================================================================================ 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, 1997 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) ---------------------- VIRGINIA 54-1000588 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 1356 BEVERLY ROAD MCLEAN, VIRGINIA 22101 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (703) 734-4200 ---------------------- Indicate by check mark 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 2, 1998 ----- ------------------------------- Common Shares, No Par Value 14,804,970 ================================================================================ MAXIMUS, INC. QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTER ENDED DECEMBER 31, 1997 INDEX PART 1. FINANCIAL INFORMATION Item 1. Financial Statements Balance Sheets as of December 31, 1997 (unaudited) and September 30, 1997 Statements of Income for the three months ended December 31, 1997 and 1996 (unaudited) Statements of Cash Flows for the three months ended December 31, 1997 and 1996 (unaudited) Notes to Financial Statements Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations PART II. OTHER INFORMATION Item 1. Legal Proceedings Item 2. Changes in Securities; Use of Proceeds from Registered Securities Item 6. Exhibits and Reports on Form 8-K Signatures Exhibit Index - 2 - MAXIMUS, INC. BALANCE SHEETS (DOLLARS IN THOUSANDS)
SEPTEMBER 30, DECEMBER 31, 1997 1997 ------------ ------------ (UNAUDITED) ASSETS Current assets: Cash and cash equivalents............................................. $10,960 $10,579 Marketable securities................................................. 40,869 31,502 Accounts receivable, net.............................................. 33,651 33,920 Costs and estimated earnings in excess of billings.................... 5,605 6,546 Prepaid expenses and other current assets............................. 1,292 877 Deferred income taxes ................................................ 729 - ------- ------- Total current assets............................................................. 93,106 83,424 Property and equipment at cost: Land.................................................................. 662 662 Building and improvements............................................. 1,721 1,721 Office furniture and equipment........................................ 1,645 1,731 Leasehold improvements................................................ 188 188 ------- ------- 4,216 4,302 Less: Accumulated depreciation and amortization...................... (1,346) (1,430) ------- ------- Total property and equipment, net................................................ 2,870 2,872 Deferred income taxes............................................................ - 404 Other assets..................................................................... 849 752 ------- ------- Total assets..................................................................... $96,825 $87,452 ======= ======= LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable...................................................... $3,099 $3,508 Accrued compensation and benefits..................................... 5,874 4,384 Billings in excess of costs and estimated earnings.................... 11,749 9,663 Note payable.......................................................... 188 188 Income taxes payable.................................................. 3,881 445 Deferred income taxes................................................. - 531 S Corporation distribution payable 5,748 - ------- ------- Total current liabilities........................................................ 30,539 18,719 Deferred income taxes............................................................ 147 - ------- ------- Total liabilities................................................................ $30,686 $18,719 ------- ------- Contingencies (Note 3) Shareholders' equity: Common stock, no par value; 30,000,000 shares authorized; 14,790,470 and 14,790,970 shares issued and outstanding at September 30, 1997 and December 31, 1997, at stated amount............ 66,730 66,731 Retained earnings (deficit)........................................... (591) 2,002 ------- ------- Total shareholders' equity....................................................... 66,139 68,733 ------- ------- Total liabilities and shareholders' equity....................................... $96,825 $87,452 ======= =======
See notes to financial statements. - 3 - MAXIMUS, INC. STATEMENTS OF INCOME (IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED)
