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Intelligroup, Inc., Positioned in the 2009 Magic Quadrant for ERP Service Providers, North America
May 20, 2009 8:30:00 AM
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View Additional ProfilesEvaluation Based on Completeness of Vision and Ability to Execute
PRINCETON, N.J., May 20 /PRNewswire-FirstCall/ -- Intelligroup, Inc. (OTC Bulletin Board: ITIG), an information technology and outsourcing services provider principally focused on enterprise resource planning (ERP) and extended ERP solutions, today announced it has been positioned by Gartner, Inc. in the ERP Service Provider, North America Magic Quadrant report.
The 2009 "Magic Quadrant for ERP Service Providers, North America" by Gartner, Inc. assesses global enterprise resource planning capabilities of systems integrators for their ability to execute and completeness of vision.
"We have a deep commitment and dedication to our customers to provide them with reliable, high quality ERP solutions and support services. We view our positioning in the Magic Quadrant as further confirmation of our mission to enable customers to unlock the power of information and improve their business performance," said Vikram Gulati, president and CEO of Intelligroup.
About the Magic Quadrant
The Magic Quadrant is copyrighted 2009 by Gartner, Inc. and is reused with permission. The Magic Quadrant is a graphical representation of a marketplace at and for a specific time period. It depicts Gartner's analysis of how certain vendors measure against criteria for that marketplace, as defined by Gartner. Gartner does not endorse any vendor, product or service depicted in the Magic Quadrant, and does not advise technology users to select only those vendors placed in the "Leaders" quadrant. The Magic Quadrant is intended solely as a research tool, and is not meant to be a specific guide to action. Gartner disclaims all warranties, express or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
About Intelligroup, Inc.
Intelligroup is an ERP-focused enterprise applications systems integrator providing consulting, implementation, testing, application management and other IT services for global corporations. The Company possesses deep expertise and proprietary tools in industry-specific enterprise solutions and has been recognized by clients, partners including SAP and Oracle and IT industry analysts for consistently exceeding expectations. Intelligroup won the 2007 global annual Pinnacle Award from SAP, was a finalist in Oracle 2007 Titan Awards, and was recognized by NASSCOM as a Top 100 Innovator. Intelligroup's global service delivery model combines onsite teams and offshore development capabilities to deliver solutions that accelerate results, reduce costs and generate meaningful ROI for clients. Intelligroup clients include Varian Medical, Reckitt Benckiser, Royal Greenland, SAP, Magellan, Hershey's, Eastman Chemical and Hitachi. For more information please visit www.intelligroup.com.
Marketing Contact: Investor Contacts:
Pat Gray Jaffoni & Collins Incorporated
Director of Marketing 212-835-8500
646-810-7405 itig@jcir.com
pat.gray@intelligroup.com
SOURCE Intelligroup, Inc.
----------------------------------------------
Pat Gray
Director of Marketing of Intelligroup
Inc.
+1-646-810-7405
pat.gray@intelligroup.com; or Investors: Jaffoni & Collins Incorporated
+1-212-835-8500
itig@jcir.com
Intelligroup Awarded 2009 SAP(R) Pinnacle Award
May 19, 2009 8:30:00 AM
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View Additional ProfilesGlobal Partner Awards Recognize SAP Partners that Made Exemplary Contributions to SAP's Ecosystem
PRINCETON, N.J., May 19 /PRNewswire-FirstCall/ -- Intelligroup, Inc. (OTC Bulletin Board: ITIG), an information technology and outsourcing services provider principally focused on enterprise resource planning (ERP) and extended ERP solutions, today announced that they have been awarded a 2009 SAP(R) Pinnacle Award in the category Top Company Contributor - SAP Developer Network (SDN) Community. SAP Pinnacle Awards were granted to leading SAP partners that have excelled in enhancing the customer experience, addressing critical issues such as accelerating co-innovation and improving return on investment. Winners were selected based on over 300 nominations, twice the number in 2008, received from partners and SAP employees. Intelligroup received the award at a special awards ceremony held on the eve of SAPPHIRE(R) 2009, SAP's international customer conference held in Orlando, FL last week.
