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Edgewater Reports Third Quarter 2013 Results

WAKEFIELD, Mass., Oct. 30, 2013 (GLOBE NEWSWIRE) -- Edgewater Technology, Inc. (Nasdaq:EDGW), a leading consulting firm that brings a blend of classic and product-based consulting services to its clients, reported financial results for the third quarter ended September 30, 2013.

Third Quarter 2013 Highlights
  • Generated $5.9 million in cash flow from operations;
  • Secured first time engagements with 28 new customers;
  • Approved a $7.0 million increase and extension of the stock repurchase program to $23.1 million; and
  • Secured a $10.0 million credit facility to fund strategic growth initiatives.

Third Quarter 2013 Financial Results vs. Same Year-Ago Quarter
  • Total revenue was $25.4 million compared to $24.2 million;
  • Service revenue was $21.4 million compared to $20.2 million;
  • Gross profit was $9.7 million, or 38.0% of total revenue, compared to $8.8 million, or 36.5% of total revenue;
  • Gross profit margin related to service revenue was 38.9% compared to 38.7%;
  • Utilization was 71.1% compared to 69.5%;
  • Net income was $1.8 million, or $0.14 per diluted share, compared to net income of $793,000, or $0.07 per diluted share;
  • Adjusted EBITDA (a non-GAAP measure) was $2.5 million, or 9.9% of total revenue and $0.21 per diluted share (see "Non-GAAP Financial Measures" below for further discussion of this non-GAAP term), compared to adjusted EBITDA of $1.4 million, or 5.8% of total revenue and $0.12 per diluted share; and
  • Cash flow provided by operating activities was $5.9 million compared to cash flow provided by operating activities of $5.4 million.

First Nine Months of 2013 Financial Results vs. Same Year-Ago Period
  • Total revenue was $76.8 million compared to $76.6 million;
  • Service revenue was $62.7 million compared to $63.6 million;
  • Gross profit was $26.8 million, or 35.0% of total revenue, compared to $26.8 million, or 35.0% of total revenue;
  • Gross profit margin related to service revenue was 36.4% compared to 38.5%;
  • Utilization was 72.0% compared to 72.7%;
  • Net income was $2.3 million, or $0.19 per diluted share, compared to net income of $1.1 million, or $0.10 per diluted share;
  • Adjusted EBITDA (a non-GAAP measure) was $5.1 million, or 6.7% of total revenue and $0.44 per diluted share (see "Non-GAAP Financial Measures" below for further discussion of this non-GAAP term), compared to adjusted EBITDA of $4.3 million, or 5.6% of total revenue and $0.36 per diluted share; and
  • Cash flow provided by operating activities was $2.3 million compared to cash flow provided by operating activities of $4.9 million.

Management Commentary

"The third quarter was highlighted by improved year-over-year financial metrics including gross margins, net income, earnings per share and adjusted EBITDA," said Shirley Singleton, Edgewater's chairman, president and CEO. "In addition to the financial improvements, we were also able to secure a $10 million credit facility to fund strategic growth initiatives.

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