Answerthink Meets Q4 Guidance

For the quarter, ended Dec. 28, 2001, the company recorded net revenue of $50.2 million, down from $69 million for the same period in 2000. Pro forma net income, before amortization and other charges, came in at $852,000, or 2 cents per diluted share, up from $715,000 for the same period last year. On a GAAP basis, net loss for the fourth quarter of 2001 was $6.2 million, or 14 cents per share, compared with a net loss of $11 million, or 26 cents per share for the same period in 2000.

While the quarter included an $8.5 million restructuring cost related to personnel and facility reductions, the company managed to increase its cash balance to $59.9 million as of Dec. 28, 2001.

For the full year, Answerthink brought in net revenue of $247.5 million, down from $311.1 million in 2000. Pro forma net income for 2001 was $7 million, down from $22.4 million in 2000, while net loss for the year was $8.5 million, compared to net income of $7.9 million in 2000.

Looking forward, chairman and CEO Ted Fernandez says the company is expanding its business to capitalize on new market opportunities as the economy improves, including a joint venture with HCL Technologies to support Fortune 1000 clients with custom application development work and the recent acquisition of EPIC to complement the company's existing benchmarking capabilities.