<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities and Exchange Commission
Date of Report (Date of earliest event reported): February 4, 1998
Cambridge Technology Partners (Massachusetts), Inc.
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(Exact name of Registrant as specified in its charter)
304 Vassar Street, Cambridge, Massachusetts
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(Address of principal executive offices)
02139
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(Zip Code)
(617) 374-9800
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Registrant's telephone number, including area code
Delaware 0-21040 06-132-0610
- ---------------------------- ------- ------------
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
Incorporation
<PAGE>
Item 5. Other Events.
------------
On February 4, 1998, Cambridge Technology Partners (Massachusetts), Inc.
(the "Company") publicly released, pursuant to a press release (the "Press
Release"), the financial results of the Company for the year ended December 31,
1997. Set forth below are the consolidated statements of operations for the
Company for the twelve month periods ended December 31, 1996 and 1997,
respectively, and the condensed consolidated balance sheets for the Company as
of December 31, 1996 and 1997, respectively, contained in such Press Release.
CAMBRIDGE TECHNOLOGY PARTNERS (MASSACHUSETTS), INC.
CONSOLIDATED STATEMENTS OF OPERATIONS (1)
(in thousands, except per share data)
<TABLE>
<CAPTION>
Years Ended
-----------
December 31,
------------
1997 1996
---------- ---------
<S> <C> <C>
Net revenues $406,672 $272,878
Costs and expenses:
Project personnel 183,587 124,544
General and administration 44,511 32,019
Sales and marketing 37,580 23,127
Other costs 80,220 52,537
Business combination costs 4,760 1,195
-------- --------
Total operating expenses 350,658 233,422
-------- --------
Income from operations 56,014 39,456
Other income (expense):
Interest income 2,313 1,009
Interest expense (222) (71)
Foreign exchange loss (122) (141)
-------- --------
Income before income taxes 57,983 40,253
Provision for income taxes 25,054 16,228
-------- --------
Net income $ 32,929 $ 24,025
======== ========
Basic net income per share $ .62 $ .48
======== ========
Diluted net income per share $ .57 $ .42
======== ========
Weighted average number of
common shares outstanding 52,952 50,374
======== ========
Weighted average number of
common and common
equivalent shares outstanding 58,251 57,893
======== ========
</TABLE>
(1) All amounts have been restated to reflect Cambridge's acquisition of Peter
Chadwick Holdings Limited in November 1997 accounted for using the pooling
of interests method of accounting.
<PAGE>
CAMBRIDGE TECHNOLOGY PARTNERS (MASSACHUSETTS), INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (1)
(in thousands)
<TABLE>
<CAPTION>
December 31, December 31,
1997 1996
------------ ------------
<S> <C> <C>
Cash and cash equivalents $ 39,496 $ 26,087
Investments held to maturity 15,824 12,727
Accounts receivable, net 101,887 60,186
Other current assets 36,914 22,097
------------ ------------
Total current assets 194,121 121,079
Property and equipment, net 35,783 20,591
Other assets 5,624 3,462
Goodwill, net 1,714 512
------------ ------------
Total assets $237,242 $147,644
============ ============
Current liabilities $ 83,491 $ 48,826
Other liabilities 1,841 633
Total stockholders' equity 151,910 98,185
____________ ____________
Total liabilities and stockholders' equity $237,242 $147,644
============ ============
</TABLE>
(1) All amounts have been restated to reflect Cambridge's acquisition of Peter
Chadwick Holdings Limited in November 1997 accounted for using the pooling
of interests method of accounting.
<PAGE>
Item 7 Financial Statements and Exhibits.
---------------------------------
(c) Exhibits
--------
Exhibit No. Exhibit
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27 Financial Data Schedule
<PAGE>
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 hereunto duly authorized.
CAMBRIDGE TECHNOLOGY PARTNERS
(MASSACHUSETTS), INC.
February 17, 1998 By: /s/Arthur M. Toscanini
------------------------------------
Executive Vice President, Finance and
Chief Financial Officer
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EXHIBIT INDEX
Exhibit
Number Description
- ------- -----------
27 Financial Data Schedule
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<S> <C> <C>
<PERIOD-TYPE> YEAR YEAR
<FISCAL-YEAR-END> DEC-31-1997 DEC-31-1996
<PERIOD-END> DEC-31-1997 DEC-31-1996
<CASH> 39,496 26,087
<SECURITIES> 15,824 12,727
<RECEIVABLES> 101,887 60,186
<ALLOWANCES> 2,607 1,670
<INVENTORY> 0 0
<CURRENT-ASSETS> 194,121 121,079
<PP&E> 55,970 33,865
<DEPRECIATION> 20,187 13,274
<TOTAL-ASSETS> 237,242 147,644
<CURRENT-LIABILITIES> 83,491 48,826
<BONDS> 0 0
0 0
0 0
<COMMON> 550 517
<OTHER-SE> 0 0
<TOTAL-LIABILITY-AND-EQUITY> 237,242 147,644
<SALES> 0 0
<TOTAL-REVENUES> 406,672 272,878
<CGS> 0 0
<TOTAL-COSTS> 350,658 233,422
<OTHER-EXPENSES> (2,091) (938)
<LOSS-PROVISION> 937 518
<INTEREST-EXPENSE> 222 71
<INCOME-PRETAX> 57,983 40,253
<INCOME-TAX> 25,054 16,228
<INCOME-CONTINUING> 32,929 24,025
<DISCONTINUED> 0 0
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> 32,929 24,025
<EPS-PRIMARY> 0.62 0.48
<EPS-DILUTED> 0.57 0.42
</TABLE>