THREE MONTHS ENDED DECEMBER 31, ------------------------------- 1996 1997 --------- -------- Revenues................................................................ $37,244 $36,356 Cost of revenues........................................................ 29,534 27,300 ------- -------- Gross profit............................................................ 7,710 9,056 Selling, general and administrative expenses............................ 4,039 5,346 ------- -------- Income from operations.................................................. 3,671 3,710 Interest and other income............................................... 84 575 ------- -------- Income before income taxes.............................................. 3,755 4,285 Provision for income taxes.............................................. 57 1,692 ------- -------- Net income.............................................................. $ 3,698 $ 2,593 ======= ======== Historical basic net income per share................................... $ .18 ======== Historical diluted net income per share................................. $ .17 ======== Pro forma data: Historical income before income taxes............................. $ 3,755 Pro forma income tax expense....................................... 1,502 ------- Pro forma net income............................................... $ 2,253 ======= Pro forma diluted net income per share............................. $ 0.18 ======= Shares used in computing basic net income per share..................... 14,791 ====== Shares used in computing diluted net income per share 12,627 15,182 ====== ======
See notes to financial statements. - 4 - MAXIMUS, INC. STATEMENTS OF CASH FLOWS (DOLLARS IN THOUSANDS) (UNAUDITED)
THREE MONTHS ENDED DECEMBER 31, ----------------------------- 1996 1997 ------- ------ CASH FLOWS FROM OPERATING ACTIVITIES: Net income.......................................................................... $3,698 $2,593 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation.................................................................. 70 84 Change in assets and liabilities: Accounts receivable, net...................................................... (4,584) (269) Costs and estimated earnings in excess of billings............................ (1,898) (941) Prepaid expenses and other current assets..................................... (50) 415 Deferred income taxes......................................................... 30 709 Other assets.................................................................. 59 97 Accounts payable.............................................................. 2,370 409 Accrued compensation and benefits............................................. 833 (1,490) Billings in excess of costs and estimated earnings............................ 1,319 (2,086) Income taxes payable.......................................................... - (3,436) ------ ------- Net cash provided by (used in) operating activities...................................... 1,847 (3,915) CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property and equipment.................................................. (9) (86) Sale of marketable securities....................................................... - 9,367 ------ ------- Net cash (used in) provided by investing activities...................................... (9) 9,281 CASH FLOWS FROM FINANCING ACTIVITIES: S Corporation distributions......................................................... - (5,748) Issuance of common stock ........................................................... - 1 ------ ------- Net cash used in financing activities.................................................... - (5,747) ------ ------- Net increase (decrease) in cash and cash equivalents..................................... 1,838 (381) Cash and cash equivalents, beginning of period........................................... 2,326 10,960 ------ ------- Cash and cash equivalents, end of period................................................. $4,164 $10,579 ====== =======
See notes to financial statements. - 5 - MAXIMUS, INC. NOTES TO FINANCIAL STATEMENTS FOR THE THREE MONTH PERIODS ENDED DECEMBER 31, 1997 AND 1996 (DOLLARS IN THOUSANDS) 1. ORGANIZATION AND BASIS OF PRESENTATION The accompanying unaudited 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, 1997 is 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, 1996 and 1997 and for each of the three years in the period ended September 30, 1997, included in the Company's Annual Report on Form 10-K (No. 1-12997), as filed with the Securities and Exchange Commission. 2. INITIAL PUBLIC OFFERING The Company completed an initial public offering ("IPO") of Common Stock during June 1997. Of the 6,037,500 shares of Common Stock sold in the IPO, 2,360,000 shares were sold by selling shareholders and 3,677,500 shares were sold by MAXIMUS, Inc. generating $53,804 in proceeds to the Company, net of offering expenses. The Company made cash payments of S corporation distributions (the "S Corporation Dividend") to shareholders totaling $21,712 and accrued $5,748 during the year ended September 30, 1997. The S Corporation Dividend represented the undistributed earnings of the Company taxed or taxable to the shareholders through the date of the IPO. During the quarter ended December 31, 1997, the Company paid the remaining $5,748 of S Corporation Dividend. See also note 5. 