UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
-----------
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED
MARCH 31, 2001
COMMISSION FILE NUMBER 0-23488
CIBER, INC.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
DELAWARE 38-2046833
(STATE OF INCORPORATION) (I.R.S. EMPLOYER
IDENTIFICATION NO.)
5251 DTC PARKWAY
SUITE 1400
GREENWOOD VILLAGE, CO 80111
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)
Registrant's Telephone Number: (303) 220-0100
-----------
Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months and (2) has been subject to such filing requirements for
the past 90 days.
Yes _X_ No ___
As of March 31, 2001, there were 57,031,471 shares of the Registrant's common
stock ($0.01 par value) outstanding.
CIBER, INC.
FORM 10-Q
TABLE OF CONTENTS
PAGE
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (unaudited):
Consolidated Statements of Operations
Three months ended March 31, 2001 and 2000 3
Consolidated Balance Sheets
March 31, 2001 and December 31, 2000 4
Consolidated Statements of Cash Flows
Three months ended March 31, 2001 and 2000 5
Consolidated Statement of Shareholders' Equity
Three months ended March 31, 2001 6
Notes to Consolidated Financial Statements 7
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations 10
Item 3. Quantitative and Qualitative Disclosures About Market Risk 11
PART II. OTHER INFORMATION 12
SIGNATURES 13
2
CIBER, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
THREE MONTHS ENDED
MARCH 31,
------------------------------
IN THOUSANDS, EXCEPT PER SHARE DATA 2000 2001
------------ ------------
Consulting services $156,407 $138,824
Other revenues 9,899 7,040
------------ ------------
Total revenues 166,306 145,864
------------ ------------
Cost of consulting services 106,654 96,562
Cost of other revenues 6,007 4,545
Selling, general and administrative expenses 41,831 39,179
Amortization of intangible assets 4,046 3,025
Nonrecurring and other charges 2,275 -
------------ ------------
Operating income 5,493 2,553
Interest income 510 172
Interest expense (220) (59)
Other income (expense), net (5) 22
------------ ------------
Income before income taxes 5,778 2,688
Income tax expense 2,453 1,123
------------ ------------
Net income $3,325 $1,565
============ ============
Earnings per share - basic $0.06 $0.03
Earnings per share - diluted $0.06 $0.03
Weighted average shares - basic 57,845 57,265
Weighted average shares - diluted 59,211 57,698
See accompanying notes to consolidated financial statements.
3
CIBER, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
DECEMBER 31, MARCH 31,
IN THOUSANDS, EXCEPT PER SHARE DATA 2000 2001
------------- ---------------
ASSETS
Current assets:
Cash and cash equivalents $ 19,193 $ 5,874
Accounts receivable, net 127,217 121,583
Prepaid expenses and other current assets 5,689 7,073
Income taxes refundable 2,775 1,930
Deferred income taxes 2,538 3,347
------------- ---------------
Total current assets 157,412 139,807
------------- ---------------
Property and equipment, at cost 55,388 58,201
Less accumulated depreciation and amortization (30,082) (32,440)
------------- ---------------
Net property and equipment 25,306 25,761
------------- ---------------
Intangible assets, net 137,057 137,688
Deferred income taxes 3,173 3,251
Other assets 3,399 3,264
------------- ---------------
Total assets $326,347 $309,771
============= ===============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 17,092 $ 6,429
Acquisition costs payable 3,134 1,276
Accrued compensation and payroll taxes 24,342 24,550
Other accrued expenses and liabilities 9,354 7,630
Income taxes payable 572 509
------------- ---------------
Total current liabilities 54,494 40,394
------------- ---------------
Minority interest 836 (175)
Contingent redemption value of put options 775 625
Commitments and contingencies
Shareholders' equity:
Preferred stock, $0.01 par value, 5,000,000 shares
authorized, no shares issued - -
Common stock, $0.01 par value, 100,000,000 shares authorized,
59,579,000 and 59,582,000 shares issued 596 596
Additional paid-in capital 229,732 230,887
Retained earnings 70,098 62,637
Accumulated other comprehensive loss (1,470) (2,399)
Treasury stock, 2,804,000 and 2,550,000 shares, at cost (28,714) (22,794)
------------- ---------------
Total shareholders' equity 270,242 268,927
------------- ---------------
Total liabilities and shareholders' equity $326,347 $309,771
============= ===============
See accompanying notes to consolidated financial statements.
