CIBER INC

CIK:0000918581|SEC Filings

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
REVENUES
Consulting services	$ 137,364	$ 180,490	$ 459,822	$ 558,790
Other revenue	6,982	12,111	25,487	33,760
Total revenues	144,346	192,601	485,309	592,550
OPERATING EXPENSES
Cost of consulting services	110,313	133,705	366,193	418,121
Cost of other revenue	4,323	7,273	14,640	19,386
Selling, general and administrative	45,165	48,978	150,296	142,726
Goodwill Impairment	0	0	115,483	0
Amortization of intangible assets	323	55	2,349	162
Litigation settlements	4,496	0	4,496	0
Restructuring charges	417	1,002	1,156	1,738
Total operating expenses	165,037	191,013	654,613	582,133
OPERATING INCOME (LOSS) FROM CONTINUING OPERATIONS	(20,691)	1,588	(169,304)	10,417
Gain on sale of assets/entity	5,595	0	12,525	0
Interest expense	(545)	(377)	(1,792)	(1,118)
Other expense, net	(528)	(5)	(1,297)	(383)
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	(16,169)	1,206	(159,868)	8,916
Income tax expense	2,629	1,338	7,616	3,679
INCOME (LOSS) FROM CONTINUING OPERATIONS	(18,798)	(132)	(167,484)	5,237
Gain (loss) from discontinued operations, net of income tax	14	(200)	362	(258)
CONSOLIDATED NET INCOME (LOSS)	(18,784)	(332)	(167,122)	4,979
Net income attributable to noncontrolling interests	49	24	84	16
NET EARNINGS (LOSS) ATTRIBUTABLE TO CIBER, INC.	$ (18,833)	$ (356)	$ (167,206)	$ 4,963
Basic and diluted earnings (loss) per share attributable to Ciber, Inc.:
Continuing operations (in dollars per share)	$ (0.23)	$ 0.00	$ (2.07)	$ 0.07
Discontinued operations (in dollars per share)	0.00	0.00	0.00	(0.01)
Basic and diluted earnings (loss) per share attributable to Ciber, Inc. (in dollars per share)	$ (0.23)	$ 0.00	$ (2.07)	$ 0.06
Weighted average shares outstanding:
Basic (in shares)	81,178	79,206	80,776	78,938
Diluted (in shares)	81,178	79,206	80,776	79,725

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES
Consolidated net income (loss)	$ (167,122)	$ 4,979
Adjustments to reconcile consolidated net income (loss) to net cash used in operating activities:
(Gain) loss from discontinued operations	(362)	258
Goodwill Impairment	115,483	0
Gain on sale of assets/entity	(12,525)	0
Depreciation	4,388	4,115
Amortization of intangible assets	2,349	162
Deferred income tax expense	3,170	2,858
Provision for doubtful receivables	2,079	343
Share-based compensation expense	5,353	5,850
Amortization of debt costs	570	570
Other, net	163	912
Changes in operating assets and liabilities:
Accounts receivable	19,270	(4,770)
Other current and long-term assets	(1,251)	(3,834)
Accounts payable	(10,602)	(5,935)
Accrued compensation and related liabilities	(9,193)	(24,128)
Other current and long-term liabilities	(3,240)	(16,006)
Income taxes payable/refundable	(1,284)	2,735
Cash used in operating activities — continuing operations	(52,754)	(31,891)
Cash used in operating activities — discontinued operations	(161)	(512)
Cash used in operating activities	(52,915)	(32,403)
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of assets/entity	33,614	0
Proceeds from sale of assets/entity-restricted cash	5,700	0
Purchases of property and equipment, net	(9,053)	(6,288)
Cash provided by (used in) investing activities — continuing operations	30,261	(6,288)
CASH FLOWS FROM FINANCING ACTIVITIES
Borrowings on debt	216,380	263,138
Payments on debt	(209,917)	(244,476)
Employee stock purchases and options exercised	515	1,172
Purchase of shares for employee tax withholdings	(786)	(1,194)
Purchase of noncontrolling interest	0	(4,991)
Purchase of treasury stock	0	(1,665)
Cash provided by financing activities — continuing operations	6,192	11,984
Effect of foreign exchange rate changes on cash and cash equivalents	2,492	(998)
Net decrease in cash and cash equivalents	(13,970)	(27,705)
Cash and cash equivalents, beginning of period	20,404	45,858
Cash and cash equivalents, end of period	$ 6,434	$ 18,153

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 6,434	$ 20,404
Restricted cash	2,850	0
Accounts receivable, net of allowances of $3,845 and $2,130, respectively	138,564	169,501
Other receivable-related party	452	0
Prepaid expenses and other current assets	23,979	26,340
Total current assets	172,279	216,245
Property and equipment, net of accumulated depreciation of $33,609 and $37,849, respectively	19,533	22,447
Goodwill	133,681	256,736
Intangibles, net	3,751	1,544
Other assets	5,083	5,299
TOTAL ASSETS	334,327	502,271
Current liabilities:
Current portion of long-term debt	39,369	0
Accounts payable	22,740	34,980
Accrued compensation and related liabilities	24,607	31,152
Deferred revenue	8,340	14,238
Income taxes payable	437	575
Other accrued expenses and liabilities	28,586	29,384
Total current liabilities	124,079	110,329
Long-term debt	0	32,680
Deferred income taxes, net	33,428	30,571
Other long-term liabilities	14,420	8,794
Total liabilities	171,927	182,374
Commitments and contingencies
Ciber, Inc. shareholders' equity:
Preferred stock, $0.01 par value, 1,000 shares authorized, no shares issued	0	0
Common stock, $0.01 par value, 100,000 shares authorized, 81,347 and 80,057 shares issued, respectively	813	801
Treasury stock, at cost, 29 and 32 shares, respectively	(33)	(113)
Additional paid-in capital	375,084	369,228
Accumulated deficit	(185,976)	(17,903)
Accumulated other comprehensive loss	(28,158)	(32,702)
Total Ciber, Inc. shareholders' equity	161,730	319,311
Noncontrolling interests	670	586
Total equity	162,400	319,897
TOTAL LIABILITIES AND EQUITY	$ 334,327	$ 502,271