3. CONTINGENCIES On February 3, 1997, the Company was named as a third party defendant by Network Six, Inc. ("Network Six") in a legal action brought by the State of Hawaii against Network Six. Network Six alleges that the Company is liable to Network Six on various grounds. The Company believes Network Six's claims are without merit and intends to vigorously defend this action. The Company believes this action will not have a material adverse effect on its financial condition or results of operations and has not accrued for any loss related to this claim. On November 28, 1997, an individual who was a former officer, director and shareholder of the Company, filed a complaint in the United States District Court for the District of Massachusetts, alleging that at the time he resigned from the Company in 1996, thereby triggering the repurchase of his shares, the Company and certain of its officers and directors had failed to disclose material information to him relating to the potential value of the shares. He further alleges that the Company and its officers and directors violated Sections 10(b) and 20(a) of the Securities and Exchange Act of 1934 and breached various fiduciary duties owed to him and claims damages in excess of $10 million. The Company does not believe that this action will have a material adverse effect on the Company's business, and it intends to vigorously defend this action. However, given the early stage of this litigation, no assurance may be given that the Company will be successful in its defense. The Company also is involved in various other legal proceedings in the ordinary course of 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. - 6 - 4. REVENUES FROM SIGNIFICANT CONTRACT Government Operations Group revenues for the three month periods ended December 31, 1997 and 1996 include $0 and $22,511, respectively, from a significant contract with the U.S. Government Social Security Administration which was terminated in February 1997 pursuant to legislative action. 5. INCOME TAX PROVISION AND PRO FORMA FINANCIAL DATA Prior to the IPO, the Company and its shareholders elected to be treated as an S corporation under the Internal Revenue Code. Under the provisions of the tax code, the Company's shareholders included their pro rata share of the Company's income in their personal tax returns. Accordingly, the Company was not subject to federal and most state income taxes. Pro forma net income and diluted pro forma net income per share are presented as if the Company had been taxed as a C corporation for the periods presented. The pro forma tax provision has been calculated assuming a 40% combined effective tax rate. - 7 - ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS OVERVIEW MAXIMUS provides program management and consulting services to government health and human services agencies in the United States. Founded in 1975, the Company has been profitable every year since inception. The Company conducts its operations through two groups, the Government Operations Group and the Consulting 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 health and human services planning, information technology consulting, strategic program evaluation, program improvement, communications planning and revenue maximization services. In October 1996, President Clinton signed into law an amendment to the Social Security Act of 1935, effective January 1, 1997, that eliminated Social Security Income and Supplemental Security Disability Insurance benefits based solely on drug and alcohol disabilities. As a result of this legislative act, the Social Security Administration terminated a significant contract with the Company (the "SSA Contract") effective at the end of February 1997. All services to be provided to the Social Security Administration were completed in the quarter ended March 31, 1997. The SSA Contract contributed $0 million and $22.5 million in the three months ended December 31, 1997 and December 31, 1996. RESULTS OF OPERATIONS THREE MONTHS ENDED DECEMBER 31, 1997 COMPARED TO THREE MONTHS ENDED DECEMBER 31, 1996 Revenues. Total contract revenues decreased 2.4% to $36.4 million for the three months ended December 31, 1997 as compared to $37.2 million for the same period in 1996. Government Operations Group revenues decreased 9.2% to $27.8 million for the three months ended December 31, 1997 from $30.6 million for the same period in 1996 in part due to the termination of the SSA Contract in February 1997 (see Overview). For the three months ended December 31, 1997, revenues from the SSA Contract were $0 as compared to $22.5 million for the same period in 1996. Excluding the SSA Contract, Government Operations Group revenues increased 245.9% to $27.8 million in the three months ended December 31, 1997 from $8.1 million for the same period in 1996. This increase was due to a 58% increase in the number of contracts in the Child Support Enforcement, Managed Care, and Welfare Reform divisions of the Government Operations Group. Consulting Group revenues increased 28.0% to $8.6 million for the three months ended December 31, 1997 from $6.7 million for the same period in 1996 due to an increase in the number of contracts. Gross Profit. Gross profit consists of total revenues less cost of revenues. Total gross profit increased 17.5% to $9.1 million for the three months ended December 31, 1997 as compared to $7.7 million for the same period in 1996. Government Operations Group gross profit increased 7.1% to $4.9 million for the three months ended December 31, 1997 from $4.6 million for the three months ended December 31, 1996. As a percentage of revenues, Government Operations Group gross profit increased to 17.8% in the three months ended December 31, 1997 from 15.1% in the same period in 1996, primarily due to the absence of revenue from the SSA Contract in the December 1997 quarter, which contract had a lower gross profit margin than other contracts in the Group. The Consulting Group gross profit increased 32.8% to $4.1 million for the three months ended December 31, 1997 from $3.1 million for the same period in 1996 principally due to the increased revenues. As a percentage of revenues, Consulting Group gross profit increased to 48.0% for the three months ended December 31, 1997 from 46.3% for the same period in 1996. Selling, General and Administrative Expenses. Total selling, general and administrative ("SG&A") expenses increased 32.4% to $5.3 million for the three months ended December 31, 1997 as compared to $4.0 million in the same period in 1996. As a percentage of revenues, selling, general and administrative expenses increased to 14.7% for the three months ended December 31, 1997 from 10.8% for the same period in 1996. This increase in costs was due to increases in both professional and administrative personnel necessary to support the Company's growth (a 58% increase in number of Government Operations Group contracts, see Revenues) and marketing and proposal preparation expenditures to pursue further growth. - 8 - Provision for Income Taxes. Prior to the IPO, the Company and its shareholders elected to be treated as an S corporation under the Internal Revenue Code. Under the provisions of the tax code, the Company's shareholders included their pro rata share of the Company's income in their personal tax returns. Accordingly, the Company was not subject to federal and most state income taxes during 1996 and the period to June 12, 1997. Upon completion of the IPO, the Company's S corporation status was terminated and the Company became subject to federal and state corporate income taxes. The Company's income tax provision for the three months ended December 31, 1997 was $1.7 million as compared to $0.1 million for the three months ended December 31, 1996. The provision for income taxes for the three months ended December 31, 1996 consisted of state income taxes payable. The provision for income taxes for the three months ended December 31, 1997 consisted of state and federal income tax of $1.7 million, which is based on an estimated annual income tax rate of 40%. LIQUIDITY AND CAPITAL RESOURCES The Company's primary source of liquidity is cash flows from operations. The Company's cash flows from operations for the three months ended December 31, 1997 was ($3.9) million as compared to $1.8 million for the three months ended December 31, 1996. The use of cash in operations for the three months ended December 31, 1997 was primarily due to the payment of income taxes totaling $4.9 million and employee bonuses totaling $2.9 million for the year ended September 30, 1997, which were paid October 1997. Certain short-term investments were sold during the current quarterly period generating $9.4 million in proceeds. These investments were sold to provide general operating capital and the necessary cash to make income tax payments and to pay the final S corporation distribution discussed below. During the three months ended December 31, 1997, the Company made final S corporation distributions totaling $5.7 million. The distributions to shareholders were based upon the income previously taxed to the S corporation shareholders and the fiscal 1997 income taxable to the S corporation shareholders. The amount of the fiscal 1997 taxable income was determined during the finalization of the Company's income for the full fiscal year ended September 30, 1997, and the liability for the $5.7 million distribution was recognized on the September 30, 1997 balance sheet. The Company has a $10.0 million revolving credit facility (the "Credit Facility") with a bank, which may be used for borrowing and the issuance of letters of credit. Outstanding letters of credit totaled $0.5 million at December 31, 1997. The Credit Facility bears interest at a rate equal to LIBOR plus an amount which ranges from 0.65% to 1.25% depending on the Company's debt to equity ratio. The Credit Facility contains certain restrictive covenants and financial ratio requirements, including a minimum net worth requirement of $60 million. The Company has not used the Credit Facility to finance its working capital needs and, at December 31, 1997, the Company had $9.5 million available under the Credit Facility. In November 1997, the Company entered into a non-binding letter of intent with another corporation to acquire 100% of the stock of such other corporation in exchange for stock of MAXIMUS. In addition, in November 1997, the Company entered into a non-binding letter of intent to purchase certain Medicaid enrollment contracts and operations for a cash amount of $5.7 million, subject to adjustments. It is anticipated that these transactions will be finalized during the next two fiscal quarters. It is not anticipated that these acquisitions will have a material effect on the liquidity of the Company. Management believes that the Company will have sufficient resources to meet its cash needs over the next 12 months, which 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 12 months depend on the Company's profitability, its ability to manage working capital requirements and its rate of growth. - 9 - YEAR 2000 The Company is aware of the issues that many computer systems will face as the millennium ("Year 2000") approaches. The Company believes that its own internal software and hardware is Year 2000 compliant. In addition, in order to perform on its government contracts, the Company relies to varying extents on information processing performed by the governmental agencies and entities with which it contracts. The Company has inquired where necessary of such agencies and entities of potential Year 2000 problems, and, based on responses to such inquiries, management believes that the Company will be able to continue to perform on such contracts without material negative financial impact. FORWARD LOOKING STATEMENTS Statements that are not historical facts, including statements about the Company's confidence and strategies and the Company's expectations about future contracts, market opportunities, market demand or acceptance of the Company's products are forward looking statements that involve risks and uncertainties. These uncertainties include reliance on government clients; risks associated with government contracting; risks involved in managing government projects; legislative change and political developments; opposition from government unions; challenges resulting from growth; adverse publicity; and legal, economic and other risks detailed in Exhibit 99 to the Company's Quarterly Report on Form 10-Q for the period ended December 31, 1997. - 10 - Part II. Other Information. Item 1. Legal Proceedings. On March 12, 1997, Network Six, Inc. ("Network Six") served MAXIMUS with a First Amended Third-Party Complaint filed in the State of Hawaii Circuit Court of the First Circuit. In this complaint, Network Six named the Company and other parties as third party defendants in an action by the State of Hawaii against Network Six. In 1991, the Company's Consulting Group was engaged by the State of Hawaii to provide assistance in planning for and monitoring the development and implementation by Hawaii of a statewide automated child support system. In 1993, Hawaii contracted with Network Six to provide systems development and implementation services for this project. In 1996 the state terminated the Network Six contract for cause and filed an action against Network Six. Network Six counterclaimed against Hawaii that the state breached its obligations under the contract with Network Six. In the Third Party Complaint, Network Six alleges that the Company is liable to Network Six on grounds that: (I) Network Six was an intended third party beneficiary under the contract between the Company and Hawaii; (ii) the Company engaged in bad faith conduct and tortiously interfered with the contract and relationship between Network Six and Hawaii; (iii) the Company negligently breached duties to Network Six; and (iv) the Company aided and abetted Hawaii in Hawaii's breach of contract. Network Six's complaint seeks damages, including punitive damages, from the third party defendants in an amount to be proven at trial. The Company believes that Network Six was not an intended third party beneficiary under its contract with Hawaii and that Network Six's claims are without factual or legal merit. The Company does not believe this action will have a material adverse effect on the Company's business, and it intends to vigorously defend this action. However, given the early stage of this litigation, no assurance may be given that the Company will be successful in its defense. A decision by the court in Network Six's favor or any other conclusion of this litigation in a manner adverse to the Company could have a material adverse effect on the Company's business, financial condition and results of operations. On November 28, 1997, an individual who was a former officer, director and shareholder of the Company, filed a complaint in the United States District Court for the District of Massachusetts, alleging that at the time he resigned from the Company in 1996, thereby triggering the repurchase of his shares, the Company and certain of its officers and directors had failed