior period segment
information has been retroactively restated to reflect the change in reportable
segments. As a result, the Company has two reportable operating segments: Lab
Support and Healthcare Staffing. The Lab Support operating segment includes the
combined results of the Lab Support and EnviroStaff divisions, as they have
similar economic characteristics and they meet the aggregation criteria of SFAS
No. 131. The Lab Support segment provides temporary and permanent placement
services of laboratory and scientific professionals to the biotechnology,
pharmaceutical, food and beverage, chemical and environmental industries. The
Healthcare Staffing operating segment includes the combined results of the
Healthcare Financial Staffing and Clinical Lab Staff divisions. The Healthcare
Staffing segment provides temporary and permanent placement services of medical
billing and collection and medical staffing professionals to the healthcare
industry.
8
<PAGE> 9
PART I - FINANCIAL INFORMATION
ITEM 1 - CONSOLIDATED FINANCIAL STATEMENTS
ON ASSIGNMENT, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND 1999 (continued)
- --------------------------------------------------------------------------------
The Company's management evaluates performance of each segment primarily based
on revenues and operating income (before acquisition costs, interest and income
taxes). The information in the following table is derived directly from the
segments' internal financial reporting used for corporate management purposes.
Certain corporate expenses have not been allocated from the Lab Support segment
to the Healthcare Staffing segment.
<TABLE>
<CAPTION>
Three Months Ended March 31,
-----------------------------
2000 1999
----------- -----------
<S> <C> <C>
Revenues:
Lab Support $32,078,000 $27,039,000
Healthcare Staffing 12,267,000 7,750,000
----------- -----------
$44,345,000 $34,789,000
=========== ===========
Gross Profit:
Lab Support $10,509,000 $ 8,696,000
Healthcare Staffing 3,937,000 2,524,000
----------- -----------
$14,446,000 $11,220,000
=========== ===========
Operating Income:
Lab Support $ 4,154,000 $ 3,224,000
Healthcare Staffing 2,102,000 1,205,000
----------- -----------
$ 6,256,000 $ 4,429,000
=========== ===========
</TABLE>
9
<PAGE> 10
PART I - FINANCIAL INFORMATION
ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
The information in this discussion contains forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933 and Section 21E
of the Securities Exchange Act of 1934, as amended. Such statements are based
upon current expectations that involve risks and uncertainties. Any statements
contained herein that are not statements of historical fact may be deemed to be
forward-looking statements. For example, the words "believes," "anticipates,"
"plans," "expects," "intends" and similar expressions are intended to identify
forward-looking statements. The Company's actual results could differ materially
from those discussed herein. Factors that could cause or contribute to such
differences include, but are not limited to, the Company's ability to attract,
train and retain qualified Account Managers and temporary employees in the
laboratory and scientific, environmental health and safety, medical billing and
collections and clinical laboratory and medical staffing fields, management of
growth, particularly in international markets, risks inherent in expansion into
new international markets and new professions, the integration of acquired
operations, and other risks discussed in "Risk Factors That May Affect Future
Results" in Item 1 of the Company's Annual Report on Form 10-K for the year
ended December 31, 1999, as well as those discussed elsewhere in this Report and
from time to time in the Company's other reports filed with the Securities and
Exchange Commission. All forward-looking statements in this document are based
on information available to the Company as of the date hereof and the Company
assumes no obligation to update any such forward-looking statements.
CHANGES IN RESULTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND 1999:
REVENUES - Revenues increased by 27.5% from $34,789,000 for the three months
ended March 31, 1999, to $44,345,000 for the three months ended March 31, 2000,
as a result of the increased revenues of the Healthcare Staffing and Lab Support
segments.
The growth of the Healthcare Staffing segment's revenues was primarily
attributable to an increase in the number of temporary employees on assignment
and to a lesser extent to an increase in average hourly billing rates,
additional working days in the calendar quarter and increased conversion fee
revenue during the 2000 period. The increase in the number of temporary
employees on assignment was attributable to the strong performance in most of
the markets in which the Healthcare Staffing segment has older, more established
branches and to the contribution of new offices opened in the past year.
The growth of the Lab Support segment's revenues was primarily attributable to
an increase in the number of temporary employees on assignment and to a lesser
extent to an increase in average hourly billing rates, additional working days
in the calendar quarter and increased conversion fee revenue during the 2000
period. The increase in the number of temporary employees on assignment was
primarily attributable to the strong performance in most of the markets in which
the Lab Support segment has older, more established branches and to a lesser
extent the contribution of new offices opened in the past year. The increase in
the Lab Support segment's revenues was partially offset by a decrease in the
EnviroStaff division's revenues, which was primarily attributable to the
continuing transition of the division's business away from serving clients in
the remediation business and the resulting planned decline in remediation
assignments, partially offset by increases in average hourly billing rates,
additional working days in the calendar quarter and increased conversion fee
revenue during the 2000 period.
10
<PAGE> 11
PART I - FINANCIAL INFORMATION
ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
CHANGES IN RESULTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND 1999: (continued)
- --------------------------------------------------------------------------------
COST OF SERVICES - Cost of services consists solely of compensation for
temporary employees and payroll taxes, benefits and employment related expenses
paid by the Company in connection with such compensation. Cost of services
increased 26.9% from $23,569,000 for the three months ended March 31, 1999, to
$29,899,000 for the three months ended March 31, 2000. The Lab Support segment's
cost of services as a percentage of revenues decreased from 67.8% in the 1999
period to 67.2% in the 2000 period. This decrease was primarily attributable to
an increase in conversion fee revenue and a decrease in state unemployment
insurance, partially offset by an increase in workers' compensation expense. The
Healthcare Staffing segment's cost of services as a percentage of revenues
increased from 67.4% in the 1999 period to 67.9% in the 2000 period. This
increase was primarily attributable to a decrease in conversion fee revenue and
an increase in workers' compensation and benefits expense, partially offset by
decreases in state unemployment insurance and employee training expenses.
