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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
[ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED DECEMBER 31, 2000
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
COMMISSION FILE NUMBER 1-12997
MAXIMUS, INC.
(Exact Name of Registrant as Specified in its Charter)
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VIRGINIA 54-1000588
(State or Other Jurisdiction of (I.R.S. Employer
Incorporation or Organization) Identification No.)
11419 SUNSET HILLS ROAD
RESTON, VIRGINIA 20190
(Address of Principal Executive Offices) (Zip Code)
Registrant's Telephone Number, Including Area Code: (703) 251-8500
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Indicate by check whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes / X / No / /
CLASS OUTSTANDING AT FEBRUARY 9, 2001
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Common Shares, no par value 21,208,997
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MAXIMUS, INC.
QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTER ENDED DECEMBER 31, 2000
INDEX
PART I. FINANCIAL INFORMATION
Item 1. Consolidated Financial Statements.
Consolidated Balance Sheets as of September 30, 2000 (audited) and
December 31, 2000 (unaudited)
Consolidated Statements of Income for the three months ended
December 31, 1999 and 2000 (unaudited)
Consolidated Statements of Cash Flows for the three months ended
December 31, 1999 and 2000 (unaudited)
Notes to Consolidated Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K.
Signatures
Exhibit Index
MAXIMUS, INC.
CONSOLIDATED BALANCE SHEETS
(DOLLARS IN THOUSANDS)
SEPTEMBER 30, DECEMBER 31,
2000 2000
----------------- ----------------
(UNAUDITED)
ASSETS
Current assets:
Cash and cash equivalents............................................. $ 36,975 $ 29,500
Marketable securities................................................. 1,359 206
Accounts receivable, net.............................................. 102,500 113,448
Costs and estimated earnings in excess of billings.................... 27,264 34,646
Prepaid expenses and other current assets............................. 6,344 6,059
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Total current assets...................................................... 174,442 183,859
Property and equipment at cost:
Land.................................................................. 2,462 2,462
Building and improvements............................................. 9,484 10,238
Office furniture and equipment........................................ 14,264 15,227
Leasehold improvements................................................ 848 882
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27,058 28,809
Less: Accumulated depreciation and amortization...................... (8,754) (9,596)
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Total property and equipment, net......................................... 18,304 19,213
Software development costs................................................ 7,883 10,023
Less: Accumulated amortization....................................... (703) (814)
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Total software development, net........................................... 7,180 9,209
Deferred income taxes..................................................... 1,402 1,384
Intangible assets, net.................................................... 52,586 51,194
Other assets.............................................................. 2,989 2,909
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Total assets.............................................................. $256,903 $267,768
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LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable...................................................... $ 12,565 $12,177
Accrued compensation and benefits..................................... 17,747 13,521
Billings in excess of costs and estimated earnings.................... 15,648 16,805
Notes payable......................................................... 209 284
Income taxes payable.................................................. - 5,049
Other current liabilities............................................. 461 543
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Total current liabilities................................................. 46,630 48,379
Long-term debt............................................................ 555 540
Other liabilities......................................................... 785 625
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Total liabilities......................................................... 47,970 49,544
Shareholders' equity:
Common stock, no par value; 60,000,000 shares authorized; 21,125,844 and
21,179,702 shares issued and outstanding at September 30, 2000
and December 31, 2000, at stated amount, respectively............... 133,082 133,701
Accumulated other comprehensive loss.................................. (26) (16)
Retained earnings..................................................... 75,877 84,539
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Total shareholders' equity................................................ 208,933 218,224
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Total liabilities and shareholders' equity................................ $256,903 $267,768
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SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
-1-
MAXIMUS, INC.