to disclose material information to him relating to the potential value of the shares. He further alleges that the Company and its officers and directors violated Sections 10(b) and 20(a) of the Securities and Exchange Act of 1934 and breached various fiduciary duties owed to him and claims damages in excess of $10 million. The Company does not believe that this action will have a material adverse effect on the Company's business, and it intends to vigorously defend this action. However, given the early stage of this litigation, no assurance may be given that the Company will be successful in its defense. The Company is not a party to any material legal proceedings, except as set forth above. Item 2. (a) Changes in Securities. Pursuant to the Company's 1997 Equity Incentive Plan, the Company granted to certain employees options to purchase an aggregate of 176,411 shares of Common Stock consisting of (a) options to purchase an aggregate of 166,411 shares granted to employees on October 28, 1997, at an exercise price per share of $26.50 and (b) options to purchase an aggregate of 10,000 shares granted to new employees on the various hire dates of such employees during the three months ended December 31, 1997, at an exercise price equal to the closing price of the Company's Common Stock as reported on the New York Stock Exchange on the day prior to the commencement of employment. Generally, each of the foregoing options may be exercised on a cumulative basis with respect to one-fourth of the shares underlying the option on each of the first, second, third and fourth anniversaries of the date of grant. Each option expires upon the earlier of the termination of the holder's employment with the Company or the tenth anniversary of the date of grant. On December 11, 1997, pursuant to the Company's 1997 Director Stock Option Plan, the Company granted to two directors options to purchase 5,000 and 6,000 shares of Common Stock, respectively, at an exercise price per share of $23.81. The former option became fully exercisable upon the date of grant, and the latter option became immediately exercisable with respect to 3,000 shares upon the date of grant and will become exercisable with respect to the remaining 3,000 shares on the date of the 1998 Annual Meeting of Shareholders of the Company provided that the option holder is still a director on such date. Both options expire on December 11, 2008. No underwriter was engaged in connection with the foregoing issuance of securities. Such issuance was made in reliance upon the exemption for the registration requirements afforded by Section 4(2) of the Securities Act of 1933, as amended. The Company has reason to believe that all of the optionees were familiar with or had access to information concerning the operations and financial condition of the Company, and all of those individuals acquired their options for investment and not with a view to the distribution of such options or the underlying shares of Common Stock. - 11 - (b) Use of Proceeds from Registered Securities. A Registration Statement on Form S-1 (File No. 333-29115) registering 6,037,500 shares of the Company's Common Stock, filed in connection with the Company's IPO, was declared effective by the Securities and Exchange Commission on June 12, 1997. The IPO closed on June 18, 1997 and the offering has terminated. The Company and its selling shareholders sold, in the aggregate, all 6,037,500 shares registered in the IPO, with an aggregate offering price to the public of $96,600,000. The managing underwriters of the IPO were Donaldson, Lufkin & Jenrette Securities Corporation and Lehman Brothers Inc. In connection with the IPO, the Company incurred total expenses from June 12, 1997 through December 31, 1997 of $7,677,000, including underwriting discounts and commissions of $6,762,000 and other expenses of $915,000. After such expenses, the Company's net proceeds from the IPO were $53,804,000. From June 12, 1997 through December 31, 1997, the amount of net offering proceeds used by the Company was as follows: $10,138,000 for the payment of the S corporation distributions (which was paid to shareholders who were shareholders of the Company prior to the IPO, some of whom are directors and officers of the Company); and $1,584,000 for general working capital, which included payment of income taxes, which were accelerated due to the conversion from a cash basis S corporation to an accrual basis C corporation as a result of the IPO. 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 reports were filed on Form 8-K during the quarter ended December 31, 1997. - 12 - SIGNATURES 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 13, 1998 By: /s/ F. Arthur Nerret -------------------------------- F. Arthur Nerret Vice President, Finance, Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) - 13 - EXHIBIT INDEX
Exhibit No. Description - ----------- ----------- 11 Computation of Earnings Per Share 27 Financial Data Schedules (EDGAR) 99 Important Factors Regarding Forward Looking Statements
- 14 -