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8-K - 8-K - MAXIMUS, INC.a13-15323_18k.htm

Exhibit 99.1

 

MAXIMUS, Inc.

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

Year

 

 

 

 

 

 

 

Quarter Ended

 

Ended

 

Quarter Ended

 

 

 

Dec. 31,

 

Mar. 31,

 

Jun. 30,

 

Sept. 30,

 

Sept. 30,

 

Dec. 31,

 

Mar. 31,

 

 

 

2011

 

2012

 

2012

 

2012

 

2012

 

2012

 

2013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

239,603

 

$

243,452

 

$

266,353

 

$

300,737

 

$

1,050,145

 

$

286,266

 

$

326,351

 

Cost of revenue

 

179,756

 

178,686

 

187,652

 

216,108

 

762,202

 

209,736

 

228,907

 

Gross profit

 

59,847

 

64,766

 

78,701

 

84,629

 

287,943

 

76,530

 

97,444

 

Selling, general and administrative expenses

 

32,756

 

37,959

 

43,877

 

42,810

 

157,402

 

42,222

 

46,693

 

Acquisition-related expenses

 

 

233

 

1,877

 

766

 

2,876

 

148

 

16

 

Legal and settlement expense (recovery)

 

186

 

(824

)

(352

)

1,080

 

90

 

142

 

 

Income from operations

 

26,905

 

27,398

 

33,299

 

39,973

 

127,575

 

34,018

 

50,735

 

Interest and other income, net

 

1,104

 

824

 

1,164

 

1,084

 

4,176

 

1,106

 

637

 

Income before income taxes

 

28,009

 

28,222

 

34,463

 

41,057

 

131,751

 

35,124

 

51,372

 

Provision for income taxes

 

10,351

 

14,011

 

13,987

 

17,303

 

55,652

 

13,341

 

19,658

 

Income from continuing operations

 

17,658

 

14,211

 

20,476

 

23,754

 

76,099

 

21,783

 

31,714

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Discontinued operations, net of income taxes:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from discontinued operations

 

 

 

 

 

 

(503

)

(91

)

Gain/(loss) on disposal

 

46

 

62

 

9

 

(83

)

34

 

36

 

66

 

Income from discontinued operations

 

46

 

62

 

9

 

(83

)

34

 

(467

)

(25

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

17,704

 

$

14,273

 

$

20,485

 

$

23,671

 

$

76,133

 

$

21,316

 

$

31,689

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

0.26

 

$

0.21

 

$

0.30

 

$

0.35

 

$

1.12

 

$

0.32

 

$

0.47

 

Income (loss) from discontinued operations

 

 

 

 

 

 

(0.01

)

(0.01

)

Basic earnings per share

 

$

0.26

 

$

0.21

 

$

0.30

 

$

0.35

 

$

1.12

 

$

0.31

 

$

0.46

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

0.26

 

$

0.21

 

$

0.29

 

$

0.34

 

$

1.09

 

$

0.31

 

$

0.45

 

Income (loss) from discontinued operations

 

 

 

 

 

 

 

 

Diluted earnings per share

 

$

0.26

 

$

0.21

 

$

0.29

 

$

0.34

 

$

1.09

 

$

0.31

 

$

0.45

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends per share

 

$

0.045

 

$

0.045

 

$

0.045

 

$

0.045

 

$

0.18

 

$

0.045

 

$

0.045

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

67,325

 

67,576

 

67,946

 

68,089

 

67,734

 

68,162

 

68,179

 

Diluted

 

69,115

 

69,455

 

69,736

 

70,066

 

69,611

 

69,752

 

69,909

 

 



 

MAXIMUS, Inc.

Adjusted diluted earnings per share

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

Year

 

 

 

 

 

 

 

Quarter Ended

 

Ended

 

Quarter Ended

 

 

 

Dec. 31,

 

Mar. 31,

 

Jun. 30,

 

Sept. 30,

 

Sept. 30,

 

Dec. 31,

 

Mar. 31,

 

 

 

2011

 

2012

 

2012

 

2012

 

2012

 

2012

 

2013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted diluted earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP Diluted EPS from continuing operations

 

$

0.26

 

$

0.21

 

$

0.29

 

$

0.34

 

$

1.09

 

$

0.31

 

$

0.45

 

Legal & settlement expense and acquisition-related expenses

 

 

 

0.02

 

0.01

 

0.03

 

 

 

Terminated contract

 

 

 

 

 

 

 

(0.09

)

Tax adjustments

 

 

0.03

 

 

0.02

 

0.06

 

 

 

Adjusted diluted EPS

 

$

0.26

 

$

0.24

 

$

0.31

 

$

0.37

 

$

1.18

 

$

0.31

 

$

0.36