4
CIBER, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
THREE MONTHS ENDED
MARCH 31,
-------------------------------
IN THOUSANDS 2000 2001
------------- -----------
OPERATING ACTIVITIES:
Net income $3,325 $1,565
Adjustments to reconcile net income to net cash
provided by (used in) operating activities:
Depreciation 2,340 2,382
Amortization of intangible assets 4,046 3,025
Deferred income taxes (711) (949)
Other, net 49 (120)
Changes in operating assets and liabilities,
net of the effect of acquisitions:
Accounts receivable (7,371) 6,096
Other current and long-term assets (356) (1,878)
Accounts payable 481 (11,022)
Accrued compensation and payroll taxes (157) (127)
Other accrued expenses and liabilities 2,806 (2,083)
Income taxes payable/refundable (17) 1,740
------------- -----------
Net cash provided by (used in) operating activities 4,435 (1,371)
------------- -----------
INVESTING ACTIVITIES:
Purchases of property and equipment (1,327) (1,800)
Acquisitions, net of cash acquired (12,326) (7,342)
Repayment of advances to Agilera 9,908 -
Purchases of investments - (41)
Sales of investments - 168
------------- -----------
Net cash used in investing activities (3,745) (9,015)
------------- -----------
FINANCING ACTIVITIES:
Employee stock purchases and options exercised 3,868 1,601
Net payments on bank line of credit (2,625) -
Purchases of treasury stock (2,402) (4,705)
------------- -----------
Net cash used in financing activities (1,159) (3,104)
------------- -----------
Effect of foreign exchange rate changes on cash - 171
Net decrease in cash and cash equivalents (469) (13,319)
Cash and cash equivalents, beginning of period 2,858 19,193
------------- -----------
Cash and cash equivalents, end of period $2,389 $5,874
============= ===========
See accompanying notes to consolidated financial statements.
5
CIBER, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY
(UNAUDITED)
ACCUMULATED
COMMON STOCK ADDITIONAL OTHER TOTAL
------------------- PAID-IN RETAINED COMPREHENSIVE TREASURY SHAREHOLDERS'
IN THOUSANDS SHARES AMOUNT CAPITAL EARNINGS LOSS STOCK EQUITY
----------------------------------------------------------------------------------------
BALANCES AT JANUARY 1, 2001 59,579 $596 $229,732 $70,098 $(1,470) $(28,714) $270,242
Net income - - - 1,565 - - 1,565
Unrealized gain on investments,
net of tax of $62 - - - - 94 - 94
Foreign currency translation - - - - (1,023) - (1,023)
Employee stock purchases
and options exercised 1 - 2 (9,026) - 10,625 1,601
Tax benefit from exercise
of stock options - - 958 - - - 958
Contingent liability for put - - 150 - - - 150
options
Stock compensation expense 2 - 45 - - - 45
Purchases of treasury stock - - - - - (4,705) (4,705)
----------------------------------------------------------------------------------------
BALANCES AT MARCH 31, 2001 59,582 $596 $230,887 $62,637 $(2,399) $(22,794) $268,927
========================================================================================
See accompanying notes to consolidated financial statements.
6
CIBER, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
(1) BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accompanying consolidated financial statements of CIBER, Inc. and
subsidiaries have been prepared without audit. Certain information and note
disclosures normally included in consolidated financial statements prepared in
accordance with generally accepted accounting principles have been omitted
pursuant to Securities and Exchange Commission rules and regulations. These
consolidated financial statements should be read in conjunction with the audited
consolidated financial statements and notes thereto included in our Annual
Report on Form 10-K for the year ended December 31, 2000. In the opinion of
management, these unaudited consolidated financial statements include all
adjustments necessary for a fair presentation of the financial position, results
of operations and cash flows for the periods presented. Interim results of
operations for the three-month period ended March 31, 2001 are not necessarily
indicative of operating results that can be expected for the full year.
