VAR500 IT solution provider CIBER reported fourth quarter 2011 financial results Thursday that showed revenue declined 5 percent, reflecting a decrease in the North American segment.
Revenue for the quarter totaled $238.9 million, with revenue from the North America segment decreasing 12 percent from the year-earlier period. However, the rate of the year-over-year revenue decline has lessened sequentially from the third quarter.
"While much work remains in 2012, I am confident that we are building a business model that will generate improved returns to shareholders as we drive revenue growth and profitability in the back half of this year," said President and CEO Dave Peterschmidt said in a conference call.
In addition, CIBER announced it wants to sell its Federal division, which Peterschmidt said would allow the company to focus on its core offerings. The solution provider believes it can complete the sale in the first quarter of 2012. The Federal division's financial results are not included in the recent earnings announcement.
Peterschmidt said during the conference call that the promotion of Rick Genovese to chief operating officer would continue the "measured progress" CIBER has made in turning its business around. Genovese is charged with unifying the organization globally.
Genovese started with CIBER in September 2011 to lead North American operations, overseeing strategy, sales, solutions, client relationships, delivery and financial performance. He has 30 years of experience with IT consulting and services businesses including IBM Global Services, Price Waterhouse Coopers and Electronic Data Systems. At IBM, Genovese was general manager of application services for the Americas, the largest group within IBM's Global Business Services.