"Our commitment and dedication to creating value for our customers and partners is a core mission that is reflected by our active involvement in the SAP Developer Network," commented Vikram Gulati, president and CEO of Intelligroup. "We are very proud and gratified that our practice focused on SAP solutions has been recognized for its thought leadership and contributions to the SDN, a powerful and invaluable resource for all members of the SAP ecosystem.
"Intelligroup and SAP have a long and successful track record of working together to deliver customer value. We earned our first SAP Pinnacle Award in 2007 in the category Technology Go-to-Market and were a finalist for the 2008 SAP Pinnacle Award in the Enterprise SOA category. These acknowledgements confirm the strength of our collaborative relationship and reflect our ongoing dedication to driving customer success."
"SAP is committed to fostering an ecosystem that is driven by co-innovation and which uniquely provides solutions and services that help customers meet their most pressing challenges," said Zia Yusuf, executive vice president, Global Ecosystem and Partner Group, SAP. "SAP Pinnacle Awards recognize those partners that have consistently demonstrated excellence in delivering value-focused and cost-effective solutions and services which help customers address their industry and business process needs. We thank Intelligroup for their dedication and passion to teaming with SAP to help extend the value of a customer-focused ecosystem."
About Intelligroup, Inc.
Intelligroup is an ERP-focused enterprise applications systems integrator providing consulting, implementation, testing, application management and other IT services for global corporations. The Company possesses deep expertise and proprietary tools in industry-specific enterprise solutions and has been recognized by clients, partners including SAP AG and Oracle, and IT industry analysts for consistently exceeding expectations. Intelligroup won the global 2007 SAP Pinnacle Award, was a finalist in Oracle 2007 Titan Awards, and was recognized by NASSCOM as a Top 100 Innovator. Intelligroup's global service delivery model combines onsite teams and offshore development capabilities to deliver solutions that accelerate results, reduce costs and generate meaningful ROI for clients. Intelligroup clients include Varian Medical, Reckitt Benckiser, Royal Greenland, Magellan, Hershey's, Eastman Chemical and Hitachi. For more information please visit www.intelligroup.com.
Any statements contained in this document that are not historical facts are forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Words such as "anticipate," "believe," "estimate," "expect," "forecast," "intend," "may," "plan," "project," "predict," "should" and "will" and similar expressions as they relate to SAP are intended to identify such forward-looking statements. SAP undertakes no obligation to publicly update or revise any forward-looking statements. All forward-looking statements are subject to various risks and uncertainties that could cause actual results to differ materially from expectations. The factors that could affect SAP's future financial results are discussed more fully in SAP's filings with the U.S. Securities and Exchange Commission ("SEC"), including SAP's most recent Annual Report on Form 20-F filed with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates.
Copyright (C) 2009 SAP AG. All rights reserved.
SAP, R/3, mySAP, mySAP.com, xApps, xApp, SAP NetWeaver and other SAP products and services mentioned herein as well as their respective logos are trademarks or registered trademarks of SAP AG in Germany and in several other countries all over the world. All other product and service names mentioned are the trademarks of their respective companies. Data contained in this document serve informational purposes only. National product specifications may vary.
Marketing Contact: Investor Contacts:
Pat Gray Jaffoni & Collins Incorporated
Director of Marketing 212-835-8500
646-810-7405 itig@jcir.com
pat.gray@intelligroup.com
SOURCE Intelligroup, Inc.
----------------------------------------------
Marketing Contact: Pat Gray
Director of Marketing
+1-646-810-7405
pat.gray@intelligroup.com; or Investor Contacts: Jaffoni & Collins Incorporated
+1-212-835-8500
itig@jcir.com
Intelligroup Wins Supply-Chain Technology Management Excellence Award from Supply-Chain Council
May 14, 2009 8:30:00 AM
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View Additional ProfilesPRINCETON, N.J., May 14 /PRNewswire-FirstCall/ -- Intelligroup, Inc. (OTC Bulletin Board: ITIG), an information technology and outsourcing services provider principally focused on enterprise resource planning (ERP) and extended ERP solutions, today announced that it received the 2009 Supply-Chain Technology Management Excellence Award from the Supply-Chain Council (SCC), a global not-for-profit trade association and owner of the Supply-Chain Operations Reference (SCOR) Model.
