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May 4, 2009

Ciber Q1 profit dips 28%

Company expects revenue between $270m and $275m and EPS between $0.09 and $0.10 in the next quarter

By CBR Staff Writer

Ciber, an international system integration consultancy and outsourcing company, has reported a 28% decrease in net income to $4.26m for the first quarter 2009, compared to $6m in the year-ago quarter, on revenue down 12% at $258.47m.

According to the company, operating income during the quarter fell 53% to $7.01m, while diluted EPS fell 30% to $0.07. EBITDA was $12.5m and cash flow from operating activities was $5.7m.

The company said custom services & IT outsourcing revenue fell 11% to $117.02m, US ERP revenue fell 7% to $29.35m, federal government revenue fell 10% to $28.78m, and Europe revenue fell 16.5% to $83.3m.

Mac Slingerlend, president and chief executive at Ciber, said: This quarter marks our 60th straight quarter of positive net cash flow. During the quarter we enhanced our global status with the Iteamic acquisition in India. We also issued new equity to assist with loan covenant compliance, and continued to curtail overhead costs given global economic conditions. We further streamlined US operations and incurred increased severance costs to reduce overhead personnel in the March quarter, and additional reductions have been made in April.

Ciber is a pure-play international system integration consultancy and outsourcing company with value-priced services and delivery for both private and government sector clients. Its services are offered globally on a project- or strategic-staffing basis, in both custom and enterprise resource planning (ERP) package environments, and across all technology platforms, operating systems and infrastructures.

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