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Edgewater Reports Fourth Quarter And Full Year 2012 Results

Although we believe that the expectations in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, growth, earnings per share or achievements. However, neither we nor any other person assumes responsibility for the accuracy and completeness of such statements. Except as required by law, we undertake no obligation to update any of the forward-looking statements after the date of this Press Release to conform such statements to actual results. 

 
EDGEWATER TECHNOLOGY, INC.
Condensed Consolidated Balance Sheets
(In Thousands)
(Unaudited)
 
  December 31, 2012 December 31, 2011
Assets    
Cash and cash equivalents $ 16,651 $ 10,333
Accounts receivable, net 18,281 23,307
Prepaid expenses and other current assets 1,418 763
Total current assets 36,350 34,403
Property and equipment, net 1,949 2,429
Goodwill and intangible assets, net 13,243 14,128
Other assets 247 238
Total Assets $ 51,789 $ 51,198
     
Liabilities and Stockholders' Equity    
Accounts payable $ 593 $ 1,858
Accrued liabilities 14,280 13,934
Accrued contingent earnout consideration -- 126
Deferred revenue 2,969 1,569
Capital lease obligations, current -- 52
Total current liabilities 17,842 17,539
Accrued contingent earnout consideration -- 105
Other long-term liabilities 1,272 1,841
Total liabilities 19,114 19,485
Stockholders' Equity 32,675 31,713
Total Liabilities and Stockholders' Equity $ 51,789 $ 51,198
     
Shares Outstanding 10,897 11,311
 
 
EDGEWATER TECHNOLOGY, INC.
Condensed Consolidated Statement of Operations
(In thousands, except per share amounts)
(Unaudited)
 
  Three Months Ended Twelve Months Ended
  December 31, December 31,
  2012 2011 2012 2011
Revenue:        
Service revenue $ 19,522 $ 20,841 $ 83,137 $ 79,239
Software 3,152 3,772 10,190 13,064
Process royalties -- -- -- 2,734
Reimbursable expenses 1,574 1,792 7,554 7,406
Total revenue 24,248 26,405 100,881 102,443
         
Cost of revenue:        
Project and personnel costs 12,487 12,170 51,594 48,078
Software costs 1,745 2,537 6,454 8,262
Reimbursable expenses 1,574 1,792 7,554 7,406
Total cost of revenue 15,806 16,499 65,602 63,746
Gross profit 8,442 9,906 35,279 38,697
         
Selling, general and administrative 7,545 8,622 31,202 32,019
Embezzlement costs 17 18 592 144
Changes in fair value of contingent consideration  --  50  (231) 144
Lease abandonment charge -- 2,230 -- 2,230
Depreciation and amortization 459 723 1,801 2,846
Operating income (loss) 421 (1,737) 1,915 1,314
         
Other (income) expense, net  57  (23) 67  127
Income (loss) before income taxes 364 (1,714) 1,848 1,187
         
Tax provision 19 192 401 843
Net income (loss) $ 345 $ (1,906) $ 1,447 $ 344
         
BASIC EARNINGS (LOSS) PER SHARE:        
Basic earnings (loss) per share $ 0.03 $ (0.17) $ 0.13 $0.03
Weighted average shares outstanding – Basic 10,947 11,339 11,180 12,038
         
DILUTED EARNINGS (LOSS) PER SHARE:        
Diluted earnings (loss) per share $ 0.03 $ (0.17) $ 0.13 $ 0.03
Weighted average shares outstanding – Diluted 11,358 11,339 11,589 12,048
         
 
EDGEWATER TECHNOLOGY, INC.
Condensed Consolidated Statements of Cash Flows
(In Thousands)
(Unaudited)
 
  Three Months Ended Twelve Months Ended
  December 31, December 31,
  2012 2011 2012 2011
         
Cash flow provided by (used in):        
Operating activities $ 3,922 $ (25) $ 8,836 $ 5,833
Investing activities  (63)  (2,912)  (591)   (3,498)
Financing activities  (186)  (40)  (1,932)  (2,894)
Effect of exchange rates on cash  4 (11)  5   (11)
Net increase (decrease) in cash and cash equivalents $ 3,677 $ (2,988) $ 6,318  $ (570)

Non-GAAP Financial Measures

Edgewater reports its financial results in accordance with generally accepted accounting principles ("GAAP"). Management believes, however, that certain non-GAAP financial measures used in managing the Company's business may provide users of this financial information with additional meaningful comparisons between current results and prior reported results. Certain of the information set forth herein and certain of the information presented by the Company from time to time may constitute non-GAAP financial measures within the meaning of Regulation G adopted by the Securities and Exchange Commission. We have presented herein a reconciliation of these measures to the most directly comparable GAAP financial measure. The non-GAAP measures presented herein may not be comparable to similarly titled measures presented by other companies. As noted below, the foregoing measures have limitations and do not serve as a substitute and should not be construed as a substitute for GAAP performance, but provide supplemental information concerning our performance that our investors and we find useful.

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