Intelligroup's recognition is based on a recent integration solution for a global high-tech company in which Intelligroup seamlessly integrated both in-house and sub-contractor supply information into the supply-chain planning process. This solution delivered an immediate and significant return on investment for the customer, increasing both the performance of the supply chain and the overall business.
"The Intelligroup project provides a great example of integrating shop floor execution between subcontractor and manufacturer with clear mapping to SCOR mega processes in order to gain process and data visibility of the upstream and downstream supply chain," said Dr. Tom Janoshalmi, Chair of the SCC Technical Development Steering Committee.
Winners of the Supply-Chain Excellence Award are selected by Supply-Chain Council's Technical Development Steering Committee. The awards are judged based on the following criteria:
-- Accurate demonstration of the implementation of SCOR model
-- Nature and complexity of the project
-- Ability to objectively demonstrate value
-- Ability to characterize the project and effectively communicate its
significance
"Intelligroup is proud to have our supply chain expertise and value recognized by the Supply Chain Council with this prestigious award," said Hiren Bhatt, Vice President of the Oracle Practice at Intelligroup. "The award reflects the importance we place on listening to the distinct needs of our customers and then leveraging our practice knowledge and the adoption of the SCOR model and methodology to deliver tangible business value."
About Supply-Chain Council (SCC)
The Supply-Chain Council (SCC) is a global non-profit consortium whose methodology, diagnostic and benchmarking tools help nearly a thousand organizations make dramatic and rapid improvements in supply chain processes. SCC has established the supply chain world's most widely accepted framework for evaluating and comparing supply chain activities and their performance. The framework--the SCOR(R) process reference model--lets companies quickly determine and compare the performance of supply chain and related operations within their company or against other companies. SCC continually advances its tools and educates sponsors about how companies are capitalizing on those tools. For information, visit www.supply-chain.org; call +1 202-962-0440; or e-mail info@supply-chain.org.
About Intelligroup, Inc.
Intelligroup is an ERP-focused enterprise applications systems integrator providing consulting, implementation, testing, application management and other IT services for global corporations. The Company possesses deep expertise and proprietary tools in industry-specific enterprise solutions and has been recognized by clients, partners including SAP and Oracle and IT industry analysts for consistently exceeding expectations. Intelligroup won the 2007 global annual Pinnacle Award from SAP, was a finalist in Oracle 2007 Titan Awards, and was recognized by NASSCOM as a Top 100 Innovator. Intelligroup's global service delivery model combines onsite teams and offshore development capabilities to deliver solutions that accelerate results, reduce costs and generate meaningful ROI for clients. Intelligroup clients include Varian Medical, Reckitt Benckiser, Royal Greenland, SAP, Magellan, Hershey's, Eastman Chemical and Hitachi. For more information please visit www.intelligroup.com.
INVESTOR CONTACTS: MARKETING CONTACT:
Norberto Aja, David Collins Pat Gray, Director of Marketing
Jaffoni & Collins Incorporated Intelligroup Inc.
(212) 835-8500 646-810-7405
itig@jcir.com pat.gray@intelligroup.com
SOURCE Intelligroup
----------------------------------------------
Investors
Norberto Aja
or David Collins
both of Jaffoni & Collins Incorporated
+1-212-835-8500
itig@jcir.com; or Marketing
Pat Gray
Director of Marketing of Intelligroup Inc.
+1-646-810-7405
pat.gray@intelligroup.com
- Intelligroup Extends Agreement with Eastman Chemical Company -
May 12, 2009 8:30:00 AM
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View Additional ProfilesReceives award as part of Eastman's Corporate Supplier Excellence Program
PRINCETON, N.J., May 12 /PRNewswire-FirstCall/ -- Intelligroup, Inc. (OTC Bulletin Board: ITIG), an information technology and outsourcing services provider principally focused on enterprise resource planning (ERP) and extended ERP solutions, today announced that Eastman Chemical Company, a leading international chemical company, has extended, for five (5) years, its contract with Intelligroup to provide application support services. As a strategic supplier of IT services to Eastman, Intelligroup provides application development and consulting services for Eastman's mission-critical business applications, including its SAP and e-business applications.
