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Edgewater Technology, CEO Discusses, Q1 2011 Results, Earnings Transcript

Stocks in this article: EDGW

Shirley Singleton

Thank you, Paul. Good morning, everyone. We said we were expecting strong organic growth and service revenue for Q1 and we do deliver on that projection. I’m really pleased with our Q1 performance. Our service revenue is up on both a year over year and sequential basis, and we’re really doing a good job of the number of new customers as well. We secured 31 new customers. I tried to take a sampling of customers from all of offerings across all offerings. One name is Old Mutual out of South Africa, it’s a new customer.

QUALCOMM, Essential Rewards, Employers Insurance, Maxwell Technologies, and Cisco but with that let’s have Tim get into the details.

Timothy Oakes

Thank you, Shirley. As disclosed and announced in our press release this morning we are pleased to report solid first quarter operating performance and related metrics. We are able to leverage strong fourth quarter bid and proposal activity resulting in an all-time high in service revenue, improved billable consultant utilization and improved gross margin in EBITDA.

This is positive news in light of that fact that operating performance comes in a period in which typically is a soft period due to traditionally seasonality in our EPM service offerings in the cyclical resetting of fringe expenses.

Total revenue for the first quarter was $23.6 million compared to $20.3 million in the first quarter of 2010. Service revenue which was $19.7 million during the first quarter compared to service revenue of $16.7 million in the first quarter 2010. On a year over year basis we’re reporting growth in both total revenue and service revenue of 16.4% and 25.5% respectively. Excluding the incremental revenue generated by our Meridian acquisition, which was completed in May of 2010, organic service revenue increased by 22.5% on a year over year basis.

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