CONSOLIDATED STATEMENTS OF INCOME
(IN THOUSANDS, EXCEPT PER SHARE DATA)
(UNAUDITED)
THREE MONTHS ENDED
DECEMBER 31,
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1999 2000
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Revenues............................................................... $89,683 $112,916
Cost of revenues....................................................... 62,085 77,254
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Gross profit........................................................... 27,598 35,662
Selling, general and administrative expenses........................... 15,426 19,751
Amortization of goodwill and other acquisition-related intangibles..... 274 1,392
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Income from operations................................................. 11,898 14,519
Interest and other income.............................................. 1,050 288
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Income before income taxes............................................. 12,948 14,807
Provision for income taxes............................................. 5,288 6,145
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Net income............................................................. $ 7,660 $ 8,662
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Earnings per share:
Basic............................................................... $ 0.36 $ 0.41
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Diluted............................................................. $ 0.36 $ 0.40
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Weighted average shares outstanding:
Basic............................................................... 21,001 21,145
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Diluted............................................................. 21,323 21,615
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SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
-2-
MAXIMUS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(DOLLARS IN THOUSANDS)
(UNAUDITED)
THREE MONTHS ENDED
DECEMBER 31,
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1999 2000
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CASH FLOWS FROM OPERATING ACTIVITIES:
Net income.................................................................... $ 7,660 $ 8,662
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization.............................................. 1,001 2,346
Other...................................................................... - (150)
Change in assets and liabilities:
Accounts receivable, net................................................... (4,380) (10,948)
Costs and estimated earnings in excess of billings......................... (751) (7,382)
Prepaid expenses and other current assets.................................. 30 284
Other assets............................................................... 404 80
Accounts payable........................................................... (1,591) (388)
Accrued compensation and benefits.......................................... (5,367) (4,226)
Billings in excess of costs and estimated earnings......................... (256) 1,157
Income taxes payable....................................................... 2,654 5,202
Other liabilities.......................................................... 17 82
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Net cash used in operating activities.............................................. (579) (5,281)
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of businesses, net of acquired cash............................ (4,884) -
Capitalization of software development costs............................... - (2,140)
Purchase of property and equipment......................................... (973) (1,751)
Decrease in marketable securities.......................................... 3,631 1,162
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Net cash used in investing activities.............................................. (2,226) (2,729)
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of common stock .................................................. 575 619
Payments on borrowings..................................................... (69) (84)
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Net cash provided by financing activities.......................................... 506 535
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Net decrease in cash and cash equivalents.......................................... (2,299) (7,475)
Cash and cash equivalents, beginning of period..................................... 61,647 36,975
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Cash and cash equivalents, end of period........................................... $59,348 $29,500
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SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
-3-
MAXIMUS, INC.
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE MONTH PERIODS ENDED DECEMBER 31, 2000 AND 1999
(DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
1. ORGANIZATION AND BASIS OF PRESENTATION
The accompanying unaudited consolidated financial statements have been
prepared in accordance with generally accepted accounting principles for interim
financial information and the instructions to Form 10-Q and Article 10 of
Regulation S-X. Accordingly, they do not include all of the information and
footnotes required by generally accepted accounting principles for complete
financial statements. In the opinion of management, all adjustments (consisting
of normally recurring accruals) considered necessary for a fair presentation
have been included. The results of operations for the three-month period ended
December 31, 2000 are not necessarily indicative of the results that may be
expected for the full fiscal year. These financial statements should be read in
conjunction with the audited financial statements as of September 30, 2000 and
1999 and for each of the three years in the period ended September 30, 2000,
included in the Company's Annual Report on Form 10-K for the year ended
September 30, 2000 (File No. 1-12997) filed with the Securities and Exchange
Commission on December 27, 2000.
Certain reclassifications have been made to prior year amounts to
conform to current year presentation.
2. IMPACT OF NEW ACCOUNTING PRONOUNCEMENT
In December 1999, the staff of the Securities and Exchange Commission
("SEC") issued Staff Accounting Bulletin No. 101, REVENUE RECOGNITION IN
FINANCIAL STATEMENTS (SAB 101). SAB 101 summarizes some of the staff's
interpretations of application of generally accepted accounting principles to
revenue recognition, including presentation in the consolidated financial
statements. The staff provided guidance due, in part, to the large number of
revenue recognition issues that it has encountered in registrant filings. The
Company is currently evaluating the impact that SAB 101 will have on its
financial statements and intends to adopt SAB 101 sometime in fiscal 2001.
3. BUSINESS COMBINATIONS
On October 20, 1999, the Company acquired all of the outstanding shares
of capital stock of Public Systems, Inc. for $5,000. In conjunction with the
purchase, the Company recorded intangible assets of $4,540.
