Systems integrator Ciber has reported a 52% decrease in net income to $3.5m for the third quarter 2009, compared to $7.24m in the same quarter last year. Revenue was down 35% at $256.4m. Skip related content
Operating income during the quarter fell 47% to $7m, while diluted EPS fell 58% to $0.05. EBITDA declined 35% to $12.34m, while cash and cash equivalents at the end of the quarter was $56.3m.
The company said custom solutions and IT outsourcing revenue fell 20% to $106.5m, US ERP revenue was up 4% at $31.3m, federal government revenue fell 7.3% to $29.1m, and Europe revenue fell 15% to $89.5m.
During the quarter, Ciber promoted its current senior vice president Tony Hadzi and European president and chief executive Terje Laugerud as corporate executive vice presidents.
For the nine-month period, net income decreased 43% to $12.4m, compared to $21.4m in the same period last year, on revenue down 15% at $775.5m.
Mac Slingerlend, president and chief executive at Ciber, said: "Our third quarter results continued to reflect the global economic malaise. Cash collections were strong in 3Q and our new 3-year bank facility is a solid underpinning to our financial resources. Although we were frustrated to settle a non-substantiated legal action in late September, we are focused on sequential quarterly improvements in overall business levels."
Looking ahead, for fiscal 2009, it has revised its guidance and expects revenue between $1.035bn and $1.04bn and EPS between $0.25 and $0.26.
