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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): JANUARY 16, 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.
CIBER, Inc. issued the following press release at approximately
2:00 p.m. Denver Time on January 15th, 1997 relating to its second quarter
results:
[Letterhead]
- CIBER, INC. NEWS RELEASE -
For Immediate Release Contact:
Kara Kennedy
Shareholder Relations
303/220-0100
CIBER ANNOUNCES RECORD 2ND QUARTER RESULTS
Englewood, Colorado - January 15, 1997 - CIBER, Inc. (Nasdaq - CIBR)
reported record revenues and earnings today for its second fiscal 1997
quarter, ended December 31, 1996.
Revenues for the quarter were $59,720,000, an increase of 39% over
revenues for the quarter ended December 31, 1995 of $43,066,000. Pro forma
net income for the quarter, excluding one-time merger costs, was $3,405,000
or $.17 per share. After merger costs, pro forma net income for the December
1996 quarter increased to $2,809,000 or $.14 per share compared to $1,979,000
or $.10 per share for the same quarter of fiscal 1996.
Revenues for the six months ended December 31, 1996 were $113,750,000,
an increase of 34% over revenues for the same period ended December 31, 1995
of $85,009,000. Pro forma net income for the six months, excluding one-time
merger costs, was $6,709,000 or $.34 per share. After merger costs, pro forma
net income for the six months ended December 31, 1996 increased to $5,491,000
or $.28 per share compared to $3,942,000 or $.21 per share for the same period
of fiscal 1996.
All prior fiscal year three and six month information has been restated
for the poolings of interests with Practical Business Solutions, Inc. (May
1996), Spectrum Technology Group, Inc. (September 1996), and Technology
Management Group, Inc. and Technology Support Group, Inc. (November 1996).
Revenues for the three and six months ended December 31, 1996 were 84% and
78%, respectively, greater than revenues as originally reported for the same
periods last fiscal year.
CIBER is a nationwide provider of information technology consulting,
including application software staff supplementation, management consulting
solutions to business problems, package software implementation system,
life-cycle project responsibility, millennium date change conversion services
and networking procurement and engineering services. CIBER's approximately
2,400 highly trained consultants operate out of 39 branch offices in over 20
states, plus offices in two foreign countries.
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THREE MONTHS SIX MONTHS
IN THOUSANDS, EXCEPT PER SHARE DATA ENDED DECEMBER 31, ENDED DECEMBER 31,
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1996 1995(1) 1996 1995(1)
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<S> <C> <C> <C> <C>
Revenues $59,720 $43,066 $113,750 $85,009
Salaries, wages, and other
direct costs 41,082 29,805 77,475 57,964
Selling, general and administrative
expenses 12,919 9,670 25,005 19,706
Amortization of intangible assets 607 456 1,129 898
Merger costs 596 - 1,218 -
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Operating income 4,516 3,135 8,923 6,441
Interest income 216 162 439 192
Interest expense - (82) - (186)
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Income before income taxes 4,732 3,215 9,362 6,447
Income tax expense 2,343 273 5,179 1,482
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Net income $ 2,389 $ 2,942 $ 4,183 $ 4,965
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Pro forma information:
Historical net income $ 2,389 $ 2,942 $ 4,183 $ 4,965
Pro forma adjustment to income
tax expense 420 (963) 1,308 (1,023)
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Pro forma net income $ 2,809 $ 1,979 $ 5,491 $ 3,942
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Pro forma income per common and
common equivalent shares $ .14(2) $ .10 $ .28(2) $ .21
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Weighted average common and
common equivalent shares 20,095 19,006 19,962 18,483
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(1) Restated for poolings of interests.
(2) After merger costs of $.03 and $.06 per share for the three and six months
ended December 31, 1996, respectively.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of
1995: Certain of the statements made above may be considered forward-looking;
and because such statements involve risks and uncertainties, actual results
may vary materially from those referred to in such statements. Please refer
to a discussion of certain of these risks and uncertainties in the Company's
Annual Report on Form 10-K, plus Form 10-Qs and other Securities and Exchange
Commission filings.
# # #
CIBER, INC., 5251 DTC PARKWAY, SUITE 1400, ENGLEWOOD, CO 80111
http://www.ciber.com
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: January 16, 1997 By: /s/ CHRISTOPHER L. LOFFREDO
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Christopher L. Loffredo
Vice President/Chief Accounting Officer