On March 20, 2000, the Company acquired all of the outstanding shares
of capital stock of Crawford Consulting, Inc. for $16,750. In conjunction with
the purchase, the Company recorded intangible assets of $11,887.
On March 31, 2000, the Company acquired substantially all of the
government services division of 3-G International, Inc. for $7,000, plus an
earn-out amount of up to $3,000 to be paid by the Company upon the achievement
of certain objectives. In conjunction with the purchase, the Company recorded
intangible assets of $6,730.
-4-
On April 12, 2000, CSI-MAXIMUS, Inc., a wholly owned subsidiary of the
Company, acquired substantially all of the assets of Asset Works, Inc. for
$8,613. In conjunction with the purchase, the Company recorded intangible assets
of $8,674.
On April 14, 2000, the Company acquired all of the outstanding shares
of capital stock of Valuation Resource Management, Inc. for $4,500. In
conjunction with the purchase, the Company recorded intangible assets of $4,130.
On April 29, 2000, the Company acquired substantially all of the assets
of Technology Management Resources, Inc. for $9,674. In conjunction with the
purchase, the Company recorded intangible assets of $10,036.
On July 19, 2000, the Company acquired all of the outstanding
membership interests of Strategic Partners International, LLC for $1,800. In
conjunction with the purchase, the Company recorded intangible assets of $1,609.
Intangible assets are amortized using the straight-line method over
periods ranging from two to fifteen years. The accumulated amortization related
to intangible assets at September 30, 2000 and December 31, 2000 was $3,472 and
$4,864, respectively.
4. COMMITMENTS AND CONTINGENCIES
In January 2000, the New York City Human Resources Administration
submitted two contracts that it had awarded to the Company for welfare-to-work
services to the Comptroller of New York City (the "Comptroller") to be
registered. However, the Comptroller refused to register the contracts,
alleging improprieties in the procurement process and in the Company's conduct.
Although the New York Supreme Court, Appellate Division - First Department
ordered the Comptroller to register the contracts in October 2000 after finding
no wrongdoing in the Company's conduct, this matter continues to be the subject
of investigations being conducted by certain governmental agencies. The District
Attorney's Office of New York County and the United States Attorney's Office for
the Southern District of New York, in response to requests made by the
Comptroller, are investigating the facts underlying this matter. Both offices
issued subpoenas for documents to the Company in early May 2000 and have
interviewed a number of Company employees since that time. MAXIMUS believes that
its actions were lawful and appropriate and continues to cooperate fully with
the governmental reviews of the matter. Although there can be no assurance of a
favorable outcome, the Company does not believe that this matter will have a
material adverse effect on the Company's financial condition or results of
operations.
The Company also is involved in various other legal proceedings in the
ordinary course of its business. In the opinion of management, these proceedings
involve amounts that would not have a material effect on the financial position
or results of operations of the Company if such proceedings were disposed of
unfavorably.
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5. EARNINGS PER SHARE
The following table sets forth the components of basic and diluted earnings per
share:
Three Months Ended
December 31,
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1999 2000
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Numerator:
Net income............................................ $ 7,660 $ 8,662
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Denominator:
Weighted average shares outstanding................... 21,001 21,145
Effect of dilutive securities:
Employee stock options................................ 322 470
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Denominator for dilutive earnings per share........... 21,323 21,615
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6. SEGMENT INFORMATION
In October 2000, the Company completed a reorganization of its
divisions in order to better focus and manage the Company's existing and future
technology assets. The Company's core technology assets have been moved from the
Consulting Group to the newly created Systems Group. Accordingly, the Company
has reflected the segment information for earlier periods as if it was composed
of three reportable segments rather than two reportable segments.
The following table provides certain financial information for each
business segment:
Three Months Ended
December 31,
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1999 2000
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Revenues:
Government Operations Group.................... $51,180 $ 60,483
Consulting Group............................... 27,141 35,539
Systems Group.................................. 11,362 16,894
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$89,683 $112,916
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Gross Profit:
Government Operations Group.................... $ 11,167 $12,786
Consulting Group............................... 11,327 15,076
Systems Group.................................. 5,104 7,800
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$ 27,598 $ 35,662
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Income from operations:
Government Operations Group.................... $4,961 $ 5,547
Consulting Group............................... 5,172 7,092
Systems Group.................................. 1,765 1,880
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$11,898 $14,519
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ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS.