Intelligroup has been a partner with Eastman for nearly a decade. Intelligroup's onsite/offshore delivery model meets the demands of Eastman's global operations.
Eastman recently honored Intelligroup with an award noting Intelligroup's performance in delivering high quality technology consulting services. Intelligroup has made contributions to Eastman's customer-supplier relationship by focusing on customer satisfaction, value and service.
"Intelligroup has provided development resources, training and support services to Eastman Chemical Company for many years. Their responsiveness to demand changes, their flexible staffing model, and the quality of service provided has been of great value to our Company. This award recognizes the breadth of IT services and capabilities they provide us as well as their significant contribution to customer satisfaction," said Mike Couch, Director, Global IT Business Systems, Eastman Chemical Company.
"Eastman is a long-standing and valued customer, and it is a privilege to work with them," said Vikram Gulati, President and CEO of Intelligroup. "It is gratifying to have our years of effort recognized through their extension of our service agreement and this award. We are committed to providing the highest quality of ERP and e-Business services to our customers and are honored to play such a vital role in supporting the mission-critical applications development and support for Eastman and our other global customers."
About Intelligroup, Inc.
Intelligroup is an ERP-focused enterprise applications systems integrator providing consulting, implementation, testing, application management and other IT services for global corporations. The Company possesses deep expertise and proprietary tools in industry-specific enterprise solutions and has been recognized by clients, partners including SAP and Oracle and IT industry analysts for consistently exceeding expectations. Intelligroup won the 2007 global annual Pinnacle Award from SAP, was a finalist in Oracle 2007 Titan Awards, and was recognized by NASSCOM as a Top 100 Innovator. Intelligroup's global service delivery model combines onsite teams and offshore development capabilities to deliver solutions that accelerate results, reduce costs and generate meaningful ROI for clients. Intelligroup clients include Varian Medical, Reckitt Benckiser, Royal Greenland, SAP, Magellan, Hershey's, Eastman Chemical Company and Hitachi. For more information please visit www.intelligroup.com.
Marketing Contact: Investor Contacts:
Pat Gray Jaffoni & Collins Incorporated
Director of Marketing 212-835-8500
646-810-7405 itig@jcir.com
pat.gray@intelligroup.com
SOURCE Intelligroup, Inc.
----------------------------------------------
Marketing: Pat Gray
Director of Marketing
+1-646-810-7405
pat.gray@intelligroup.com; or Investors: Jaffoni & Collins Incorporated
+1-212-835-8500
itig@jcir.com
Intelligroup Named Finalist for SAP Pinnacle Award
May 8, 2009 8:30:00 AM
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View Additional ProfilesPRINCETON, N.J., May 8 /PRNewswire-FirstCall/ -- Intelligroup, Inc. (OTC Bulletin Board: ITIG), an information technology and outsourcing services provider principally focused on enterprise resource planning (ERP) and extended ERP solutions, today announced that it has been named as a finalist in three (3) categories for the annual SAP Partner Pinnacle Award. These categories include: Service Oriented Architecture (SOA) Thought-Leadership -- Technology, Top Company Contributor: SDN Community, and Top Company Contributor: BPX Community.
"Intelligroup is very proud and pleased to be recognized by SAP and be shortlisted as a Pinnacle Finalist in three categories," stated Bhalchandra Bhosale, Sr. Vice President of SAP Practice at Intelligroup. "This is a testament to the outstanding solutions we are delivering to our customers and the Co-Innovation we are undertaking in collaboration with SAP."
About Intelligroup, Inc.
