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CIBER, Inc. (CBR) Reports Lower Net Income in First Quarter

CIBER, Inc. reported net income of $3.5 million, or $0.05 per diluted share, in the first quarter of 2010 ending 3/31/2010. This was down slightly from the net income of $4.3 million, or $0.07 per diluted share, reported in the same quarter of 2009.

Management of CIBER, Inc. attributed the decline in net income to a translation gain in foreign exchange, higher interest expense and losses in non-controlled entities.

Despite the drop in net income on a year over year basis, CIBER, Inc. reported an increase in revenue to $262.7 million in the quarter that just ended, from $258.5 million in the first quarter of 2009.

“Revenue growth in our U.S. ERP, International and Federal divisions contributed to the improvements in the quarter-over-comparable-quarter top-line results. Our long-term goal is to optimize our operating model through increased collaboration and efficiencies to deliver improved margins across the company,” said Peter Cheesbrough, the CEO of CIBER, Inc.

CIBER, Inc. is still conducting a search for a permanent CEO for the firm, and has formed a special committee of the Board of Directors to assist with the search. The company is a consulting firm specializing in technology services and outsourcing to commercial and government clients. CIBER does business in 18 countries in North America, Europe and Asia.

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