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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): October 15, 1997
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CIBER, INC.
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(Exact name of registrant as specified in its charter)
Delaware 0-23488 38-2046833
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
5251 DTC Parkway, Suite 1400, Englewood, Colorado 80111
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (303) 220-0100
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CIBER, Inc.
Information to be included in the Report
Item 5. Other Events.
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On October 15, 1997, CIBER, Inc. announced the results for the first
quarter of fiscal 1998 ended September 30, 1997.
In addition, the following table sets forth certain statements of
operations data for each of the quarters indicated below, which information
has been restated for pooling of interests business combinations through
September 30, 1997.
<TABLE>
FIRST SECOND THIRD FOURTH
IN THOUSANDS, EXCEPT PER SHARE DATA QUARTER QUARTER QUARTER QUARTER TOTAL
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<S> <C> <C> <C> <C> <C>
YEAR ENDED JUNE 30, 1997
Consulting services $54,562 $58,564 $65,460 $74,418 $253,004
Product sales 9,564 9,994 12,860 12,388 44,806
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Total revenues 64,126 68,558 78,320 86,806 297,810
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Operating income 4,776 4,862 8,379 9,455 27,472
Net income 2,192 2,764 5,378 6,092 16,426
Pro forma net income 2,921 3,034 5,184 5,880 17,019
Pro forma income per share $ 0.14 $ 0.15 $ 0.25 $ 0.27 $ 0.81
YEAR ENDED JUNE 30, 1996
Consulting services $42,226 $43,461 $48,793 $54,875 $189,355
Product sales 5,335 6,108 8,748 8,406 28,597
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Total revenues 47,561 49,569 57,541 63,281 217,952
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Operating income 3,446 3,075 4,089 4,709 15,319
Net income 2,183 2,901 2,948 2,855 10,887
Pro forma net income 2,059 1,954 2,683 3,060 9,756
Pro forma income per share $ 0.11 $ 0.10 $ 0.13 $ 0.15 $ 0.50
</TABLE>
Item 7(c). Exhibits
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1. News Release dated October 15, 1997 announcing results for the first
quarter of fiscal 1998 ended September 30, 1997.
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: October 15, 1997 By: /s/ Christopher L. Loffredo
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Christopher L. Loffredo
Vice President/Chief Accounting Officer
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[LOGO]
--CIBER, INC. NEWS RELEASE--
For Immediate Release Contact
Kara Kennedy
Shareholder Relations
303/220-0100
CIBER ANNOUNCES RECORD 1ST QUARTER RESULTS
Englewood, Colorado -- October 15, 1997 -- CIBER, Inc. (NYSE - CBR)
reported record revenues and earnings today for its first fiscal 1998
quarter, ended September 30, 1997.
Revenues for the quarter were $94,539,000, an increase of 47% over
revenues for the quarter ended September 30, 1996 of $64,126,000. Revenues
for the three months ended September 30, 1997 were 91% greater than revenues
as originally reported last year for the comparable period. All prior period
information has been restated for the pooling of interests with Reliant
Integration Services, Inc. in August 1997.
Pro forma net income, excluding one-time merger costs, increased 77% to
$6,264,000, or $.28 per share, for the September 1997 quarter, compared to
$3,543,000, or $.17 per share, for the same quarter in fiscal 1997. After
merger costs, pro forma net income for the September 1997 quarter increased
93% to $5,650,000, or $.26 per share, compared to $2,921,000, or $.14 per
share for the same quarter in fiscal 1997.
"We are very pleased with our results for the quarter," stated Bob
Stevenson, Chairman/Chief Executive Officer. "Once again, we have realized
record revenues and profitability. This reflects the excellent continued
growth of our existing operations as well as the strong contribution from
recently acquired or merged businesses," Mr. Stevenson continued.
CIBER, Inc. is a nationwide provider of information technology
consulting services. Through our nearly 4,000 employees operating out of over
50 branch offices in over 20 states, plus our foreign operations, CIBER
offers services to our clients in four principal areas: information
technology consulting services (including Year 2000 conversions), package
software implementation services, management consulting for "business/IT"
problems and LAN/WAN consulting services.
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CIBER, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
Three Months
IN THOUSANDS, EXCEPT PER SHARE DATA Ended September 30,
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1997 1996(1)
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Consulting services $82,148 $54,562
Product sales 12,391 9,564
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Total revenues 94,539 64,126
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Cost of consulting services 53,167 36,728
Cost of product sales 10,587 8,135
Selling, general and administrative expenses 19,740 13,343
Amortization of intangible assets 938 522
Merger costs 614 622
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Operating income 9,493 4,776
Interest and other income, net 303 252
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Income before income taxes 9,796 5,028
Income tax expense 4,017 2,836
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Net income 5,779 2,192
Pro forma adjustment to income tax expense (129) 729
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Pro forma net income $ 5,650 $ 2,921
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Pro forma income per share $ .26(2) $ .14(2)
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Weighted average common and common equivalent shares 22,040 20,425
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(1) Restated for poolings of interests through September 30, 1997.
(2) After merger costs of $.02 and $.03 per share for the three months ended
September 30, 1997 and 1996, respectively.
"Safe Harbor" Statement under the Private Securities Litigation Reform
Act of 1995: Forward-looking statements involve risks and uncertainties that
could cause actual results to vary materially from such statements. Please
refer to discussions of certain of these risks and uncertainties in the
Company's Annual Reports, 10-Ks, 10-Qs and other Securities and Exchange
Commission filings.
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CIBER, INC., 5251 DTC PARKWAY, SUITE 1400, ENGLEWOOD, CO 80111
HTTP://WWW.CIBER.COM
