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Earnings Report: 02/27/2008

Wed, 27 Feb 2008 23:46:47 GMT

Ticker:ENOC,PDC,OC,ZINC,DSWL,FPIC,BYD,CRM,DYAX,STAK,WJCI,ARNA,FRZ,FSS,GMR,NCT,GG,GSIG,MCGC,MGA,ACHN,AER,AHT,AIRN,ALTH,AMED,AMSF,BAGL,BEE,CBI,CDR,CHTR,CLHB,CNL,CTRP,CWT,DAVE,DBRN,DLTR,DR,DRCO,DYN,EDGW,EGLE,EIX,ERIE,ESPD,FLS,GEF,GOOD,HK,HT,ICTG,IHP,IHR,KNDL[More...]

Edgewater Announces Third Quarter Financial Results; Service Revenue Stabilizes; In Line With Expectations

Wed, 04 Nov 2009 13:51:00 GMT

Total revenue decreased 32.6%, to $38.7 million, compared to $57.4 million during the first nine months of 2008; * Service revenue decreased 33.3%, to $35.4 million, compared to $53.1 million during the first nine months of 2008; * Gross profit was $12.0 million, or 30.9% of total revenue, compared to $22.5 million, 39.2% of total revenue during the first nine months of 2008; * Gross profit margin related to service revenue was 33.4%, compared to 42.0% during the first nine months of 2008; * Utilization was 65.1%, compared to 75.2% during the first nine months of 2008; * Net loss amounted to $(2.0) million, or $(0.16) per diluted share, compared to a net loss of $(19.1) million, or $(1.46) per diluted share, during the first nine months of 2008, which reflects $24.7 million in non-cash impairment charges recorded against the carrying value of certain goodwill and intangible assets during the second quarter of 2008; * Adjusted EBITDA amounted to $(1.6) million, or $(0.13) per diluted share, compared to $4.1 million, or $0.31 per diluted share, during the first nine months of 2008; and * Cash flow used in operating activities was $(300) thousand, compared to cash flow provided by operating activities of $2.3 million during the first nine months of 2008.
Adjusted EBITDA and Adjusted EBITDA per Diluted Share are Non-GAAP financial measures.
"Our third quarter results reflect a stabilization of our operations, and that we have, in comparison to our second quarter of 2009 operating results, achieved an operating baseline against which we can evaluate the impact of strategic initiatives and actions," stated Shirley Singleton, Edgewater's Chairman, President and Chief Executive Officer.

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PlumChoice Growth Prompts Management Team Expansion, Enhancing Partner Services for Remote Technical Services Business

Wed, 16 Sep 2009 13:51:00 GMT

PlumChoice today announced a series of new executive appointments designed to support recent and ongoing rapid growth of the company's premium remote technical services.
The expanded team - including the company's first chief operating officer as well as a new chief financial officer, chief information officer and vice president of sales and marketing -- strengthens PlumChoice's ability to service corporate partners through whom it delivers 24x7 online repair and assistance for digital devices.
Effective immediately, new PlumChoice management team appointments include:

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Edgewater Names New Director

Fri, 14 Aug 2009 12:27:00 GMT

A technology management consulting firm specializing in providing specialty information technology services, Edgewater Technology, Inc. , today announced the election of Dan O'Connell to its Board of Directors.[More...]

Edgewater Announces Chief Financial Officer Transition

Tue, 11 Aug 2009 19:56:00 GMT

A technology management consulting firm specializing in providing specialty information technology services, Edgewater Technology, Inc. , today announced that Kevin Rhodes, the Company's Chief Financial Officer, will be leaving the Company effective September 4, 2009.[More...]

