Exhibit 99.1
MAXIMUS, Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
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| Quarter Ended |
| Ended |
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| Dec. 31, |
| Mar. 31, |
| Jun. 30, |
| Sept. 30, |
| Sept. 30, |
| Dec. 31, |
| Mar. 31, |
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| 2011 |
| 2012 |
| 2012 |
| 2012 |
| 2012 |
| 2012 |
| 2013 |
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Revenue |
| $ | 239,603 |
| $ | 243,452 |
| $ | 266,353 |
| $ | 300,737 |
| $ | 1,050,145 |
| $ | 286,266 |
| $ | 326,351 |
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Cost of revenue |
| 179,756 |
| 178,686 |
| 187,652 |
| 216,108 |
| 762,202 |
| 209,736 |
| 228,907 |
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Gross profit |
| 59,847 |
| 64,766 |
| 78,701 |
| 84,629 |
| 287,943 |
| 76,530 |
| 97,444 |
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Selling, general and administrative expenses |
| 32,756 |
| 37,959 |
| 43,877 |
| 42,810 |
| 157,402 |
| 42,222 |
| 46,693 |
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Acquisition-related expenses |
| — |
| 233 |
| 1,877 |
| 766 |
| 2,876 |
| 148 |
| 16 |
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Legal and settlement expense (recovery) |
| 186 |
| (824 | ) | (352 | ) | 1,080 |
| 90 |
| 142 |
| — |
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Income from operations |
| 26,905 |
| 27,398 |
| 33,299 |
| 39,973 |
| 127,575 |
| 34,018 |
| 50,735 |
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Interest and other income, net |
| 1,104 |
| 824 |
| 1,164 |
| 1,084 |
| 4,176 |
| 1,106 |
| 637 |
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Income before income taxes |
| 28,009 |
| 28,222 |
| 34,463 |
| 41,057 |
| 131,751 |
| 35,124 |
| 51,372 |
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Provision for income taxes |
| 10,351 |
| 14,011 |
| 13,987 |
| 17,303 |
| 55,652 |
| 13,341 |
| 19,658 |
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Income from continuing operations |
| 17,658 |
| 14,211 |
| 20,476 |
| 23,754 |
| 76,099 |
| 21,783 |
| 31,714 |
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Discontinued operations, net of income taxes: |
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Income (loss) from discontinued operations |
| — |
| — |
| — |
| — |
| — |
| (503 | ) | (91 | ) | |||||||
Gain/(loss) on disposal |
| 46 |
| 62 |
| 9 |
| (83 | ) | 34 |
| 36 |
| 66 |
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Income from discontinued operations |
| 46 |
| 62 |
| 9 |
| (83 | ) | 34 |
| (467 | ) | (25 | ) | |||||||
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Net income |
| $ | 17,704 |
| $ | 14,273 |
| $ | 20,485 |
| $ | 23,671 |
| $ | 76,133 |
| $ | 21,316 |
| $ | 31,689 |
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Basic earnings (loss) per share: |
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Income from continuing operations |
| $ | 0.26 |
| $ | 0.21 |
| $ | 0.30 |
| $ | 0.35 |
| $ | 1.12 |
| $ | 0.32 |
| $ | 0.47 |
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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 |
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Diluted earnings (loss) per share: |
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Income from continuing operations |
| $ | 0.26 |
| $ | 0.21 |
| $ | 0.29 |
| $ | 0.34 |
| $ | 1.09 |
| $ | 0.31 |
| $ | 0.45 |
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Income (loss) from discontinued operations |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
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Diluted earnings per share |
| $ | 0.26 |
| $ | 0.21 |
| $ | 0.29 |
| $ | 0.34 |
| $ | 1.09 |
| $ | 0.31 |
| $ | 0.45 |
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Dividends per share |
| $ | 0.045 |
| $ | 0.045 |
| $ | 0.045 |
| $ | 0.045 |
| $ | 0.18 |
| $ | 0.045 |
| $ | 0.045 |
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Weighted average shares outstanding: |
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Basic |
| 67,325 |
| 67,576 |
| 67,946 |
| 68,089 |
| 67,734 |
| 68,162 |
| 68,179 |
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Diluted |
| 69,115 |
| 69,455 |
| 69,736 |
| 70,066 |
| 69,611 |
| 69,752 |
| 69,909 |
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MAXIMUS, Inc.
Adjusted diluted earnings per share
(Unaudited)
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| Year |
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| Quarter Ended |
| Ended |
| Quarter Ended |
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| Dec. 31, |
| Mar. 31, |
| Jun. 30, |
| Sept. 30, |
| Sept. 30, |
| Dec. 31, |
| Mar. 31, |
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| 2011 |
| 2012 |
| 2012 |
| 2012 |
| 2012 |
| 2012 |
| 2013 |
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Adjusted diluted earnings per share: |
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GAAP Diluted EPS from continuing operations |
| $ | 0.26 |
| $ | 0.21 |
| $ | 0.29 |
| $ | 0.34 |
| $ | 1.09 |
| $ | 0.31 |
| $ | 0.45 |
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Legal & settlement expense and acquisition-related expenses |
| — |
| — |
| 0.02 |
| 0.01 |
| 0.03 |
| — |
| — |
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Terminated contract |
| — |
| — |
| — |
| — |
| — |
| — |
| (0.09 | ) | |||||||
Tax adjustments |
| — |
| 0.03 |
| — |
| 0.02 |
| 0.06 |
| — |
| — |
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Adjusted diluted EPS |
| $ | 0.26 |
| $ | 0.24 |
| $ | 0.31 |
| $ | 0.37 |
| $ | 1.18 |
| $ | 0.31 |
| $ | 0.36 |
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