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Edgewater Reports Second 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)
 
  June 30, 2013 December 31, 2012
 Assets    
Cash and cash equivalents $ 11,467 $ 16,651
Accounts receivable, net 23,846 18,281
Prepaid expenses and other current assets 1,605 1,418
Total current assets 36,918 36,350
Property and equipment, net 1,714 1,949
Goodwill and intangible assets, net 13,204 13,243
Other assets 244 247
Total Assets $ 52,080 $ 51,789
     
Liabilities and Stockholders' Equity    
Accounts payable $ 2,338 $ 593
Accrued liabilities 12,817 14,280
Deferred revenue 3,028 2,969
Total current liabilities 18,183 17,842
Other long-term liabilities 978 1,272
Total liabilities 19,161 19,114
Stockholders' Equity 32,919 32,675
Total Liabilities and Stockholders' Equity $ 52,080 $ 51,789
     
Shares Outstanding 10,795 10,897
 
 
EDGEWATER TECHNOLOGY, INC.
Condensed Consolidated Statement of Operations
(In thousands, except per share amounts)
(Unaudited)
 
  Three Months Ended Six Months Ended
  June 30, June 30,
  2013 2012 2013 2012
Revenue:        
Service revenue $ 21,599 $ 21,587 $ 41,295 $ 43,383
Software 4,331 3,622 6,308 5,006
Reimbursable expenses 1,970 1,978 3,773 4,079
Total revenue 27,900 27,187 51,376 52,468
         
Cost of revenue:        
Project and personnel costs 13,456 13,052 26,766 26,706
Software costs 2,433 2,697 3,656 3,658
Reimbursable expenses 1,970 1,978 3,773 4,079
Total cost of revenue 17,859 17,727 34,195 34,443
Gross profit 10,041 9,460 17,181 18,025
         
Selling, general and administrative 8,072 7,976 15,569 15,917
Embezzlement costs  38 567  72 570
Changes in fair value of contingent consideration  --  8  -- 15
Depreciation and amortization 308 448 623 890
Operating income 1,623 461 917 633
         
Other expense, net  69  196 173  105
Income before income taxes 1,554  265 744 528
         
Tax provision 140 131 219 219
Net income $ 1,414 $ 134 $ 525 $ 309
         
BASIC EARNINGS PER SHARE:        
Basic earnings per share $ 0.13 $ 0.01 $ 0.05 $ 0.03
Weighted average shares outstanding – Basic 10,791 11,288 10,834 11,319
         
DILUTED EARNINGS PER SHARE:        
Diluted earnings per share $ 0.12 $ 0.01 $ 0.05 $ 0.03
Weighted average shares outstanding – Diluted  11,428  11,836  11,447  11,682
         
 
 
EDGEWATER TECHNOLOGY, INC.
Condensed Consolidated Statements of Cash Flows
(In Thousands)
(Unaudited)
         
  Three Months Ended Six Months Ended
  June 30, June 30,
  2013 2012 2013 2012
Cash flow (used in) provided by:        
Operating activities $ (1,351) $ 637 $ (3,551) $ (508)
Investing activities (134) (171) (531) (404)
Financing activities (579) (348) (1,097) (522)
Effect of exchange rates on cash 4 (16) (5) (6)
Net (decrease) increase in cash and cash equivalents $ (2,060) $ 102 $ (5,184) $ (1,440)

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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