<PAGE>
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 14, 1998
CIBER, INC.
------------------------------------------------------------
(Exact name of registrant as specified in its charter )
Delaware 0-23488 38-2046833
- ----------------------------------------------------------------------------
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
5251 DTC Parkway, Suite 1400, Englewood, Colorado 80111
- -----------------------------------------------------------------------------
Registrant's telephone number, including area code: (303)220-0100
------------------
<PAGE>
CIBER, Inc.
Information to be included in the Report
ITEM 5. OTHER EVENTS
On January 13, 1998, the Company reported revenues and earnings results
for the three and six months ended December 31, 1997. The prior fiscal year,
three month and six month information has been restated for poolings of
interests through December 31, 1997.
Revenues for the quarter ended December 31, 1997 were $116,674,000, an
increase of 52% over revenues for the quarter ended December 31, 1996 of
$76,808,000. Excluding one-time merger costs, pro forma net income for the
December 1997 quarter was $7,823,000 or $.33 per share, an increase of 112%
compared to $3,696,000 or $.17 per share for the December 1996 quarter.
After merger costs, pro forma net income for the December 1997 quarter
increased to $6,295,000 or $.27 per share, a 103% increase compared to
$3,100,000 or $.14 per share for the December 1996 quarter.
Revenues for the six months ended December 31, 1997 were $222,080,000,
an increase of 50% over revenues for the period ended December 31, 1996 of
$148,179,000. Excluding one-time merger costs, pro forma net income for the
six months ended December 31, 1997 was $14,146,000 or $.60 per share, an
increase of 95% compared to $7,240,000 or $.33 per share for the six months
ended December 31, 1996. After merger costs, pro forma net income for the
six months ended December 31, 1997 increased to $12,004,000 or $.51 per
share, a 99% increase compared to $6,022,000 or $.28 per share for the six
months ended December 31, 1996.
Subsequent to June 30, 1997, the following companies have merged with
the Company in business combinations accounted for as poolings of interests:
KCM COMPUTER CONSULTING, INC. ("KCM"). On July 18, 1997, the Company
issued 430,850 shares of its Common Stock in exchange for all of the
outstanding common stock of KCM. KCM, located in Calverton, Maryland,
provides consulting services similar to the Company's CIS Division.
SOFTWAREXPRESS, INC. d/b/a RELIANT INTEGRATION SERVICES, INC.
("RELIANT"). On August 21, 1997, the Company issued 591,638 shares of its
Common Stock and assumed substantially all of Reliant's liabilities in
exchange for all of the assets of Reliant. Reliant, located in Menlo Park,
California, provided network integration services and equipment, and has
become part of the Company's subsidiary, CIBER Network Services, Inc.
BAILEY & QUINN, INC. ("BQI"). On October 22, 1997, the Company
issued approximately 74,000 shares of its Common Stock and assumed
substantially all of BQI's liabilities in exchange for all of the assets of
BQI. BQI, located in Norcross, Georgia, provided consulting services similar
to the Company's CIS Division.
THE CONSTELL GROUP, INC. ("CONSTELL").On October 24, 1997, the
Company issued 250,000 shares of its Common Stock in exchange for all of the
outstanding common stock of Constell. Constell, headquartered in Elmwood
Park, New Jersey, provides consulting services similar to the Company's CIS
Division and the Company's subsidiary, Spectrum Technology Group, Inc.
FINANCIAL DYNAMICS, INC. ("FDI"). On November 24, 1997, the Company
issued 564,027 shares of its Common Stock, granted options for 48,610 shares
of its common stock and assumed substantially all of FDI's liabilities in
exchange for all of the assets of FDI. FDI, headquartered in McLean,
Virginia, provided consulting services similar to the Company's subsidiary,
Spectrum Technology Group, Inc.
TECHWARE CONSULTING, INC. ("TECHWARE"). On November 26, 1997, the
Company issued 373,918 shares of its Common Stock and assumed substantially
all of Techware's liabilities in exchange for all of the assets of Techware.
Techware, headquartered in Irving, Texas, provided consulting services
similar to the Company's CIS Division.
The following tables sets forth summary consolidated financial data of
the Company restated to reflect the recent poolings-of-interests with
Reliant, Constell, FDI and Techware. The poolings-of-interests with KCM and
BQI are considered by management to be immaterial and therefore the following
restated financial data has not been restated for such mergers.