OVERVIEW
The Company provides program management, consulting and systems
services primarily to state and local government agencies in the United States.
Founded in 1975, the Company has been profitable every
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year since inception. The Company conducts its operations through three groups,
the Government Operations Group, Consulting Group and Systems Group. The
Government Operations Group administers and manages government health and human
services programs, including welfare-to-work and job readiness, child support
enforcement, managed care enrollment and disability services. The Consulting
Group provides consulting services to state, county and local legislatures and
government agencies, including health and human services, law enforcement, parks
and recreation, taxation, housing, motor vehicles, labor and education. The
Systems Group is focused on providing state and local governments IT solutions
through the design of new systems and integration of legacy systems. The Systems
Group is also the leading provider of proprietary IT systems for fleet, asset
management, criminal justice, and smart-card applications.
The Company's revenues are generated from contracts with various
payment arrangements, including: (i) costs incurred plus a negotiated fee
("cost-plus"); (ii) fixed-price; (iii) performance-based criteria; and (iv) time
and materials reimbursement (utilized primarily by the Consulting Group). For
the fiscal year ended September 30, 2000, revenues from these contract types
were approximately 19%, 47%, 18% and 16% respectively, of total revenues.
Traditionally, federal government contracts have been cost-plus and a majority
of the contracts with state and local government agencies have been fixed-price
and performance-based. Fixed price and performance-based contracts generally
offer higher margins but typically involve more risk than cost-plus or time and
materials reimbursement contracts because the Company is subject to the risk of
potential cost overruns or inaccurate revenue estimates.
The Government Operations Group's contracts generally contain base
periods of one or more years as well as one or more option periods that may
cover more than half of the potential contract duration. As of September 30,
2000, the Company's average Government Operations contract duration was
approximately 2.3 years. The Company's Consulting and Systems Group contracts
have performance periods that range from one month to more than two years.
The Company's most significant expense is cost of revenues, which
consists primarily of project-related employee salaries and benefits,
subcontractors, computer equipment and travel expenses. The Company's ability to
accurately predict personnel requirements, salaries and other costs as well as
to effectively manage a project or achieve certain levels of performance can
have a significant impact on the service costs related to the Company's fixed
price and performance-based contracts. Service cost variability has little
impact on cost-plus arrangements because allowable costs are reimbursed by the
client.
Selling, general and administrative expenses consist of management,
marketing and administration costs including salaries, benefits, travel,
recruiting, continuing education and training, facilities costs, printing,
reproduction, communications and equipment depreciation.
-7-
RESULTS OF OPERATIONS
The following table sets forth, for the periods indicated, selected
statements of income data as a percentage of revenues:
Three Months Ended
December 31,
-------------------------------------
1999 2000
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Revenues:
Government Operations Group.............................. 57.1% 53.6%
Consulting Group......................................... 30.2 31.4
Systems Group............................................ 12.7 15.0
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Total revenues...................................... 100.0 100.0
Gross Profit:
Government Operations Group.............................. 21.8 21.1
Consulting Group......................................... 41.7 42.4
Systems Group............................................ 44.9 46.2
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Total gross profit as a percent of revenue.......... 30.8 31.6
Selling, general and administrative expenses............. 17.2 17.5
Amortization of goodwill and other acquisition
related intangibles................................... 0.3 1.2
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Income from operations................................... 13.3 12.9
Interest and other income................................ 1.1 0.2
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Income before income taxes............................... 14.4 13.1
Provision for income taxes............................... 5.9 5.4
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Net income............................................... 8.5% 7.7%
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THREE MONTHS ENDED DECEMBER 31, 2000 COMPARED TO THREE MONTHS ENDED
DECEMBER 31, 1999
REVENUES. Total contract revenues increased 25.9% to $112.9 million
for the three months ended December 31, 2000 from $89.7 million for the same
period in 1999. Government Operations Group revenues increased 18.2% to $60.5
million for the three months ended December 31, 2000 from $51.2 million for
the same period in 1999. This increase was due to an increase in the number
of contracts in all four divisions of the Group plus revenue totaling $2.5
million received this quarter from entities acquired after the first quarter
of last fiscal year. Consulting Group revenues increased 30.9% to $35.5
million for the three months ended December 31, 2000 from $27.1 million for
the divisions in this Group for the same period in 1999. This increase was
due to an increase in the number of contracts in three of the four divisions
plus revenue totaling $2.1 million received this quarter from entities
acquired after the first quarter of last fiscal year. Systems Group revenues
increased 48.7% to $16.9 million for the three months ended December 31, 2000
from $11.4 million for the divisions in this Group for the same period in
1999. This increase was primarily due to revenue totaling $5.0 million
received this quarter from entities acquired after the first quarter of last
fiscal year. The growth in revenue for the entire Company was 15.2% excluding
the revenue from entities acquired after the first quarter of last fiscal year.