INCOME TAXES. We record interim period income tax expense based on management's
best estimate of the effective tax rate expected to be applicable for the full
fiscal year.
MINORITY INTEREST. The minority interest in the net loss of subsidiaries was
$4,000 and $153,000 for the three months ended March 31, 2000 and 2001,
respectively and is included in other income, net in the consolidated statements
of operations. At December 31, 2000, we owned 88% of Waterstone, Inc. In January
2001, we purchased most of the shares that represented the minority interest in
Waterstone for $1.7 million. As a result, in 2001, we recorded goodwill of
$792,000, which will be amortized over 10 years. This transaction increased our
ownership in Waterstone to 99%.
(2) ACQUISITIONS
iXL SAN FRANCISCO, INC. ("iXL-SF") - On February 28, 2001, we acquired certain
assets and liabilities and all of the business operations of iXL-SF for $2.9
million. Per the terms of the agreement, additional consideration of up to
$500,000 may be paid based on the acquired business achieving certain
performance objectives. We have recorded initial goodwill of $2.1 million
related to this acquisition, which will be amortized over 10 years. Any
additional consideration paid will be recorded as additional goodwill. iXL-SF,
located in San Francisco, California, provided IT consulting services similar to
our subsidiary Waterstone, Inc. and operates after the acquisition as part of
Waterstone.
BROADBANDLIVING, INC. ("BROADBANDLIVING") - On February 28, 2001, we acquired
certain assets and liabilities and all of the business operations of
BroadbandLiving for $1.4 million. Per the terms of the agreement, additional
consideration of up to $1,000,000 may be paid based on the acquired business
achieving certain performance objectives through February 28, 2002. Any
additional consideration shall be paid in common stock of our subsidiary,
DigiTerra, Inc. We have recorded initial goodwill of $1.3 million related to
this acquisition, which will be amortized over 6 years. Any additional
consideration paid will be recorded as additional goodwill. BroadbandLiving,
located in Denver, Colorado, provided broadband information and referral
services and operates after the acquisition as part of DigiTerra.
7
(3) EARNINGS PER SHARE
The computation of earnings per share - basic and diluted is as follows (in
thousands, except per share amounts):
THREE MONTHS ENDED
MARCH 31,
2000 2001
------------ ------------
Numerator:
Net income $ 3,325 $ 1,565
------------ ------------
Denominator:
Basic weighted average shares outstanding 57,845 57,265
Dilutive effect of employee stock options 1,366 363
Dilutive effect of put options - 70
------------ ------------
Diluted weighted average shares outstanding 59,211 57,698
============ ============
Earnings per share - basic $0.06 $0.03
Earnings per share - diluted $0.06 $0.03
The number of antidilutive stock options (options whose exercise price is
greater than the average CIBER stock price during the period) omitted from the
computation of weighted average shares - diluted was 1,416,000 and 4,235,000 for
the three months ended March 31, 2000 and 2001, respectively.
(3) COMPREHENSIVE INCOME
Comprehensive income includes net income plus changes in the net unrealized
gain/loss on investments and the cumulative foreign currency translation
adjustment. Comprehensive income was $3,325,000 and $636,000 for the three
months ended March 31, 2000 and 2001, respectively.
(4) SHARE REPURCHASE PROGRAM
On April 17, 2001 our Board of Directors authorized the repurchase of an
additional 1,000,000 shares of our common stock. A total of 6,888,000 shares
have been authorized for repurchase. As of March 31, 2001, we have repurchased
5,482,000 shares under this program.
