UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q
(Mark One)
ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 27, 2003
OR
o TRANSITION REPORT PURSUANT TO
SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission File Number 0-23651
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First Consulting Group, Inc. |
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(Exact name of registrant as specified in its charter) |
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Delaware |
95-3539020 |
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(State
or other jurisdiction of |
(I.R.S.
Employer |
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111 W. Ocean Blvd., 4th Floor, Long Beach, CA 90802 |
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(Address of principal executive offices including zip code) |
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(562) 624-5200 |
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(Registrant’s telephone number, including area code) |
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(Former name, former address and former fiscal year, if changed since last report)
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 (or such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No o
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act). Yes ý No o
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
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Common Stock, $.001 par value |
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24,957,244 |
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(Class) |
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(Outstanding at July 25, 2003) |
First Consulting Group, Inc.
Table of Contents
2
First Consulting Group, Inc. and Subsidiaries
(in thousands, except share and per share data)
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June 27, |
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December
27, |
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(unaudited) |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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$ |
23,511 |
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$ |
27,550 |
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Short-term investments |
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35,681 |
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38,796 |
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Accounts receivable, less allowance of $1,551 and $1,899 in the periods ended June 27, 2003 and December 27, 2002, respectively |
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26,926 |
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36,889 |
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Unbilled receivables |
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14,100 |
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13,264 |
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Deferred income taxes |
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6,198 |
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6,198 |
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Prepaid expenses and other current assets |
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2,842 |
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2,110 |
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Total current assets |
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109,258 |
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124,807 |
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Notes receivable – stockholders |
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623 |
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657 |
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Long-term investments |
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2,200 |
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2,200 |
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Property and equipment: |
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Furniture, equipment, and leasehold improvements |
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5,784 |
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7,505 |
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Information systems equipment |
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22,154 |
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21,123 |
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27,938 |
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28,628 |
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Less accumulated depreciation and amortization |
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18,728 |
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20,104 |
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9,210 |
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8,524 |
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Other assets: |
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Executive benefit trust |
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5,926 |
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6,059 |
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Long-term account receivable |
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6,605 |
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8,059 |
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Deferred income taxes |
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6,512 |
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3,147 |
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Goodwill, net |
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14,167 |
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3,282 |
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Intangibles, net |
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1,298 |
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214 |
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Other |
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1,162 |
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360 |
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35,670 |
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21,121 |
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Total assets |
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$ |
156,961 |
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$ |
157,309 |
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The accompanying notes are an integral part of these financial statements.
3
First Consulting Group, Inc. and Subsidiaries
First Consulting Group, Inc. and Subsidiaries
(in thousands, except share and per share data)
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June 27, |
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December
27, |
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(unaudited) |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Current liabilities: |
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Accounts payable |
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$ |
3,123 |
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$ |
1,652 |
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Accrued liabilities |
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13,820 |
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14,660 |
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Accrued restructuring |
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7,848 |
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7,578 |
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Accrued vacation |
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7,812 |
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6,868 |
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Accrued incentive compensation |
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2,173 |
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2,328 |
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Customer advances |
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8,078 |
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7,877 |
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Total current liabilities |
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42,854 |
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40,963 |
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Non-current liabilities: |
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Supplemental executive retirement plan |
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6,123 |
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6,351 |
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Minority interest |
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861 |
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2,023 |
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Total non-current liabilities |
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6,984 |
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8,374 |
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Commitments and contingencies |
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— |
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— |
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Stockholders’ equity: |
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Preferred Stock, $.001 par value; 9,500,000 shares authorized, no shares issued and outstanding |
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— |
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— |
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Series A Junior Participating Preferred Stock, $.001 par value; 500,000 shares authorized, no shared issued and outstanding |
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— |
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— |
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Common Stock, $.001 par value; 50,000,000 shares authorized, 24,807,648 shares issued and outstanding at June 27, 2003 and 24,073,089 shares issued and outstanding at December 27, 2002 |
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25 |
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24 |
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Additional paid-in capital |
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96,504 |
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92,461 |
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Retained earnings |
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12,407 |
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17,853 |
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Deferred compensation-stock incentive agreements |
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(499 |
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(621 |
) |
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Notes receivable-stockholders |
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(786 |
) |
(1,076 |
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Accumulated other comprehensive loss |
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(528 |
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(669 |
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Total stockholders’ equity |
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107,123 |
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