GROSS PROFIT. Total gross profit increased 29.2% to $35.7 million for
the three months ended December 31, 2000 from $27.6 million for the same period
in 1999. Government Operations Group gross profit increased 14.5% to $12.8
million for the three months ended December 31, 2000 from $11.2 million for the
three months ended December 31, 1999. As a percentage of Government Operations
Group revenues, Government Operations Group gross profit decreased to 21.1% for
the three months ended December 31, 2000 from 21.8% for the same period in 1999.
The decrease was due to a slight decline in gross margins on a few projects
within the Group. Consulting Group gross profit increased 33.1% to $15.1 million
for the
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three months ended December 31, 2000 from $11.3 million for the divisions in
this Group for the same period in 1999 due to increased revenues and an
increased gross profit percentage. As a percentage of Consulting Group revenues,
Consulting Group gross profit increased to 42.4% for the three months ended
December 31, 2000 from 41.7% for the divisions in this Group for the same period
in 1999, primarily due to improved margins within the DMG-MAXIMUS division of
the Group. Systems Group gross profit increased 52.8% to $7.8 million for the
three months ended December 31, 2000 from $5.1 million for the divisions in this
Group for the same period in 1999 due to the increased revenues and an increased
gross profit percentage. As a percentage of Systems Group revenues, Systems
Group gross profit increased to 46.2% for the three months ended December 31,
2000 from 44.9% for the divisions in this Group for the same period in 1999, due
to improved margins within many divisions of the Group.
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES. Total selling, general
and administrative ("SG&A") expenses increased 28.0% to $19.8 million for the
three months ended December 31, 2000 from $15.4 million for the same period
in 1999. The primary reasons for the increase in SG&A costs were the increase
in the number of employees of the Company to approximately 4,400 at December
31, 2000 from approximately 3,500 at December 31, 1999, the related increase
in expenses necessary to support the Company's growth and the increase in
marketing and proposal preparation expenditures incurred to pursue further
growth. Additionally, in the quarter ended December 31, 2000, the Company
incurred one-time expenses in connection with the events related to its 25th
anniversary. As a percentage of revenues, SG&A expenses increased to 17.5% for
the three months ended December 31, 2000 from 17.2% for the same period in 1999.
AMORTIZATION OF GOODWILL AND OTHER ACQUISITION-RELATED INTANGIBLES. In
the quarter ended December 31, 2000, the Company incurred $1.4 million of
amortization expense, as compared to $0.3 million for the same period in 1999.
The increase is due to amortization of $56.1 million of goodwill and other
acquisition-related intangible assets the Company recorded in connection with
acquisitions it completed through fiscal year 2000.
INTEREST AND OTHER INCOME. The decrease in interest and other income to
$0.3 million for the three months ended December 31, 2000 as compared to $1.1
million for the same period in 1999 was due to a decrease in the average
balances of invested funds.
PROVISION FOR INCOME TAXES. The provision for income tax for the three
months ended December 31, 2000 was 41.5% of income before income taxes as
compared to 40.8% for the three months ended December 31, 1999. This increase
was due to differences in the amounts of certain expense items, primarily
amortization of intangible assets, some of which is not deductible for tax
purposes.
