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þ
|
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF
1934
|
|
|
o
|
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF
1934
|
|
|
|
Delaware
|
|
No. 74-2853258
|
(State
or other jurisdiction of
incorporation
or organization)
|
|
(I.R.S.
Employer Identification No.)
|
Large
accelerated filer
o
|
Accelerated
filer þ
|
Non-accelerated
filer
o
|
Part
I.
|
Financial
Information
|
1
|
|
|
|
Item
1.
|
Financial
Statements
|
1
|
|
|
|
|
Condensed
Consolidated Balance Sheets as of June 30, 2007 and December 31,
2006
|
1
|
|
|
|
|
Condensed
Consolidated Statements of Operations for the Three Months and
Six
Months Ended
June
30, 2007 and 2006
|
2
|
|
|
|
|
Condensed
Consolidated Statement of Stockholders' Equity for the Six Months
Ended
June 30, 2007
|
3
|
|
|
|
|
Condensed
Consolidated Statements of Cash Flows for the Six Months Ended
June 30,
2007 and 2006
|
4
|
|
|
|
|
Notes
to Unaudited Condensed Consolidated Financial Statements
|
5
|
|
|
|
Item
2.
|
Management's
Discussion and Analysis of Financial Condition and Results of
Operations
|
16
|
|
|
|
Item
3.
|
Quantitative
and Qualitative Disclosures About Market Risk
|
22
|
|
|
|
Item
4.
|
Controls
and Procedures
|
23
|
|
|
|
Part
II.
|
Other
Information
|
23
|
|
|
|
Item
1A.
|
Risk
Factors
|
23
|
|
|
|
Item
4.
|
Submission
of Matters to a Vote of Security Holders
|
24
|
Item
6.
|
Exhibits
|
24
|
|
|
|
Signatures
|
|
25
|
|
June
30,
2007
|
December
31,
2006
|
||||||
ASSETS
|
(In
thousands)
|
|||||||
Current
assets:
|
|
|
||||||
Cash
and cash equivalents
|
$ |
477
|
$ |
4,549
|
||||
Accounts
receivable, net
|
45,376
|
38,600
|
||||||
Prepaid
expenses
|
790
|
1,171
|
||||||
Other
current assets
|
710
|
2,799
|
||||||
Total
current assets
|
47,353
|
47,119
|
||||||
Property
and equipment, net
|
2,122
|
1,806
|
||||||
Goodwill
|
89,544
|
69,170
|
||||||
Intangible
assets, net
|
15,280
|
11,886
|
||||||
Other
non-current assets
|
1,037
|
1,019
|
||||||
Total
assets
|
$ |
155,336
|
$ |
131,000
|
||||
|
||||||||
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
||||||||
Current
liabilities:
|
||||||||
Accounts
payable
|
$ |
2,909
|
$ |
5,025
|
||||
Current
portion of long-term debt
|
--
|
1,201
|
||||||
Other
current liabilities
|
15,574
|
16,034
|
||||||
Total
current liabilities
|
18,483
|
22,260
|
||||||
Long-term
borrowings, net of current portion
|
--
|
137
|
||||||
Deferred taxes
|
1,839
|
1,251
|
||||||
Total
liabilities
|
$ |
20,322
|
$ |
23,648
|
||||
|
||||||||
Stockholders'
equity:
|
||||||||
Common
stock (par value $.001 per share; 50,000,000 shares authorized
and
|
||||||||
28,005,552
shares issued and outstanding as of June 30, 2007
|
||||||||
26,699,974
shares issued and outstanding as of December 31, 2006)
|
$ |
28
|
$ |
27
|
||||
Additional
paid-in capital
|
167,504
|
147,028
|
||||||
Accumulated
other comprehensive loss
|
(114 | ) | (125 | ) | ||||
Accumulated
deficit
|
(32,404 | ) | (39,578 | ) | ||||
Total
stockholders' equity
|
135,014
|
107,352
|
||||||
Total
liabilities and stockholders' equity
|
$ |
155,336
|
$ |
131,000
|
Three
Months Ended June 30,
|
Six
Months Ended June 30,
|
|||||||||||||||
2007
|
2006
|
2007
|
2006
|
|||||||||||||
(In
thousands, except per share data)
|
||||||||||||||||
Revenues
|
||||||||||||||||
Services
|
$ |
45,961
|
$ |
32,751
|
$ |
89,258
|
$ |
58,358
|
||||||||
Software
|
3,696
|
2,587
|
7,887
|
5,269
|
||||||||||||
Reimbursable
expenses
|
2,938
|
2,172
|
5,499
|
3,528
|
||||||||||||
Total
revenues
|
52,595
|
37,510
|
102,644
|
67,155
|
||||||||||||
Cost
of revenues (exclusive of depreciation shown separately
