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Document Preview For Immediate Release |
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For Immediate Release |
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2003 |
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19KB total |
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$36 |
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#451839 |
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For more information contact: |
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Luther J. Nussbaum |
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FOR IMMEDIATE RELEASE |
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Chairman and CEO |
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First Consulting Group |
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562-624-5221 |
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lnussbaum@fcg.com |
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Chuck McBride |
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Executive Vice President and CFO |
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First Consulting Group |
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562-624-5300 |
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cmcbride@fcg.com |
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Thomas A. Reep |
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Vice President Finance and Investor Relations |
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First Consulting Group |
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562-624-5250 |
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treep@fcg.com |
FIRST CONSULTING GROUP (FCG) REPORTS
THIRD QUARTER 2003 RESULTS
Reports Third Quarter Revenues of $65.8 Million
Net Loss of $4.5 Million and Loss Per Share of $0.18 Including Pretax Restructuring Charges of $4.2 Million
Cash Balance at $58.5 Million
LONG BEACH, Calif., October 22, 2003 First Consulting Group, Inc. (Nasdaq: FCGI), a leading provider of outsourcing, consulting and systems integration to the health-related industries, today reported financial results for the third quarter ended September 26, 2003.
Third Quarter 2003 Performance
Revenues before reimbursements (net revenues) for the third quarter of 2003 were $65.8 million, down 7.7 percent from the prior quarter and 5.4 percent from the third quarter of 2002. The decrease in revenues for the third quarter was due primarily to lower revenues in the Life Sciences division.
FCG reported a net loss of $4.5 million, or ($0.18) per share, for the third quarter of 2003, which includes pretax severance cost and facility reserves of $4.2 million. This compares to a net loss of $3.5 million or ($0.14) per share in the prior quarter and a profit of $1.9 million or $0.08 per
111 W. Ocean Blvd., Suite 1000, Long Beach, California, 90802 Telephone 562.624.5200 Facsimile 562.432.5774
share one year ago. The second quarter loss in 2003 included a pretax restructuring charge of $3.9 million.
Total cash and investments decreased to $58.5 million in the third quarter of 2003, as compared to $60.2 million in the second quarter of 2003, and $62.9 million in the third quarter of 2002. Days sales outstanding (DSO) were 43 days in the third quarter of 2003, compared to 42 days in the second quarter of 2003 and 53 days one year ago. FCG continues to have no debt.
As we have previously discussed, our third quarter was a transition quarter. We completed an outsourcing agreement with a New York hospital system and our outsourcing pipeline is beginning again to build. With our work in building the offsite and offshore components of outsourcing, we expect our profitability to continue to improve over the next several quarters. The project based work will not quickly rebound and we could see some further declines in certain areas of that practice. As a result, we are aggressively reducing our G&A expenses and lowering our cost of delivery, said Luther Nussbaum, FCGs chairman and chief executive officer. We are very focused on providing our clients with world class low cost, high quality solutions.
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