8
(5) SEGMENT INFORMATION
We manage our operations based on our legal operating entities that are
differentiated by products and services offered. We have two reportable
segments, CIBER Operations and DigiTerra. All Other includes our subsidiaries,
Waterstone, Solution Partners and Enspherics. CIBER Operations refers to the
branch offices doing business under the CIBER name. CIBER Operations provides a
wide range of IT services and products including project execution, supplemental
IT staffing and consulting in leading-edge practice areas such as IT
architecture and strategy, business intelligence/customer loyalty, Internet
solutions, network infrastructure and security, wireless integration and IT
outsourcing. DigiTerra provides package software implementation services ranging
from enterprise resource planning (ERP) to supply chain optimization, customer
relationship management and e-business components. DigiTerra also provides
related hardware sizing and procurement services as an authorized remarketer of
certain computer hardware. Solution Partners, located in the Netherlands,
provides SAP software implementation consulting and e-business solutions in
custom environments. Waterstone (formerly known as Neovation, Inc.) provides
strategic, technical and creative services including e-business planning,
assessments and solutions, customer relationship management, supply chain
management, web content development and design and custom integration services.
Enspherics provides custom designed IT security solutions to clients who operate
in high-risk environments. We evaluate each segment based on operating income
before amortization of intangible assets and nonrecurring and other charges. The
following presents information about our segments (in thousands):
THREE MONTHS ENDED MARCH 31,
2000 2001
------------------- -------------------
Total revenues:
CIBER Operations $121,135 $107,524
DigiTerra 40,865 33,383
All other 5,509 5,779
Inter-segment (1,203) (822)
------------------- -------------------
Total $166,306 $145,864
=================== ===================
Inter-segment revenues:
CIBER Operations $ (55) $ (15)
DigiTerra (875) (563)
All other (273) (244)
------------------- -------------------
Total $(1,203) $(822)
=================== ===================
Income from operations:
CIBER Operations $9,324 $7,063
DigiTerra 2,182 138
All other 308 (1,623)
------------------- -------------------
Total 11,814 5,578
Amortization of intangibles (4,046) (3,025)
Nonrecurring and other charges (2,275) -
------------------- -------------------
Operating income $5,493 $2,553
=================== ===================
9
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
THE FOLLOWING DISCUSSION OF THE RESULTS OF OPERATIONS AND FINANCIAL CONDITION
SHOULD BE READ IN CONJUNCTION WITH OUR CONSOLIDATED FINANCIAL STATEMENTS AND
NOTES THERETO. WITH THE EXCEPTION OF HISTORICAL MATTERS AND STATEMENTS OF
CURRENT STATUS, CERTAIN MATTERS DISCUSSED BELOW ARE FORWARD-LOOKING STATEMENTS
THAT INVOLVE SUBSTANTIAL RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS
TO DIFFER MATERIALLY FROM TARGETS OR PROJECTED RESULTS. WITHOUT LIMITING THE
FOREGOING, THE WORDS "BELIEVES," "ANTICIPATES," "PLANS," "EXPECTS" AND SIMILAR
EXPRESSIONS ARE INTENDED TO IDENTIFY FORWARD-LOOKING STATEMENTS. FACTORS THAT
COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY INCLUDE, AMONG OTHERS, GROWTH
THROUGH BUSINESS COMBINATIONS AND INTERNAL EXPANSION, THE ABILITY TO ATTRACT AND
RETAIN QUALIFIED CONSULTANTS, DEPENDENCE ON SIGNIFICANT RELATIONSHIPS AND THE
ABSENCE OF LONG-TERM CONTRACTS, MANAGEMENT OF A RAPIDLY CHANGING BUSINESS,
PROJECT RISKS, COMPETITION, INTERNET GROWTH AND USAGE, INTERNAL EXPANSION,
POTENTIAL FLUCTUATIONS IN QUARTERLY OPERATING RESULTS, AND PRICE VOLATILITY.
