UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
ý Quarterly Report Under Section 13 or 15(d) of the Securities Exchange Act of 1934
for the quarterly period ended June 30, 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 0-7282
COMPUTER HORIZONS CORP.
(Exact name of registrant as specified in its charter)
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New York |
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13-2638902 |
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(State or other
jurisdiction of |
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(I.R.S. Employer |
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49 Old Bloomfield Avenue, Mountain Lakes, New Jersey 07046-1495 |
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(Address of principal executive offices) (Zip code) |
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Registrant’s telephone number, including area code (973) 299-4000 |
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Not Applicable
(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 twelve months (or for 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.
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ý |
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o |
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Yes |
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No |
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act).
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ý |
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o |
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Yes |
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No |
As of August 11, 2003 the issuer had 30,472,840 shares of common stock outstanding.
COMPUTER HORIZONS CORP. AND SUBSIDIARIES
Index
2
COMPUTER HORIZONS CORP. AND SUBSIDIARIES
(dollars in thousands, except per share data)
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June 30, |
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December 31, |
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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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$ |
71,057 |
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$ |
59,769 |
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Accounts receivable, net of allowance for doubtful accounts of $8,320 and $7,696 at June 30, 2003 and December 31, 2002, respectively |
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48,976 |
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56,616 |
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Deferred income taxes |
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5,867 |
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4,557 |
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Refundable income taxes |
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— |
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19,051 |
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Other |
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5,588 |
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7,219 |
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TOTAL CURRENT ASSETS |
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131,488 |
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147,212 |
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PROPERTY AND EQUIPMENT |
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38,522 |
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37,643 |
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Less accumulated depreciation |
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(29,101 |
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(26,626 |
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9,421 |
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11,017 |
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OTHER ASSETS - NET: |
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Goodwill |
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19,590 |
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19,203 |
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Deferred income taxes |
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10,969 |
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8,020 |
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Other |
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10,509 |
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8,279 |
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TOTAL OTHER ASSETS |
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41,068 |
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35,502 |
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TOTAL ASSETS |
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$ |
181,977 |
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$ |
193,731 |
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LIABILITIES AND SHAREHOLDERS’ EQUITY |
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CURRENT LIABILITIES: |
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Accounts payable |
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$ |
7,722 |
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$ |
10,830 |
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Accrued payroll, payroll taxes and benefits |
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4,748 |
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4,529 |
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Restructuring reserve |
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3,877 |
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3,266 |
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Income taxes payable |
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706 |
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— |
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Tax benefit reserve |
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19,600 |
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19,600 |
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Other accrued expenses |
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3,621 |
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3,408 |
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TOTAL CURRENT LIABILITIES |
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40,274 |
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41,633 |
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OTHER LIABILITIES |
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5,993 |
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6,243 |
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SHAREHOLDERS’ EQUITY: |
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Preferred stock, $.10 par; authorized and unissued 200,000 shares, including 50,000 Series A |
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Common stock, $.10 par, authorized 100,000,000 shares; issued 33,153,107 shares at June 30, 2003 and December 31, 2002 respectively |
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3,315 |
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3,315 |
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Additional paid-in capital |
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133,354 |
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133,518 |
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Accumulated comprehensive loss |
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(3,452 |
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(4,306 |
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Retained earnings |
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17,446 |
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28,255 |
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150,663 |
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160,782 |
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Less shares held in treasury, at cost; 2,696,434 shares and 2,660,667 shares at June 30, 2003 and December 31, 2002, respectively |
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(14,953 |
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(14,927 |
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TOTAL SHAREHOLDERS’ EQUITY |
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135,710 |
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145,855 |
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TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
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$ |
181,977 |
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$ |
193,731 |
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3
COMPUTER HORIZONS CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(dollars in thousands, except per share data)
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THREE MONTHS ENDED |
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SIX MONTHS ENDED |
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June 30, 2003 |
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June 30, 2002 |
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June 30, 2003 |
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June 30, 2002 |
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% of |
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% of |
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% of |
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% of |
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REVENUES: |
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IT Services |
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$ |
35,320 |
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60.0 |
% |
$ |
54,023 |
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69.9 |
% |
$ |
71,503 |
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60.0 |
% |
$ |
108,673 |
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69.4 |
% |
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Solutions Group |
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18,691 |
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31.8 |
% |
19,472 |
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25.2 |
% |
38,292 |
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32.2 |
% |
40,143 |
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25.6 |
% |
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Chimes |
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4,822 |
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8.2 |
% |
3,823 |
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4.9 |
% |
9,291 |
</ | ||||||||||