Ciber, Inc. (CBR) Misses Q1 EPS by 14c

Ciber, Inc. (NYSE: CBR) reported Q1 EPS of ($0.13), $0.14 worse than the analyst estimate of $0.01. Revenue for the quarter came in at $175.1 million versus the consensus estimate of $196.46 million.

Ciber recorded a non-cash goodwill impairment charge in the 2016 first quarter of $85.9 million, or $1.07 per diluted share, for the write-down of goodwill related to its International segment. A sustained decrease in the Company's stock price and lower than expected earnings during the first quarter of 2016 resulted in a potential indicator of goodwill impairment. Ciber compared the carrying value of its segments versus fair value as of March 31, 2016. The analysis concluded that the fair value of Ciber's International segment was below its carrying value. The non-cash impairment charge impacts neither the Company's future performance nor compliance with debt covenants under its revolving credit agreement. Ciber's balance sheet after the impairment charge includes $39.4 million in goodwill in its International segment.

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

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