OPERATING EXPENSES - Operating expenses include the costs associated with the
Company's network of Account Managers and branch offices, including Account
Manager compensation, rent, other office expenses and advertising for temporary
employees, and corporate office expenses, such as the salaries of corporate
operations and support personnel, management compensation, Account Manager
recruiting and training expenses, corporate advertising and promotion, rent and
other general and administrative expenses. Operating expenses increased 20.6%
from $6,791,000 for the three months ended March 31, 1999, to $8,190,000 for the
three months ended March 31, 2000. Operating expenses as a percentage of
revenues decreased from 19.5% in the 1999 period to 18.5% in the 2000 period.
This result was primarily attributable to leveraging a more efficient
centralized support system over a larger revenue base, partially offset by the
hiring of new Account Managers for the opening of new offices and the expansion
of existing offices.
INTEREST INCOME - Interest income increased 12.9% from $395,000 for the three
months ended March 31, 1999, to $446,000 for the three months ended March 31,
2000. This increase was primarily the result of interest earned on higher
interest-bearing cash and cash equivalent account balances, partially offset by
lower marketable security account balances, in the 2000 period.
PROVISION FOR INCOME TAXES - Provision for income taxes increased 39.1% from
$1,794,000 for the three months ended March 31, 1999, to $2,496,000 for the
three months ended March 31, 2000. The Company's effective tax rate remained
unchanged at 37.2% in the 1999 and 2000 periods.
11
<PAGE> 12
PART I - FINANCIAL INFORMATION
ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
LIQUIDITY AND CAPITAL RESOURCES:
The Company's primary sources of cash for the three months ended March 31, 1999
and 2000 were funds provided by operating activities. For the three months ended
March 31, 1999, operating activities provided $6,059,000 of cash compared to
$5,673,000 for the three months ended March 31, 2000. This decrease was
primarily attributable to an increase in accounts receivable and a smaller
increase in accounts payable and accrued expenses in the 2000 period. The
decrease was substantially offset by higher net income and decreases in prepaid
expenses, income taxes receivable and deferred income taxes in the 2000 period.
Cash used for investing activities totaled $1,266,000 for the three months ended
March 31, 1999, compared to cash provided by investing activities of $1,075,000
for the three months ended March 31, 2000. This was primarily attributable to
lower purchases of marketable securities in the 2000 period, partially offset by
lower proceeds from the maturity of marketable securities in the 2000 period.
Cash provided by financing activities was $860,000 for the three months ended
March 31, 1999, compared to $3,706,000 for the three months ended March 31,
2000. The increase was primarily attributable to higher proceeds from the
exercise of common stock options in the 2000 period.
The Company believes that its cash balances, together with funds from operations
and its borrowing ability, will be sufficient to meet its cash requirements
through at least the next twelve months.
ITEM 3 - QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
The Company is exposed to certain market risks arising from transactions in the
normal course of business, principally risks associated with interest rate and
foreign currency fluctuations. The Company is exposed to interest rate risk from
its held to maturity investments. The interest rate risk is not significant due
to the short maturity of those investments. The Company is exposed to foreign
currency risk from the translation of foreign operations into U.S. dollars.
Based on the relative size and nature of its foreign operations, the Company
does not believe that a ten percent change in foreign currency exchange rates
would have a material impact on its financial statements.
12
<PAGE> 13
PART II - OTHER INFORMATION
ITEM 4 - SUBMISSION OF MATTERS TO A VOTE OF SECURITY-HOLDERS
None
ITEM 5 - OTHER INFORMATION
None
ITEM 6 - EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
None
(b) Reports on Form 8-K
None
13
<PAGE> 14
PART II - OTHER INFORMATION
SIGNATURES
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.
ON ASSIGNMENT, INC.
Date: May 15, 2000 By: /s/ H. Tom Buelter
---------------------- -------------------------------------
H. Tom Buelter
Chairman of the Board and
Chief Executive Officer
(Principal Executive Officer)
Date: May 15, 2000 By: /s/ Ronald W. Rudolph
---------------------- -------------------------------------
Ronald W. Rudolph
Executive Vice President, Finance and
Chief Financial Officer
(Principal Financial and Accounting
Officer)
14
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONSOLIDATED BALANCE SHEETS AND CONSOLIDATED STATEMENTS OF INCOME AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FORM 10-Q FOR THE QUARTERLY
PERIOD ENDED MARCH 31, 2000.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-START> JAN-01-2000
<PERIOD-END> MAR-31-2000
<CASH> 34,819,000
<SECURITIES> 12,128,000
<RECEIVABLES> 25,609,000
<ALLOWANCES> 1,251,000
<INVENTORY> 0
<CURRENT-ASSETS> 73,644,000
<PP&E> 7,967,000
<DEPRECIATION> 4,553,000
<TOTAL-ASSETS> 81,605,000
<CURRENT-LIABILITIES> 9,245,000
<BONDS> 0
0
0
<COMMON> 220,000
<OTHER-SE> 72,140,000
<TOTAL-LIABILITY-AND-EQUITY> 81,605,000
<SALES> 0
<TOTAL-REVENUES> 44,345,000
<CGS> 0
<TOTAL-COSTS> 29,899,000
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 35,000
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 6,702,000
<INCOME-TAX> 2,496,000
<INCOME-CONTINUING> 4,206,000
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 4,206,000
<EPS-BASIC> 0.19
<EPS-DILUTED> 0.19
</TABLE>
