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Edgewater Reports First Quarter 2013 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)
 
  March 31, 2013 December 31, 2012
Assets    
Cash and cash equivalents $ 13,527 $ 16,651
Accounts receivable, net 18,326 18,281
Prepaid expenses and other current assets 1,644 1,418
Total current assets 33,497 36,350
Property and equipment, net 1,899 1,949
Goodwill and intangible assets, net 13,360 13,243
Other assets 247 247
Total Assets $ 49,003 $ 51,789
     
Liabilities and Stockholders' Equity    
Accounts payable $ 663 $ 593
Accrued liabilities 12,775 14,280
Deferred revenue 2,682 2,969
Total current liabilities 16,120 17,842
Other long-term liabilities 1,122 1,272
Total liabilities 17,242 19,114
Stockholders' Equity 31,761 32,675
Total Liabilities and Stockholders' Equity $ 49,003 $ 51,789
     
Shares Outstanding 10,887 10,897
 
 
EDGEWATER TECHNOLOGY, INC.
Condensed Consolidated Statement of Operations
(In thousands, except per share amounts)
(Unaudited)
 
  Three Months Ended
  March 31,
  2013 2012
Revenue:    
Service revenue $ 19,696 $ 21,796
Software 1,977 1,384
Reimbursable expenses 1,803 2,101
Total revenue 23,476 25,281
     
Cost of revenue:    
Project and personnel costs 13,310 13,654
Software costs 1,223 961
Reimbursable expenses 1,803 2,101
Total cost of revenue 16,336 16,716
Gross profit 7,140 8,565
     
Selling, general and administrative 7,497 7,941
Embezzlement costs 34 3
Changes in fair value of contingent consideration  --   7
Depreciation and amortization 315 442
Operating (loss) income  (706)  172
     
Other expense (income), net  104  (91)
(Loss) Income before income taxes  (810)  263
     
Tax provision 79 88
Net (loss) income  $ (889)  $ 175
     
BASIC (LOSS) EARNINGS PER SHARE:    
Basic (loss) earnings per share $ (0.08) $ 0.02
Weighted average shares outstanding – Basic 10,878  11,363
     
DILUTED (LOSS) EARNINGS PER SHARE:    
Diluted (loss) earnings per share $ (0.08) $ 0.02
Weighted average shares outstanding – Diluted 10,878  11,607
     
 
EDGEWATER TECHNOLOGY, INC.
Condensed Consolidated Statements of Cash Flows
(In Thousands)
(Unaudited)
 
  Three Months Ended
  March 31,
  2013 2012
Cash flow provided by (used in):    
Operating activities $ (2,200) $ (1,145)
Investing activities (397) (233)
Financing activities (518) (174)
Effect of exchange rates on cash (9) 10
Net decrease in cash and cash equivalents $ (3,124) $ (1,542)

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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