ATLANTIC DATA SERVICES, INC.

Consolidated Statements of Income

(in thousands, except per share data)

 

   

Year Ended
March 31,
2001

 

Year Ended
March 31,
2000

 

Year Ended
March 31,
1999

Revenues

 

$34,135  

 

$35,186  

 

$66,763  

Cost of revenues

 

23,890  

 

26,207  

 

41,083  

Gross profit

 

10,245  

 

8,979  

 

25,680  

Operating expenses:

           

   Sales and marketing

 

4,856  

 

3,232  

 

4,469  

   General and administrative

 

6,920  

 

7,441  

 

8,849  

    Restructuring expense

 

337  

 

—  

 

—  

      Total operating expenses

 

12,113  

 

10,673  

 

13,318  

Income (loss) from operations

 

(1,868)  

 

(1,694)  

 

12,362  

Interest income, net

 

2,144  

 

1,822  

 

1,261  

Income before provision for income taxes

 

276  

 

128  

 

13,623  

Provision for income taxes

 

250  

 

109  

 

5,864  

      Net income

 

$       26  

 

$       19  

 

$  7,759  


 

 

 

 

 

 

 

Basic earnings per share

 

$   0.00  

 

$   0.00  

 

$    0.62  

             

Diluted earnings per share

 

$   0.00  

 

$   0.00  

 

$    0.60  

             

Shares used in computing earnings per
  share (basic)

 

12,998  

 

12,925  

 

12,468  

             

Shares used in computing earnings per
  share (diluted)

 

13,213  

 

13,254  

 

12,855  

 

 

The accompanying notes are an integral part of these consolidated financial statements.