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 | |