LIQUIDITY AND CAPITAL RESOURCES
For the three months ended December 31, 2000, cash used in
operations was $5.3 million as compared to cash used in operations of $0.6
million for the three months ended December 31, 1999. The principal reason
for the increase in cash used in operations was the increase in billed
accounts receivable of $10.9 million and the increase in unbilled accounts
receivable of $7.4 million during the three months ended December 31, 2000,
compared to an increase in billed accounts receivable of $4.4 million and an
increase in unbilled accounts receivable of $0.8 million during the three
months ended December 31, 1999. The increase in billed accounts receivable
was due primarily to two factors: (1) one customer delaying payments pending
allocation of costs among different funding agencies and (2) delays in
billings caused by late approval of the federal budget. The increase in
unbilled accounts receivables was due to a number of new contract startups,
several contracts which have deliverable-based billings which are expected to
be billed in the next few months, and a number of revenue maximization
contracts for which billings were delayed pending federal approval of claims
submitted. Management anticipates that accounts receivable, as measured in
days of sales outstanding, will be reduced in the next few months. Cash flow
was also affected because the Company accrues for incentive compensation
throughout the fiscal year and makes payments to employees in October. In
October 2000, those payments totaled $7.4 million compared to $7.0 million
for the same period in 1999.
-9-
For the three months ended December 31, 2000, cash used in investing
activities was $2.7 million as compared to $2.2 million for the three months
ended December 30, 1999. Cash used in investing activities for the three months
ended December 31, 2000 primarily consisted of capitalization of software costs
and purchases of property and equipment.
Cash provided by financing activities during both the three months
ended December 31, 2000 and the three months ended December 31, 1999 was $0.5
million, which consisted primarily of sales of stock to employees through the
Company's employee stock purchase plan and stock option plan during both
periods.
Management believes that the Company will have sufficient resources to
meet its cash needs over the next twelve months. Such cash needs may include
start-up costs associated with new contract awards, obtaining additional office
space, establishing new offices, investment in upgraded systems infrastructure
or acquisitions of other businesses and technologies. Cash requirements beyond
the next twelve months will depend on the Company's profitability, its ability
to manage working capital requirements, its rate of growth, the amounts spent on
business acquisitions, if any, and the leasing of new office space, if any.
FORWARD LOOKING STATEMENTS
Statements that are not historical facts, including statements about
the Company's confidence and strategies and the Company's expectations about
revenues, results of operations, profitability, future contracts, market
opportunities, market demand or acceptance of the Company's products are
forward-looking statements that involve risks and uncertainties. These
uncertainties could cause the Company's actual results to differ materially from
those indicated by such forward-looking statements. These risks include reliance
on government clients; risks associated with government contracting; risks
involved in managing government projects; legislative changes and political
developments; opposition from government unions; challenges resulting from
growth; adverse publicity; and legal, economic, and other risks detailed in
Exhibit 99.1 to the Company's Annual Report on Form 10-K for the fiscal year
ended September 30, 2000 filed with the Securities and Exchange Commission (File
No. 001-12997) on December 27, 2000.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
The Company believes that its exposure to market risk related to the
effect of changes in interest rates, foreign currency exchange rates, commodity
prices and equity prices with regard to instruments entered into for trading or
for other purposes is immaterial.
PART II. OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.
(a) Exhibits. The Exhibits filed as part of this Form 10-Q are listed on
the Exhibit Index immediately preceding such Exhibits, which Exhibit
Index is incorporated herein by reference.
(b) Reports on Form 8-K. No Current Reports on Form 8-K were filed by the
Company during the fiscal quarter ended December 31, 2000.
-10-
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
MAXIMUS, INC.
Date: February 14, 2001 By: /s/ F. ARTHUR NERRET
-----------------------------------
F. Arthur Nerret
Vice President, Finance, Chief
Financial Officer
(Principal Financial and Accounting Officer)
-11-
EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION
99.1 Important Factors Regarding Forward Looking Statements.
Filed as an exhibit to the Company's Annual Report on
Form 10-K for the year ended September 30, 2000 (File
No. 1-12997) on December 27, 2000 and incorporated herein by
reference.