McLean, Virginia-based BearingPoint reported a 48% decline in net profit to $12.4m for the three months ended March 31, although it saw a 43.1% surge in gross revenue to $821.3m, which was largely a result of recent acquisitions including sales from its recent acquisitions of the Andersen Business Consulting operations in North America, and KPMG Consulting AG (KCA) in Germany, Switzerland and Austria. Meanwhile, the bottom line was hit by a $11.9m charge relating to workforce reductions of around 3% made during the period.
At the end of the quarter, BearingPoint’s cash position had declined dramatically to $44.4m from $203.6m at the end of June 2002, representing a 78% drop. Despite this, BearingPoint said its North American business had experienced organic growth of 6% year over year in its pre-acquisition business. However, the company also pointed out that this included Andersen Business Consulting in the US, an operation the company acquired during the fourth quarter of 2002.
For the nine-month period, BearingPoint reported a net profit of $43.9m compared to a net loss of $27.2m in 2002, on revenue that grew 33% to $2.38bn.
Source: Computerwire
