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View All NewsCiber Q1 revenue down 11% in constant currency
IT solutions and staffing provider Ciber Inc. (NYSE: CBR) reported first-quarter revenue fell 11% on a constant currency basis.
North America revenue fell 6% while revenue in Ciber’s international division fell 21% year over year, down 16% in constant currency.
Ciber reported a net loss of $97.0 million in the first quarter, and gross margin narrowed.
Ciber recorded a non-cash goodwill impairment charge in the first quarter of $85.9 million for the write-down of goodwill related to its International segment.
| (US$ thousands) | Q1 2016 | Q1 2015 | % change | constant currency growth |
| Revenue | $175,051 | $202,005 | -13% | -11% |
| Gross margin | 23.3% | 25.6% | ||
| Net income/loss attributable to Ciber | -$97,020 | $4,174 | nm |
Quote
“We had a number of positive developments during the first quarter, including one of our strongest year-over-year bookings increases in recent periods, driven by last year’s focus on product, sales and marketing investments,” said President and CEO Michael Boustridge. “Nonetheless, it was a challenging period as weaker bookings during the first half of 2015, as well as our focus on removing poor business and a more rigorous financial review of new deals, resulted in a substantial revenue decline and greater margin pressure early in 2016.”
Revenue by segment
| (US$ thousands) | Q1 2016 | Q1 2015 | % change | constant currency growth |
| International | $75,964 | $96,687 | -21% | -16% |
| North America | $99,585 | $105,567 | -6% | |
| Other | $764 | $788 | -3% | |
| Total segment revenue | $176,313 | $203,042 | -13% | |
| Inter-segment | -$1,262 | -$1,037 | nm | |
| Total revenue | $175,051 | $202,005 | -13% |
Share price and market cap
Ciber shares fell 21.86% in late morning trading to $1.68. The company had a market cap of $134.77 million, according to Yahoo!