While solution provider CIBER reported revenue and earnings for its fourth quarter of 2001 that beat the previous year's results, its overall year-end results were down year over year.
The company says revenue for its fourth quarter, ended Dec. 31, 2001, came in at $145.1 million, up from $144.6 million for the same period in 2000. Earnings, not including charges, were 7 cents per share.
For the full calendar year, the company brought in $558.9 million in revenue, down from $621.5 million in 2000. Earnings for the quarter, not counting charges that included an $80 million goodwill impairment charge taken in September, came in at 21 cents per share, down from 45 cents in 2000.
CIBER president and CEO Mac Slingerlend said in a statement that the December quarter was the first time since 1999 the company saw quarterly revenues, profits and cash flow up sequentially as well as year over year. Slingerlend cited CIBER's acquisitions of Metamor and Aris as a key revenue generator for the quarter.
In late 2001, the company took a number of cost-cutting actions, including layoffs and reorganization of the company's DigiTerra business.
"While some excess payroll costs bled into the fourth quarter, these do not continue in a material way in 2002," said Slingerlend, noting that the company is also consolidating space to save expenses.
New business in the fourth quarter came from CVS Pharmacy, Xerox and a number of universities, while the company also engaged existing clients, including American Express and Ford. Slingerlend said he hopes that with the incentive of low interest rates and declining inventories, companies will begin spending more, reinvigorating the economy by the end of the second quarter.
CIBER CFO David Durham says the company expects revenue and earnings for the current quarter to be flat to slightly better than the fourth quarter.