UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): February 1, 2002
MAXIMUS, INC.
(Exact Name of Registrant as Specified in Charter)
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Virginia |
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1-12997 |
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54-1000588 |
11419 Sunset Hills Road, Reston, Virginia 20190
(Address of Principal Executive Offices, including Zip Code)
(703) 251-8500
(Registrant’s telephone number, including area code)
(Former Name or Address, if Changed Since Last Report)
Item 5. Other Events.
We are filing this Current Report on Form 8-K to disclose certain financial information reflecting a reorganization of our principal operating segments.
We have reorganized our business into four reportable operating segments in order to better focus and manage our healthcare outsourcing work, which had been part of the Government Operations Group. The four reportable operating segments are (1) the Human Services Group (formerly part of the Government Operations Group), (2) the Health Management Services Group (formerly part of the Government Operations Group), (3) the Consulting/Management & Information Services Group (formerly the Consulting Group) and (4) the Systems Group. The Health Management Services division and the Federal Services division, both formerly part of the Government Operations Group, now comprise the newly formed Health Management Services Group. The Child Support division and the Workforce Services division, both formerly part of the Government Operations Group, now are located in the newly formed Human Services Group.
We are herein providing certain financial segment information for earlier periods to reflect this change in the composition of our reportable segments as if we had operated under the new organizational structure during the last two fiscal years. This information is being provided for comparison purposes only. In all future filings, we will provide similar financial segment information for each of the Health Management Services Group, the Human Services Group, the Consulting/Management & Information Services Group, and the Systems Group.
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(Dollars in thousands) |
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Quarter Ended |
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Dec. 31, |
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Mar. 30, |
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June 30, |
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Sept. 30, |
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Dec. 31, |
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Mar. 31, |
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June 30, |
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Sept. 30, |
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Revenues: |
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Health Management Services Group |
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$ |
24,088 |
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$ |
24,853 |
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$ |
25,835 |
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$ |
25,854 |
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$ |
28,874 |
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$ |
31,587 |
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$ |
35,850 |
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$ |
38,226 |
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Human Services Group |
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27,092 |
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29,177 |
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29,794 |
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34,484 |
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30,440 |
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34,233 |
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34,804 |
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38,771 |
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Consulting/Management & Information Services Group |
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27,141 |
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27,255 |
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31,150 |
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34,371 |
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33,038 |
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37,181 |
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40,616 |
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35,991 |
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Systems Group |
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11,362 |
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12,216 |
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18,798 |
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15,694 |
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16,894 |
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17,256 |
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19,362 |
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14,137 |
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Total revenues |
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$ |
89,683 |
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$ |
93,501 |
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$ |
105,577 |
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$ |
110,403 |
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$ |
109,246 |
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$ |
120,257 |
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$ |
130,632 |
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$ |
127,125 |
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Gross profit: |
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Health Management Services Group |
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$ |
5,458 |
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$ |
6,291 |
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$ |
5,634 |
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$ |
6,113 |
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$ |
5,643 |
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$ |
6,056 |
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$ |
6,326 |
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$ |
6,006 |
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Human Services Group |
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5,709 |
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6,056 |
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7,099 |
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8,623 |
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5,974 |
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7,732 |
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7,340 |
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10,265 |
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Consulting/Management & Information Services Group |
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11,327 |
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10,855 |
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12,352 |
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15,448 |
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12,575 |
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17,073 |
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19,796 |
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17,969 |
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Systems Group |
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5,104 |
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6,050 |
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8,660 |
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5,765 |
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7,800 |
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7,350 |
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7,050 |
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6,478 |
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Total gross profit |
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$ |
27,598 |
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$ |
29,252 |
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$ |
33,745 |
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$ |
35,949 |
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$ |
31,992 |
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$ |
38,211 |
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$ |
40,512 |
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$ |
40,718 |
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Income from operations: |
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Health Management Services Group |
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$ |
3,227 |
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$ |
3,989 |
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$ |
3,348 |
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$ |
2,758 |
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$ |
2,606 |
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$ |
2,867 |
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$ |
3,400 |
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$ |
3,072 |
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Human Services Group |
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1,734 |
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2,619 |
|
3,168 |
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2,456 |
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1,772 |
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3,054 |
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3,284 |
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6,338 |
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Consulting/Management & Information Services Group |
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5,172 |
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4,733 |
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5,196 |
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7,198 |
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4,591 |
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9,395 |
|
11,942 |
|
10,919 |
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Systems Group |
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1,765 |
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2,259 |
|
2,708 |
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(820 |
) |
1,880 |
|
1,027 |
|
1,039 |
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(146 |
) |
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Total income from operations |
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$ |
11,898 |
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$ |
13,600 |
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$ |
14,420 |
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$ |
11,592 |
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$ |
10,849 |
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$ |
16,343 |
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$ |
19,665 |
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$ |
20,183 |
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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 hereunto duly authorized.
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MAXIMUS, INC. |
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Date: |
February 4, 2002 |
By: |
/s/ F. ARTHUR NERRET |
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F. Arthur Nerret |
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Vice President, Finance and Chief Financial Officer (Principal Financial and Accounting Officer) |