<TABLE>
<CAPTION>
Three Months Six Months
Ended Ended
Year Ended June 30, December 31, December 31,
------------------------------------------------------ ----------------- ------------------
1993 1994 1995 1996 1997 1996 1997 1996 1997
---------- ---------- ---------- ---------- ---------- ------- -------- -------- --------
In thousands, except per share data
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
STATEMENT OF OPERATIONS DATA:
Consulting services. . . . . . . $ 89,380 $ 108,195 $ 158,206 $ 209,006 $ 285,951 $66,278 $101,559 $127,585 $194,309
Product sales. . . . . . . . . . 24,192 31,518 31,219 29,734 47,101 10,530 15,115 20,594 27,771
--------- --------- --------- --------- --------- ------- -------- -------- --------
Total revenues . . . . . . . . 113,572 139,713 189,425 238,740 333,052 76,808 116,674 148,179 222,080
--------- --------- --------- --------- --------- ------- -------- -------- --------
Cost of consulting services. . . 59,217 72,225 106,669 141,568 189,937 44,686 66,509 85,664 126,895
Cost of product sales. . . . . . 18,208 25,220 25,461 24,280 40,094 8,768 12,688 17,134 23,312
Selling, general and
administrative expenses. . . . 29,721 33,420 44,200 54,032 70,565 17,105 23,900 33,033 47,061
Amortization of intangible
assets . . . . . . . . . . . . 649 719 1,395 1,795 3,087 687 970 1,289 1,908
Merger costs . . . . . . . . . . -- -- 1,075 901 1,218 596 1,528 1,218 2,142
--------- --------- --------- --------- --------- ------- -------- -------- --------
Operating income . . . . . . . 5,777 8,129 10,625 16,164 28,151 4,966 11,079 9,841 20,762
Interest and other income. . . . 131 198 188 920 1,170 331 331 591 639
Interest expense . . . . . . . . (362) (309) (313) (268) (299) (104) (48) (159) (127)
--------- --------- --------- --------- --------- ------- -------- -------- --------
Income from continuing operations
before income taxes. . . . . 5,546 8,018 10,500 16,816 29,022 5,193 11,362 10,273 21,274
Income tax expense . . . . . . . 1,002 1,958 3,540 5,436 12,256 2,362 6,138 5,245 10,277
--------- --------- --------- --------- --------- ------- -------- -------- --------
Income from continuing
operations . . . . . . . . . 4,544 6,060 6,960 11,380 16,766 2,831 5,224 5,028 10,997
Income from discontinued
operations . . . . . . . . . . 679 511 -- -- -- -- -- -- --
--------- --------- --------- --------- --------- ------- -------- -------- --------
Net income . . . . . . . . . . 5,223 6,571 6,960 11,380 16,766 2,831 5,224 5,028 10,997
Pro forma adjustment to income
tax expense. . . . . . . . . . (1,423) (1,355) (699) (1,201) 531 269 1,071 994 1,007
--------- --------- --------- --------- --------- ------- -------- -------- --------
Pro forma net income . . . . . . $ 3,800 $ 5,216 $ 6,261 $ 10,179 $ 17,297 $ 3,100 $ 6,295 $ 6,022 $12,004
--------- --------- --------- --------- --------- ------- -------- -------- --------
--------- --------- --------- --------- --------- ------- -------- -------- --------
Pro forma diluted income
from continuing operations
per share. . . . . . . . . . . $ 0.21 $ 0.30 $ 0.33 $ 0.49 $ 0.78 $ 0.14 $ 0.27 $ 0.28 $ 0.51
Pro forma diluted income
per share. . . . . . . . . . . $ 0.24 $ 0.31 $ 0.33 $ 0.49 $ 0.78 $ 0.14 $ 0.27 $ 0.28 $ 0.51
Weighted average common and
common equivalent shares . . . 15,771 16,575 19,090 20,689 22,140 21,906 23,652 21,773 23,454
BALANCE SHEET DATA:
Working capital. . . . . . . . . $ 10,522 $ 14,431 $ 15,084 $ 46,139 $ 64,670 $44,818 $80,741
Total assets . . . . . . . . . . 34,943 51,467 62,567 91,705 139,908 106,378 158,604
Long-term liabilities. . . . . . 3,000 400 300 410 1,025 1,623 --
Shareholders' equity . . . . . . 12,271 27,372 32,300 64,879 108,368 73,373 126,247
</TABLE>
QUARTERLY STATEMENT OF OPERATIONS DATA:
<TABLE>
<CAPTION>
First Second Third Fourth
IN THOUSANDS, EXCEPT PER SHARE DATA Quarter Quarter Quarter Quarter Total
----------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
YEAR ENDED JUNE 30, 1997
Revenues $ 71,371 $ 76,808 $ 88,095 $ 96,778 $ 333,052
Operating income 4,875 4,966 8,529 9,781 28,151
Net income 2,197 2,831 5,462 6,276 16,766
Pro forma net income 2,922 3,100 5,241 6,034 17,297
Pro forma diluted income per share,
including merger costs $ 0.14 $ 0.14 $ 0.23 $ 0.27 $ 0.78
YEAR ENDED JUNE 30, 1996
Revenues $ 52,175 $ 54,371 $ 62,966 $ 69,228 $ 238,740
Operating income 3,972 3,394 4,090 4,708 16,164
Net income 2,510 3,132 2,915 2,823 11,380
Pro forma net income 2,356 2,144 2,645 3,034 10,179
Pro forma diluted income per share,
including merger costs $ 0.12 $ .10 $ 0.12 $ 0.14 $ 0.49
</TABLE>
<PAGE>
Pursuant to the requirements of the Securities and 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 14, 1998 By: /s/ Christopher L. Loffredo
------------------------------
Christopher L. Loffredo
V.P./Chief Accounting Officer