Intelligroup is an ERP-focused enterprise applications systems integrator providing consulting, implementation, testing, application management and other IT services for global corporations. The Company possesses deep expertise and proprietary tools in industry-specific enterprise solutions and has been recognized by clients, partners including SAP and Oracle and IT industry analysts for consistently exceeding expectations. Intelligroup won the 2007 global annual Pinnacle Award from SAP, was a finalist in Oracle 2007 Titan Awards, and was recognized by NASSCOM as a Top 100 Innovator. Intelligroup's global service delivery model combines onsite teams and offshore development capabilities to deliver solutions that accelerate results, reduce costs and generate meaningful ROI for clients. Intelligroup clients include Varian Medical, Reckitt Benckiser, Royal Greenland, SAP, Magellan, Hershey's, Eastman Chemical and Hitachi. For more information please visit www.intelligroup.com.
INVESTOR CONTACTS: MARKETING CONTACT:
Norberto Aja, David Collins Pat Gray, Director of Marketing
Jaffoni & Collins Incorporated Intelligroup Inc.
(212) 835-8500 646-810-7405
itig@jcir.com pat.gray@intelligroup.com
SOURCE Intelligroup, Inc.
----------------------------------------------
INVESTORS: Norberto Aja
or David Collins
Jaffoni & Collins Incorporated
+1-212-835-8500
itig@jcir.com; MARKETING: Pat Gray
Director of Marketing
Intelligroup Inc.
+1-646-810-7405
pat.gray@intelligroup.com
Intelligroup(R) Reports Q1 2009 Revenue of $30.9 Million, Operating Income of $1.8 Million and EPS of $0.02
- Hosts Conference Call & Webcast Today at 10:00 a.m. EDT -
May 1, 2009 7:30:00 AM
Copyright Business Wire 2009
Email Story Discuss on ZenoBank
View Additional ProfilesPRINCETON, N.J.--(BUSINESS WIRE)-- Intelligroup, Inc. (OTC BB: ITIG), an information technology and outsourcing services provider principally focused on enterprise resource planning (ERP) and extended ERP solutions, today announced operating results for its first quarter ended March 31, 2009. Intelligroup will host a conference call today at 10:00 a.m. EDT to review its financial results.
Conference Call/Replay: Dial 800-736-4610 or 212-231-2907. A phone replay will be available until May 8, 2009 via 800-633-8284 or 402-977-9140, passcode: 21421747.
Webcast: Available live at www.intelligroup.com/ig_events_webcasts.html or www.earnings.com and archived for 30 days.
Q1 Highlights:
-- Q1 '09 revenue decreased 19.7% to $30.9 million compared to $38.5
million in Q1 '08 and decreased 17.3% compared to Q4 '08 revenue of
$37.3 million
-- Q1 '09 gross margin rose to 31.2% compared to 29.7% in Q1 '08 but
decreased compared to 32.5% in Q4 '08
-- Q1 '09 operating margin was 5.9% compared to 4.4% in Q1 '08 and 7.9% in
Q4 '08
-- Q1 '09 foreign exchange (fx) loss of $0.6 million compared to an fx gain
of $0.4 million in Q1 '08 and a $1.4 million fx loss in Q4 '08
-- Q1 '09 net income was $0.8 million, or $0.02 per diluted share, compared
to $1.9 million, or $0.04 per diluted share, in Q1 '08 and $1.0 million,
$0.02 per diluted share, in Q4 '08
-- Q1 '09 cash from operating activities of $6.2 million
-- Cash and cash equivalents of $14 million as of March 31, 2009
-- Intelligroup added 32 new customers globally in Q1 '09
Overview of Key Operating Metrics:
Q1' 09 Q4' 08 Q3' 08 Q2' 08 Q1' 08 2008 2007
Utilization Rate 72% 70% 72% 73% 69% 71% 70%
Billing Rates - Offshore $22 $24 $24 $23 $23 $24 $21
Billing Rates - Onsite $106 $110 $108 $106 $106 $107 $103
Revenue Mix - Offshore 34% 32% 29% 30% 28% 30% 28%
Revenue Mix - Onsite 66% 68% 71% 70% 72% 70% 72%
Top 10 Customer Revenue 36% 38% 36% 36% 40% 35% 41%
%
Intelligroup President and Chief Executive Officer, Vikram Gulati, commented, "We continue to be impacted by the challenging global economic environment, which led many of our existing and prospective customers to defer decision-making on a range of IT services initiatives, particularly shorter-term projects. In response, we moved quickly to adjust our staffing levels and overhead structure to address this new environment, and we were able to preserve much of our gross and operating margins on a sequential basis and improve margins versus a year ago. While we are certainly not pleased with our top line results, we are encouraged by our ability to manage the business well and cushion the impact on the earnings.
