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Ciber Revenue Edges Up 0.9%

August 03 2011

Ciber Inc. (NYSE: CBR), a Greenwood Village, Colo.-based provider of information technology staffing and solutions, reported second-quarter revenue rose 0.9 percent to $267.8 million from $265.4 million in the year-ago quarter. Revenue fell 5 percent on a constant currency basis.

North America division revenue fell 23.3 percent to $95.7 million in the second quarter from $124.9 million in the year-ago quarter.

International revenue rose 38.8 percent to $123.0 million, and IT outsourcing division revenue rose 12.1 percent to $24.0 million. However, revenue fell 17.2 percent in the company’s federal division to $26.9 million.

Second-quarter gross margin was 20.7 percent, compared with 25.2 percent last year.

Ciber identified five fixed-price U.S. contracts signed in 2009 or earlier that diminished earnings in the quarter because they no longer carry the same level of profitability. Because of the reduction in earnings related to those contracts, a revenue decline in North America and the write-off of historic balance sheet items, Ciber is withdrawing its previous financial guidance for full-year 2011, which had been revenue growth of more than 4 percent for fiscal year 2011.

“We have suspended guidance for 2011 because our North America business does not yet have the operational rigor required to drive predictable results,” said Claude Pumilia, executive vice president and CFO. “We do believe, however, that we have the downside risk from the five projects understood and contained.”

Ciber posted a net loss of $58.4 million compared with a net loss of $80.8 million in the second quarter of last year. The second quarter of 2011 included a goodwill impairment of $16.3 million while the second quarter of 2010 included a goodwill impairment of $112.0 million.

Ciber Inc. (NYSE: CBR)
For the second quarter ended June 30, 2011, compared with the same period in 2011.
Revenue: $267.8 million, +0.9 percent
Net loss: $58.4 million vs. a net loss of $80.8 million


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