MANY OF THESE FACTORS ARE BEYOND OUR ABILITY TO PREDICT OR CONTROL. PLEASE REFER
TO A DISCUSSION OF THESE FACTORS IN OUR ANNUAL REPORT ON FORM 10-K FOR THE YEAR
ENDED DECEMBER 31, 2000 UNDER THE CAPTION "FACTORS THAT MAY AFFECT FUTURE
RESULTS." WE DISCLAIM ANY INTENT OR OBLIGATION TO PUBLICLY UPDATE SUCH
FORWARD-LOOKING STATEMENTS, WHETHER AS A RESULT OF NEW INFORMATION, FUTURE
EVENTS OR OTHERWISE. IN ADDITION, AS A RESULT OF THESE AND OTHER FACTORS, OUR
PAST FINANCIAL PERFORMANCE SHOULD NOT BE RELIED ON AS AN INDICATION OF FUTURE
PERFORMANCE.
THREE MONTHS ENDED MARCH 31, 2001 AS COMPARED TO THREE MONTHS ENDED MARCH 31,
2000
Total revenues for the three months ended March 31, 2001 decreased 12% to $145.9
million from $166.3 million for the quarter ended March 31, 2000. Consulting
services revenues decreased 11% and other revenues, primarily sales of computer
hardware products, decreased to $7.0 million for the three months ended March
31, 2001 from $9.9 million for the same quarter last year. CIBER Operations
revenues decreased 11% while DigiTerra revenues decreased 18%, when compared to
last year. Total revenues for the first quarter of 2001 were up 1% sequentially
from the fourth quarter of 2000.
The gross margin percentage on consulting services decreased to 30.4% of
revenues for the three months ended March 31, 2001 from 31.8% of revenues for
the same quarter of last year. CIBER Operations gross margin on consulting
services declined to 29.3% for the quarter ended March 31, 2001 from 30.7% in
2000. DigiTerra consulting gross margin improved to 35.4% in 2001 from 33.7% in
2000, while consulting gross margin from all other operations declined to 22.9%
in 2001 from 40.4% in 2000. Gross margin percentage on other revenues declined
to 35.4% for the quarter ended March 31, 2001 from 39.3% in 2000 primarily due
to reduced hardware commission revenue during the quarter ended March 31, 2001.
Selling, general and administrative expenses ("SG&A") decreased to $39.2 million
for the quarter ended March 31, 2001 from $41.8 million in 2000, as we have made
efforts to better align our SG&A costs with our current revenue levels. As a
percentage of sales, SG&A increased to 26.9% for the year quarter March 31, 2001
from 25.2% in 2000. This reflects the semi-fixed nature of SG&A costs and the
decline in revenues. We also incurred additional SG&A in first quarter of 2001
related to new marketing and branding initiatives of DigiTerra.
Income from operations before amortization and nonrecurring and other charges
(which is how we internally measure our operations) decreased to $5.6 million
for the quarter ended March 31, 2001 from $11.8 million for the same quarter of
last year. CIBER operations decreased $2.3 million, DigiTerra decreased $2.0
million and all other operations decreased $1.9 million.
Nonrecurring charges of $2.3 million were incurred during the three months ended
March 31, 2000. Of this charge, $975,000 was the result of an asset write-down
and the remainder was due to severance costs. The asset write-down resulted from
our planned spin off of DigiTerra. The severance costs resulted from involuntary
terminations related to personnel realignment.
10
Amortization of intangible assets decreased to $3.0 million for the three months
ended March 31, 2001 from $4.0 million for the same quarter last year. This
decrease was primarily due to the $80.8 million write down of certain goodwill
effective July 1, 2000.
Net other income, including interest income and interest expense, decreased to
$135,000 for the three months ended March 31, 2001 from $285,000 for the same
quarter last year. Fluctuations in interest income and expense is based on
average balances invested or borrowed under the line of credit during the
period.
Our effective tax rate was 41.8% for the three months ended March 31, 2001 and
42.5% for the same quarter of last year.
Our net income decreased to $1.6 million (1.1% of revenues) for the three months
ended March 31, 2001 from $3.3 million (2.0% of revenues) for the same quarter
last year.
LIQUIDITY AND CAPITAL RESOURCES
At March 31, 2001, CIBER had $99.4 million of working capital and had a current
ratio of 3.5:1. We believe that our cash and cash equivalents, our operating
cash flow and our available line of credit will be sufficient to finance our
working capital needs through at least the next year. We have a $35 million
unsecured revolving line of credit with a bank. There were no outstanding
borrowings under this bank line of credit at March 31, 2001. The credit
agreement expires on July 1, 2001. We expect, although there can be no
assurance, to be able to renew this line of credit on similar terms.
