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.
|