"Though we face difficult industry prospects, and visibility as to the depth and length of the current environment remains uncertain, we are convinced that the long-term prospects for the ERP market and Intelligroup remain sound. While continuing to deliver the superior execution our customers have come to expect, we will continue to actively manage our resources focusing on improving key operating metrics and aligning our costs to the changes in market dynamics. Though it is clear that the full year 2009 will be a challenging period with revenue levels below those in 2008, we are on track to improve our operational efficiency and reduce cost to best manage our margins. In addition to the efforts we undertook in Q1 '09 to preserve operating margins, we have also solidified our balance sheet and cash position with a significant increase in our cash and cash equivalent position."
Q1 Operating Results:
Revenues for Q1 '09 decreased 19.7% to $30.9 million, compared to $38.5 million in Q1 '08 and declined 17.3% compared to Q4 '08. Despite declining revenues Intelligroup continued to actively manage its staffing levels and cost structure, generating a gross margin of 31.2%, versus 29.7% in the year ago period and 32.5% in Q4 '08. Q1 '09 gross profit decreased 15.8% to $9.6 million compared to Q1 '08 gross profit of $11.4 million and 20.6% compared to Q4 '08 gross profit of $12.1 million.
SG&A decreased by 19.6% to $7.8 million compared to $9.7 million in Q1 '08 and declined by 15% compared to $9.2 million in Q4 '08. Q1 '09 operating income was $1.8 million or 5.9% of revenues, a 150 basis point improvement over $1.7 million or 4.4% of revenues in Q1 '08, and down 200 basis points compared to operating income of $2.9 million or 7.9% of revenue in Q4 '08.
Intelligroup recorded a foreign exchange loss of $0.6 million in Q1 '09 reflecting the continued impact of the Company's hedging positions on inter-company balances. This compares to a net foreign exchange gain of $0.4 million in Q1 '08 and a net foreign exchange loss of $1.4 million in Q4 '08. Tax expenses totaled $0.5 million in Q1 '09 as compared to $0.3 million in Q1 '08 and $0.4 million in Q4 '08 primarily due to the exhausting of carry forward losses in the UK operations in 2008.
Q1 '09 net income was $0.8 million, or $0.02 per diluted share, compared to Q1 '08 net income of $1.9 million, or $0.04 per diluted share, and Q4 '08 net income of $1.0 million, or $0.02 per share. Diluted shares outstanding were 41.7 million in Q1 '09, a decrease of 1.8% and 1.1% compared to Q1 '08 and Q4 '08, respectively, principally reflecting the impact of the repurchases under the Company's previously announced share repurchase program. To date in 2009, Intelligroup purchased 584,850 shares at an average cost of $1.48 per share, bringing total purchases under the program to 664,150 shares.
Intelligroup generated cash from operating activities of $6.2 million in Q1 '09, ending the quarter with $14 million of cash and cash equivalents net of line of credit borrowings, an increase of approximately $4 million from year-end 2008.
Alok Bajpai, CFO, added, "By focusing on operational efficiencies including utilization, overheads, cash collection and onsite/offshore mix, we were able to mitigate much of bottom line impact of the revenue decline while also generating strong cash flow. With a disciplined approach to cost and expense management in place, we were able to preserve the strength of our balance sheet and continued to grow our cash and short term investments position to nearly $16 million.
"We continue to view accretive share repurchases as an excellent means to enhance shareholder value over the long term and believe the current valuation of Intelligroup common shares makes such share repurchases a very compelling use of capital. Pursuant to our October 2008 repurchase authorization of up to $5 million, we expect to continue to repurchase additional shares, subject to business conditions, cash flows, and the market price of our shares."
