Revenue for the third quarter of fiscal 2001 was $27.0 million compared to $27.7 million in the third quarter ended June 30, 2000. Quarterly gross profit margin increased to 42% from 39% in the prior year quarter. Quarterly pro forma operating income before acquisition-related costs and other nonrecurring charges increased 3% to $3.0 million, from $2.9 million in the prior year quarter. Quarterly pro forma net income and earnings per diluted share before acquisition-related costs and other nonrecurring charges were $2.0 million and $0.15, respectively, compared to $1.8 million and $0.15, respectively, in the prior year quarter. Including these acquisition-related costs and other nonrecurring charges, the Company recorded quarterly net income and earnings per diluted share of $1.2 million and $0.09, respectively, compared to $0.6 million and $0.05, respectively, in the prior year quarter.
I am very pleased with Tier’s solid performance in this challenging business climate, said James L. Bildner, Tier’s Chairman and Chief Executive Officer. Our strong domestic operations, which drove record U.S. revenue for the quarter, helped us achieve the high end of our pro forma diluted earnings per share range and replaced a substantial portion of our revenue from the U.K. operations. Equally important is the expansion of our vertical market expertise and capability in our commercial and government services which took place this quarter and which gives us a solid base from which to build during the next several quarters. The financial metrics for this quarter also highlight the strength of our business model — healthy gross profit margin, U.S. consultant utilization of 86%, approximately $4.0 million of quarterly cash flow generated from operations, and an impressive 53 days sales outstanding.
Revenues for the nine months ended June 30, 2001 were $88.7 million, a 16% increase over the prior year period. Pro forma net income, before acquisition-related costs and other nonrecurring charges, increased 28% to $6.0 million for the nine-month period ended June 30, 2001 from $4.7 million in the prior year period. Pro forma earnings per diluted share, before acquisition-related costs and other nonrecurring charges, for the nine-month period ended June 30, 2001 was $0.46 as compared to $0.37 for the prior year period. Including these acquisition-related costs, other nonrecurring charges and the results of Midas’ operations, the Company recorded net income and earnings per diluted share for the nine-month period ended June 30, 2001 of $3.7 million and $0.28, respectively, compared to $0.7 million and $0.05, respectively, in the prior year period.
SOURCE: COMPANY PRESS RELEASE
