WAKEFIELD, Mass., May 1, 2013 (GLOBE NEWSWIRE) -- Edgewater Technology, Inc. (Nasdaq:EDGW), a leading consulting firm that brings a blend of classic consulting and product-based consulting services to its clients, reported financial results for the first quarter ended March 31, 2013.
First Quarter 2013 Highlights
- Repurchased 164,000 shares of common stock at an aggregate purchase price of $661,000, or $4.03 per share; and
- Acquired a Microsoft Dynamics-based Trade Promotion Management software asset and intellectual property.
First Quarter 2013 Financial Results
- Total revenue was $23.5 million compared to $25.3 million in the first quarter of 2012;
- Service revenue was $19.7 million compared to $21.8 million in the first quarter of 2012;
- Gross profit was $7.1 million, or 30.4% of total revenue, compared to $8.6 million, or 33.9% of total revenue, in the first quarter of 2012;
- Gross profit margin related to service revenue was 32.4% compared to 37.4% in the first quarter of 2012;
- Utilization was 69.0% compared to 75.4% in the first quarter of 2012;
- Net loss was $(889,000), or $(0.08) per diluted share, compared to net income of $175,000, or $0.02 per diluted share, in the first quarter of 2012;
- Adjusted EBITDA (a non-GAAP measure) was $198,000, or 0.8% of total revenue and $0.02 per diluted share (see "Non-GAAP Financial Measures" below for further discussion of this non-GAAP term), compared to adjusted EBITDA of $990,000, or 3.9% of total revenue and $0.09 per diluted share, in the first quarter of 2012; and
- Cash flow used in operating activities was $(2.2) million compared to cash flow used in operating activities of $(1.1) million during the first quarter of 2012.
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