About Intelligroup, Inc.
Intelligroup is an ERP-focused enterprise applications systems integrator providing consulting, implementation, testing, application management and other IT services for global corporations. The Company possesses deep expertise and proprietary tools in industry-specific enterprise solutions and has been recognized by clients, partners including SAP and Oracle and IT industry analysts for consistently exceeding expectations. Intelligroup won the 2007 global annual Pinnacle Award from SAP, was a finalist in Oracle 2007 Titan Awards, and was recognized by NASSCOM as a Top 100 Innovator. Intelligroup's global service delivery model combines onsite teams and offshore development capabilities to deliver solutions that accelerate results, reduce costs and generate meaningful ROI for clients. Intelligroup clients include Varian Medical, Reckitt Benckiser, Royal Greenland, SAP, Magellan, Hershey's, Eastman Chemical and Hitachi. For more information please visit www.intelligroup.com.
Safe Harbor for Forwarding-looking Statements:
Certain statements contained herein, including statements regarding the development of services and markets, future demand for services and the effect of the share repurchases by the Company and other statements regarding matters that are not historical facts, are forward-looking statements (as defined in the Private Securities Litigation Reform Act of 1995), including future financial performance and the effect of share repurchase by the company. Such forward-looking statements include risks and uncertainties; consequently, actual results may differ materially from those expressed or implied thereby. Factors that could cause actual results to differ materially include, but are not limited to, the continuation of the current global economic crisis or further deterioration of the global economy, variability of quarterly operating results, continued uncertainty of the IT market and revenues derived from application management business, uncertainty in revenues for traditional professional services offerings, loss of one or more significant customers, reliance on large projects, concentration of revenue, volatility caused by fluctuations in the currency markets, ability to attract and retain professional staff, dependence on key personnel, ability to manage growth effectively, risks associated with strategic partnerships, various project-associated risks, including termination with short notice, substantial competition, risks associated with intellectual property rights, risks associated with international operations and other risk factors detailed under the caption "Risk Factors" in Intelligroup's annual report on Form 10-K for the period ended December 31, 2008. Intelligroup disclaims any intention or obligation to update forward looking statements as a result of developments occurring after the date of this press release.
Intelligroup, the Intelligroup logo and 'Creating the Intelligent Enterprise', are trade-marks of the Company. 4Sight, 4Sight Plus, PowerUp Services, HotPac Analyzer and Uptimizer are service marks of Intelligroup.
All other trademarks and company names mentioned are the property of their respective owners
(tables to follow)
INTELLIGROUP, INC.
CONSOLIDATED BALANCE SHEETS
AS OF MARCH 31, 2009 AND DECEMBER 31, 2008
(In thousands except par value)
March 31 December 31
2009 2008
ASSETS (Unaudited)
CURRENT ASSETS
Cash and cash equivalents $ 14,150 $ 10,161
Short-term Investments 1,724 1,031
Accounts receivable, less allowance for doubtful
accounts of $1,844 and 23,138 23,805
$1,996 at March 31, 2009 and December 31, 2008,
respectively
Unbilled services, less allowance for doubtful
accounts of $20 as at March 5,241 10,456
31, 2009 and December 31, 2008
Deferred tax asset, current portion 865 545
Prepaid expenses and Prepaid Taxes 1,207 1,508
Other current assets 584 617
Total current assets 46,909 48,123
Property and equipment, net 4,404 5,041
Goodwill and Intangibles 1,853 1,941
Restricted Cash & Investments 1,895 882
Deferred taxes and other assets 2,065 4,243
Total Assets $ 57,126 $ 60,230
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Line of credit borrowings $ 125 $ 125