Our Board of Directors has authorized the repurchase of up to 6,888,000 shares
of our common stock. The repurchase of 5,888,000 shares was authorized on June
21, 1999 and additional 1,000,000 shares were authorized on April 17, 2001. As
of March 31, 2001, we have purchased 5,482,000 shares of our common stock under
our share repurchase program, including 802,000 shares repurchased during the
quarter ended March 31, 2001. We may use significant amounts of cash for the
repurchase of our stock or to acquire other businesses. As a result, we may
borrow to finance such activities. Such future borrowings may include bank,
private or public debt.
Net cash provided by (used in) operating activities was $(1.4) million and $4.4
million for the three months ended March 31, 2001 and 2000, respectively.
Changes in operating assets and liabilities have used significant amounts of
cash. Accounts receivable totaled $121.6 million at March 31, 2001 compared to
$127.2 million at December 31, 2000. Accounts receivable days sales outstanding
("DSO") was 76 days at March 31, 2001 as compared to 80 days at December 31,
2000.
Net cash used in investing activities was $9.0 million and $3.7 million during
the three months ended March 31, 2001 and 2000, respectively. CIBER used cash of
$7.3 million and $12.3 million during the three months ended March 31, 2001 and
2000, respectively, for acquisitions. Cash paid for acquisitions includes
payments of amounts previously recorded as acquisition costs payable as well as
additional consideration on previous acquisitions. During the three months ended
March 31, 2000, we received $9.9 million as repayment of advances to Agilera. We
purchased property and equipment of $1.8 million and $1.3 million during the
three months ended March 31, 2001 and 2000, respectively.
Net cash used in provided by financing activities was $3.1 million and $1.2
million during the three months ended March 31, 2001 and 2000, respectively. We
obtained net cash proceeds from sales of common stock to employees (including
the exercise of stock options) of $1.6 million and $3.9 million during the three
months ended March 31, 2001 and 2000, respectively. We purchased treasury stock
of $4.7 million and $2.4 million during the three months ended March 31, 2001
and 2000, respectively.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Market risks were reported in our Annual Report on Form 10-K for the year ended
December 31, 2000. There have been no material changes in these risks since the
end of the year.
11
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
None
ITEM 2. CHANGES IN SECURITIES AND USE OF PROCEEDS
None
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
Not applicable
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
None
ITEM 5. OTHER INFORMATION
On April 18, 2001 we announced that our Board of Directors authorized
the repurchase of an additional 1,000,000 shares of our common stock
and the continuance of our share repurchase program. On June 21,
1999, our Board of Directors authorized the repurchase of up to
5,888,000 shares of our common stock. A total of 6,888,000 shares
have been authorized under our repurchase program, of which, as of
April 18, 2001, 5,652,000 shares have been repurchased.
The timing and amount of shares repurchased is determined by us based
on our evaluation of market and business conditions. We expect to use
shares repurchased for our stock-based plans and other general
corporate purposes. As of April 18, 2001, we have reissued 3,275,000
repurchased shares under our stock-based plans and for acquisitions.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
EXHIBITS
3(i) Amended and Restated Bylaws of CIBER, Inc., as adopted
February 15, 2001
10.1 CIBER, Inc. Equity Incentive Plan, amended and restated
as of February 15, 2001
REPORTS ON FORM 8-K DURING THE QUARTER ENDED MARCH 31, 2001
None
12
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned there unto duly authorized.
CIBER, INC.
(Registrant)
Date: May 7, 2001 By /s/ Mac J. Slingerlend
----------- ------------------------------------------
Mac J. Slingerlend
Chief Executive Officer,
President and Secretary
Date: May 7, 2001 By /s/ David G. Durham
----------- ------------------------------------------
David G. Durham
Chief Financial Officer,
Senior Vice President and Treasurer
13