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Ciber Revenue Falls 3%, Announces Restructuring

November 06 2012

Third-quarter revenue fell 3.1 percent to $215.8 million at Ciber Inc. (NYSE: CBR) from revenue of $222.6 million in the same period last year, the company reported today. In addition, it announced a restructuring plan to reduce staff and close offices.

Ciber plans restructuring charges of approximately $14 million — $8 million related to personnel severance and $6 million related to the closure of 15 offices, most of which will be in North America, according to a filing with the U.S. Securities and Exchange Commission.

The Greenwood Village, Colo.-based IT staffing and solutions firm expects the restructuring to yield savings of $7 million in 2013 and $11 million in each year thereafter.

“We are committed to streamlining Ciber, while aligning our resources with the most promising opportunities,” said CFO Claude Pumilia.

Ciber’s third-quarter North America revenue was $109.3 million, roughly flat when compared to revenue of $109.0 million in the third quarter of last year.

Third-quarter international revenue fell 6.3 percent to $106.8 million from $114.0 million in the year-ago quarter.

Gross margin narrowed to 25.3 percent in the third quarter from 26.3 percent in the same period last year.

Ciber posted a third-quarter net loss of $9.4 million compared to net income of $3.1 million in last year’s third quarter. The 2012 third quarter includes a loss of approximately $9.9 million from discontinued operations, net of income tax.

Ciber Inc. (NYSE: CBR)
 For the third quarter ended Sept. 30, 2012, compared with the same period in the previous year.
 Revenue: $215.8 million, -3.1 percent
 Net loss: $9.4 million vs. net income of $3.1 million


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