below)
|
||||||||||||||||
Project
personnel costs
|
27,440
|
19,456
|
53,705
|
35,721
|
||||||||||||
Software
costs
|
3,311
|
2,137
|
6,796
|
4,426
|
||||||||||||
Reimbursable
expenses
|
2,938
|
2,172
|
5,499
|
3,528
|
||||||||||||
Other
project related expenses
|
721
|
567
|
1,406
|
1,014
|
||||||||||||
Total
cost of revenues
|
34,410
|
24,332
|
67,406
|
44,689
|
||||||||||||
Gross
margin
|
18,185
|
13,178
|
35,238
|
22,466
|
||||||||||||
Selling,
general and administrative
|
9,937
|
8,237
|
20,237
|
13,875
|
||||||||||||
Depreciation
|
361
|
215
|
698
|
383
|
||||||||||||
Amortization
of intangibles
|
980
|
699
|
1,826
|
1,124
|
||||||||||||
Income
from operations
|
6,907
|
4,027
|
12,477
|
7,084
|
||||||||||||
Interest
income
|
63
|
29
|
112
|
31
|
||||||||||||
Interest
expense
|
(15 | ) | (162 | ) | (65 | ) | (246 | ) | ||||||||
Other
|
3
|
6
|
9
|
65
|
||||||||||||
Income
before income taxes
|
6,958
|
3,900
|
12,533
|
6,934
|
||||||||||||
Provision
for income taxes
|
2,944
|
1,645
|
5,359
|
2,974
|
||||||||||||
Net
income
|
$ |
4,014
|
$ |
2,255
|
$ |
7,174
|
$ |
3,960
|
||||||||
Basic
net income per share
|
$ |
0.15
|
$ |
0.09
|
$ |
0.26
|
$ |
0.17
|
||||||||
Diluted
net income per share
|
$ |
0.13
|
$ |
0.08
|
$ |
0.24
|
$ |
0.15
|
||||||||
Shares
used in computing basic net income per share
|
27,594
|
24,418
|
27,337
|
23,978
|
||||||||||||
Shares
used in computing diluted net income per share
|
29,835
|
27,227
|
29,642
|
26,705
|
|
|
|
|
Accumulated
|
|
|
||||||||||||||||||
|
Common
|
Common
|
Additional
|
Other
|
|
Total
|
||||||||||||||||||
|
Stock
|
Stock
|
Paid-in
|
Comprehensive
|
Accumulated
|
Stockholders'
|
||||||||||||||||||
|
Shares
|
Amount
|
Capital
|
Loss
|
Deficit
|
Equity
|
||||||||||||||||||
Balance
at December 31, 2006
|
26,700
|
$ |
27
|
$ |
147,028
|
$ | (125 | ) | $ | (39,578 | ) | $ |
107,352
|
|||||||||||
E
Tech & Tier1 acquisitions
|
662
|
1
|
12,296
|
--
|
--
|
12,297
|
||||||||||||||||||
Stock
options exercised
|
593
|
--
|
2,048
|
--
|
--
|
2,048
|
||||||||||||||||||
Purchases
of stock from Employee Stock Purchase Plan
|
5
|
--
|
91
|
--
|
--
|
91
|
||||||||||||||||||
Tax
benefit of stock option exercises
|
--
|
--
|
3,038
|
--
|
--
|
3,038
|
||||||||||||||||||
Stock
compensation
|
--
|
--
|
3,003
|
--
|
--
|
3,003
|
||||||||||||||||||
Vested
stock compensation
|
46
|
--
|
--
|
--
|
--
|
--
|
||||||||||||||||||
Foreign
currency translation adjustment
|
--
|
--
|
--
|
11
|
--
|
11
|
||||||||||||||||||
Net
income
|
--
|
--
|
--
|
--
|
7,174
|
7,174
|
||||||||||||||||||
Total
comprehensive income
|
7,185
|
|||||||||||||||||||||||
Balance
at June 30, 2007
|
28,006
|
$ |
28
|
$ |
167,504
|
$ | (114 | ) | $ | (32,404 | ) | $ |
135,014
|
|||||||||||
|
Six
Months Ended
June
30,
|
|||||||
|
2007
|
2006
|
||||||
(As
restated,
|
||||||||
see
Note 2)
|
||||||||
(In
thousands)
|
||||||||
OPERATING
ACTIVITIES
|
|
|||||||
Net
income
|
$ |
7,174
|
$ |
3,960
|
||||
Adjustments
to reconcile net income to net cash provided by (used in)
operations:
|
||||||||
Depreciation
|
698
|
383
|
||||||
Amortization
of intangibles
|
1,826
|
1,124
|
||||||
Deferred
income taxes
|
424
|
1,111
|
||||||
Non-cash
stock compensation
|
3,003
|
1,469
|
||||||
Non-cash
interest expense
|
--
|
6
|
||||||
|
||||||||
Changes
in operating assets and liabilities, net of acquisitions:
|
||||||||
Accounts
receivable
|
(2,560 | ) | (4,612 | ) | ||||
Other
assets
|
2,995
|
2,148
|
||||||
Accounts
payable
|
(2,118 | ) | (1,030 | ) | ||||
Other
liabilities
|
(4,806 | ) | (3,079 | ) | ||||
Net
cash provided by operating activities
|
6,636
