For the three months ended September 30, Greenwood, Colorado-based Ciber reported net profit growth of 87% to $8.4 million, on revenue that grew 23% to $219.5 million, up 5% sequentially.
The revenue growth was a result of the company’s recent acquisitions of UK-based systems integrator Ascent Technology and German SAP integrator Novasoft, which added a full quarter and four weeks of revenue respectively.
However, recent acquisitions have taken their toll on the company’s cash position, which dropped to $28.7 million at the end of the period, from $132.5 million at the end of December 2003.
Ciber hired some 100 new consultants during the quarter for its US Custom Commercial group practice. It also said it booked some $200 million in new business, its third largest quarterly sum ever, and had grown its US business pipeline to $1.6 billion, up from $1.5 billion at the end of June.