Edgewater Announces Second Quarter Financial Results; Generates $1.4 Million in Operating Cash Flow

Wed, 05 Aug 2009 13:46:00 GMT

WAKEFIELD, Mass., Aug. 5, 2009 (GLOBE NEWSWIRE) -- A technology management consulting firm specializing in providing specialty information technology ("IT") services, Edgewater Technology, Inc. (Nasdaq:EDGW) (www.edgewater.com) ("Edgewater" or the "Company"), today announced financial results for its second quarter ended June 30, 2009.
Second Quarter Results Financial results and utilization for the quarter ended June 30, 2009: * Total revenue decreased 38.6%, to $12.0 million, compared to $19.6 million in the second quarter of 2008; * Service revenue decreased 39.3%, to $11.0 million, compared to $18.1 million in the second quarter of 2008; * Gross profit was $3.1 million, or 26.0% of total revenue, compared to $7.6 million, or 39.0% of total revenue in the second quarter of 2008; * Gross profit margin related to service revenue was 28.2%, compared to 41.9% in the second quarter of 2008; * Utilization was 62.5%, compared to 76.6% during the second quarter of 2008; * Net loss was $(1.3) million, or $(0.11) per diluted share, compared to a net loss of $(20.1) million, or $(1.52) per diluted share, in the second quarter of 2008, which reflects $24.7 million in non-cash impairment charges recorded against the carrying value of certain goodwill and intangible assets during the second quarter of 2008; * Adjusted EBITDA amounted to $(1.5) million, or $(0.13) per diluted share, compared to $1.3 million, or $0.10 per diluted share, during the second quarter of 2008; and * Cash flow provided by operating activities was $1.4 million, compared to cash flow provided by operating activities of $3.6 million during the second quarter of 2008.
First Six Months of 2009 Financial results and utilization for the six months ended June 30, 2009: * Total revenue decreased 31.1%, to $26.9 million, compared to $39.1 million during the first six months of 2008; * Service revenue decreased 31.9%, to $24.6 million, compared to $36.1 million during the first six months of 2008; * Gross profit was $7.8 million, or 28.9% of total revenue, compared to $15.1 million, or 38.5% of total revenue during the first six months of 2008; * Gross profit margin related to service revenue was 31.1%, compared to 41.3% during the first six months of 2008; * Utilization was 65.2%, compared to 76.9% during the first six months of 2008; * Net loss amounted to $(1.7) million, or $(0.14) per diluted share, compared to a net loss of $(19.9) million, or $(1.51) per diluted share, during the first six months of 2008, which reflects $24.7 million in non-cash impairment charges recorded against the carrying value of certain goodwill and intangible assets during the second quarter of 2008; * Adjusted EBITDA amounted to $(1.6) million, or $(0.13) per diluted share, compared to $2.5 million, or $0.19 per diluted share, during the first six months of 2008; and * Cash flow used in operating activities was $(1.0) million, compared to cash flow used in operating activities of $(0.1) million during the first six months of 2008.

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Edgewater Announces Second Quarter Financial Results

Wed, 05 Aug 2009 12:28:00 GMT

A technology management consulting firm specializing in providing specialty information technology services, Edgewater Technology, Inc. , today announced financial results for its second quarter ended June 30, 2009.[More...]

Edgewater Named to VAR 500

Mon, 15 Jun 2009 12:25:00 GMT

A technology management consulting firm specializing in providing specialty IT services, Edgewater Technology, Inc., , announced today the Company has been recognized by Everything Channel as one of North America's top technology integrators. Edgewater placed at #333 in the 15th annual VAR 500 ranking.[More...]

Edgewater Technology, Inc. Holds 2009 Annual Stockholders' Meeting

Thu, 11 Jun 2009 12:27:00 GMT

A technology management consulting firm specializing in providing specialty information technology services, Edgewater Technology, Inc. , today announced that the Company held its Annual Stockholders' Meeting on June 10, 2009 in Wakefield, Massachusetts.[More...]

Edgewater Delivers .Net Solution to Transamerica Worksite Marketing

Mon, 18 May 2009 12:40:00 GMT

Edgewater Technology, Inc. , an innovative technology management consulting firm, announced today that Transamerica Worksite Marketing , an operating division of Transamerica Life Insurance Company, has recently completed its new Billing, Receipting, Allocating, Suspense System .[More...]

Edgewater Announces First Quarter Financial Results

Wed, 06 May 2009 13:55:00 GMT

million in the first quarter of 2008;
Adjusted EBITDA and Adjusted EBITDA per Diluted Share are Non-GAAP financial measures.
"As reported with our year-end financial results, Edgewater proactively took steps to control operating expenses in light of a significant pullback in legacy account spending during the fourth quarter of 2008 and into the first quarter of 2009.

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