Ciber, Inc. (CBR) Reports Q2 EPS of $0.01

Ciber, Inc. (NYSE: CBR) reported Q2 EPS of $0.01, versus ($0.07) reported last year. Revenue for the quarter came in at $197.9 million, versus $214.65 million reported last year.

Restructuring Program

On July 25, 2014, we approved a restructuring plan focused on the implementation of a go-to-market model, realigning the organization and improving our near and offshore delivery mix ("the 2014 Plan"). The 2014 Plan commenced in the third quarter of 2014 and is expected to be completed in the third quarter of 2015. It is expected to impact approximately 280 people. We estimate the total amount of the restructuring charges for the 2014 Plan will be approximately $27 million, substantially all of which will be settled in cash. The total estimated restructuring expenses include approximately $20 million related to employee severance and related benefits and approximately $7 million related to professional fees, office closures and other expenses. We expect the 2014 Plan will result in annualized pre-tax net savings from these actions of approximately $18 million that will be fully realized starting in the second half of 2015 and each year thereafter.

For earnings history and earnings-related data on Ciber, Inc. (CBR) click here.

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