Ciber Q4 revenue falls 6%

IT solutions and staffing provider Ciber Inc. (NYSE: CBR) reported fourth-quarter revenue fell 11% to $194.4 million. Revenue fell 6% on a constant currency basis at the Greenwood Village, Colo.-based firm.

North America revenue was flat year over year; however, revenue in Ciber’s international division fell 22% year over year, down 11% in constant currency.

Ciber in the fourth quarter invested approximately $2 million in new growth initiatives, mainly Ciber Momentum, Ciber Transformation Services, and talent services.

Ciber’s restructuring plan that began in July 2014 was substantially completed in the third quarter of 2015. The plan affected approximately 290 people and restructuring charges total approximately $27 million. Restructuring charges totaled $1.9 million in the fourth quarter and $3.6 million in the year-ago quarter.

Quote

“In 2015, during my first full year as CEO, we completed the hard work necessary to focus our core offerings into five, tightly defined pillars with premium, scalable and well-defined products,” said President and CEO Michael Boustridge. “We proactively exited business not providing good growth prospects and returns for Ciber.”

Boustridge continued, “While our recent financial results do not yet reflect the company's potential, our entire organization is energized about executing on a growth strategy that enables our clients to modernize both their operating and labor models.”