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March 1, 2009

Ciber Q4 profit dips 16%

Revenue down 4%

By CBR Staff Writer

Systems integrator Ciber has reported a 16% decline in net income to $5.97m for the fourth quarter 2008, compared to $7.14m in the year-ago quarter, on revenue down 4% at $279.55m.

Operating income fell 37% at $8.41m, while diluted EPS fell 17% to $0.10. EBITDA declined 26% to $13.8m compared to $18.6m in the same period last year.

US commercial and IT outsourcing revenue grew 2% to $91.3m, while European revenue remained flat at $96.1m. State and local government revenue fell 9% to $32.3m, and federal government revenue declined 12% to $30.7m. Enterprise solutions revenue fell 15% to $29.2m.

For fiscal 2008 the company reported a 3% increase in net income to $29.95m compared to $29.02m a year ago, on revenue up 10% at $1.13 billion.

Last month the company acquired digital imaging company Canon USA’s Technology Solutions subsidiary and India-based IT services provider Iteamic.

Mac Slingerlend, president and chief executive at Ciber, said: There were huge negative forces in financial markets and significant decreases in reported international results created by the extraordinary relative strength of the US dollar. A couple of client bankruptcies and an intra-Europe, non-cash currency translation charge resulted in decreased fourth-quarter results by $0.04/share. However, our US SAP Practice made substantial progress since our third-quarter restructure, and other divisions contributed positively.

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