Accounts payable 5,074 4,441
Accrued payroll and related taxes 9,663 11,609
Accrued expenses and other current liabilities 4,031 4,930
Deferred revenue, current portion 1,485 735
Capital lease and deferred rent, current portion 725 805
Total current liabilities 21,103 22,645
Obligations under capital lease, net of current 375 533
portion
Deferred revenue, net of current portion 395 454
Other long-term liabilities 1,096 1,556
Total Liabilities 22,969 25,188
SHARE HOLDERS' EQUITY
Preferred stock, $.01 par value, 5,000 shares -- --
authorized, none issued or outstanding
Common stock, $.01 par value, 65,000 shares
authorized at March 31, 2009 and December 31,
2008 and 41,529and 42,114 shares issued and 415 421
outstanding at March 31, 2009 and December 31,
2008, respectively
Additional paid-in capital 71,412 72,089
Accumulated deficit (33,323 ) (34,100 )
Accumulated other comprehensive loss (4,347 ) (3,368 )
Total shareholders' equity 34,157 35,042
Total liabilities and shareholders' equity $ 57,126 $ 60,230
INTELLIGROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands OF U.S. dollars except per share data)
THREE MONTHS ENDED MAR 31,
2009 2008
(Unaudited)
Revenue $ 30,869 $ 38,453
Cost of revenue 21,248 27,029
Gross profit 9,621 11,424
Selling, general and administrative expenses 7,257 8,998
Depreciation and amortization 554 720
Total operating expenses 7,811 9,718
Operating Income 1,810 1,706
Interest income 32 106
Interest expense (20 ) (161 )
Foreign currency transaction gain (loss), net (615 ) 351
Other income 99 186
Income before income taxes 1,307 2,188
Provision for income taxes 530 $ 326
Net Income $ 777 $ 1,862
Basic net income per share $ 0.02 $ 0.04
Diluted net income per share $ 0.02 $ 0.04
Weighted average no. of common shares 41,719 42,160
outstanding - Basic
- Diluted 41,740 42,493
INTELLIGROUP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THREE MONTH ENDED MARCH 31,2009 AND 2008
(USD in thousands)
THREE MONTHS ENDED MAR 31,
2009 2008
(Unaudited)
Cash flows from operating activities:
Net Income $ 777 $ 1,862
Adjustments to reconcile net loss to net
Cash provided by operating activities:
Depreciation and amortization 671 890
Provision for doubtful accounts and advances (81 ) 137
Stock compensation expense 199 294
Exchange gain (244 ) (585 )
Deferred taxes (140 ) 118
Changes in operating assets and liabilities:
Accounts receivable 565 (1,096 )
Unbilled services 5,109 (766 )
Prepaid expenses and other current assets 142 685
Other assets 66 162
Restricted Cash 710 (90 )
Accounts payable 272 (200 )
Accrued payroll and related taxes (1,828 ) 243
Accrued expenses and other current liabilities (847 ) (606 )
Deferred revenue 785 (149 )
Income taxes payable 131 329
Other long-term liabilities (141 ) (27 )
Net cash provided by operating activities $ 6,146 $ 1,201
Cash flows from investing activities:
Purchase of property and equipment $ (130 ) $ (383 )
Proceeds from sale of equipment - 33
Purchases of investments (741 ) -
Net cash used in investing activities $ (871 ) $ (350 )
Cash flows from financing activities:
Principal payments under capital leases $ (232 ) $ (242 )
Stock Repurchase (881 ) -
Net change in line of credit borrowings - 286
Net cash (used in) provided by financing $ (1,113 ) $ 44
activities
Effect of foreign currency exchange rate changes $ (173 ) $ 145
on cash
Net increase in cash and cash equivalents 3,989 1,040
Cash and cash equivalents - beginning of year $ 10,161 $ 8,419
Cash and cash equivalents - end of the period $ 14,150 $ 9,459
Source: Intelligroup, Inc.
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Jaffoni & Collins Incorporated
Norberto Aja / David Collins
212-835-8500
itig@jcir.com
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Intelligroup is a global provider of outsourcing services including application management and support services, infrastructure management services, innovative consulting, technology, and implementation services. We pride ourselves on delivering quantifiable value to our customers and consistently exceeding their expectations. We achieve this by focusing on industry verticals where we have strong domain expertise.
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