|
1,480
|
||||||
|
||||||||
INVESTING
ACTIVITIES
|
||||||||
Purchase
of property and equipment
|
(807 | ) | (640 | ) | ||||
Capitalization
of software developed for internal use
|
(72 | ) | (58 | ) | ||||
Purchase
of businesses, net of cash acquired
|
(13,652 | ) | (8,627 | ) | ||||
Payments
on Javelin notes
|
--
|
(250 | ) | |||||
Net
cash used in investing activities
|
(14,531 | ) | (9,575 | ) | ||||
|
||||||||
FINANCING
ACTIVITIES
|
||||||||
Proceeds
from short-term borrowings
|
11,900
|
10,000
|
||||||
Payments
on short-term borrowings
|
(11,900 | ) | (8,000 | ) | ||||
Payments
on long-term debt
|
(1,338 | ) | (657 | ) | ||||
Tax
benefit on stock options
|
3,038
|
1,565
|
||||||
Proceeds
from exercise of stock options and Employee Stock Purchase
Plan
|
2,139
|
1,652
|
||||||
Proceeds
from exercise of warrants
|
--
|
46
|
||||||
Net
cash provided by financing activities
|
3,839
|
4,606
|
||||||
Effect
of exchange rate on cash and cash equivalents
|
(16 | ) | (12 | ) | ||||
Change
in cash and cash equivalents
|
(4,072 | ) | (3,501 | ) | ||||
Cash
and cash equivalents at beginning of period
|
4,549
|
5,096
|
||||||
Cash
and cash equivalents at end of period
|
$ |
477
|
$ |
1,595
|
||||
|
||||||||
Supplemental
disclosures:
|
||||||||
Interest
paid
|
$ |
40
|
$ |
215
|
||||
Cash
paid for income taxes
|
$ |
418
|
$ |
1,572
|
||||
|
||||||||
Non
cash activities:
|
||||||||
Stock
issued for purchase of businesses
|
$ |
12,297
|
$ |
12,831
|
||||
Change
in goodwill
|
$ | (269 | ) | $ |
577
|
|
Six
Months Ended
June
30, 2006
|
|||||||
|
As
previously reported
|
As
restated
|
||||||
(In
thousands)
|
||||||||
Cash
flows from operating activities:
|
|
|
||||||
Deferred
income taxes
|
$ |
--
|
$ |
1,111
|
||||
Tax
benefit on stock options
|
232
|
--
|
||||||
Other
assets
|
1,716
|
2,148
|
||||||
Other liabilities
|
(2,735 | ) | (3,079 | ) | ||||
Net cash provided by operating activities
|
513
|
1,480
|
||||||
Cash
flows from investing activities:
|
||||||||
Purchase of businesses, net of cash acquired
|
(7,428 | ) | (8,627 | ) | ||||
Net cash used in investing activities
|
(8,376 | ) | (9,575 | ) | ||||
Cash
flows from financing activities:
|
||||||||
Tax
benefit on stock options
|
1,333
|
1,565
|
||||||
Net
cash provided by financing activities
|
4,374
|
4,606
|
||||||
Range
of
|
Weighted-Average
|
|||||||||||
Shares
|
Exercise
Prices
|
Exercise
Price
|
||||||||||
3,552
|
$ |
0.02
- 16.94
|
$ |
4.03
|
||||||||
9
|
3.00
- 3.00
|
3.00
|
||||||||||
Options
exercised
|
(593 | ) |
0.02
- 16.94
|
3.45
|
||||||||
Options
canceled
|
(12 | ) |
3.10
- 7.48
|
3.68
|
||||||||
Options
outstanding at June 30, 2007
|
2,956
|
0.02
- 16.94
|
4.15
|
|||||||||
Options
vested at June 30, 2007
|
2,116
|
$ |
0.02
- 16.94
|
$ |
3.73
|
|
Shares
|
Weighted-Average
Grant
Date Fair
Value
|
||||||
Restricted
stock awards outstanding at January 1, 2007
|
1,429
|
$ |
12.74
|
|||||
Awards
granted
|
16
|
19.70
|
||||||
Awards
vested
|
(46 | ) |
7.63
|
|||||
Awards
canceled
|
(37 | ) |
12.54
|
|||||
Restricted
stock awards outstanding at June 30, 2007
|
1,362
|
$ |
13.00
|
|
Three
Months Ended June 30,
|
Six
Months Ended June 30,
|
||||||||||||||
|
2007
|
2006
|
2007
|
2006
|
||||||||||||
Net
income
|
$ |
4,014
|
$ |
2,255
|
$ |
7,174
|
$ |
3,960
|
||||||||
Basic:
|
||||||||||||||||
Weighted-average
shares of common stock outstanding
|
27,594
|
24,418
|
27,337
|
23,978
|
||||||||||||
Shares
used in computing basic net income per share
|
27,594
|
24,418
|
27,337
|
23,978
|
||||||||||||
|
||||||||||||||||
Effect
of dilutive securities:
|
||||||||||||||||
Stock
options
|
1,835
|
2,504
|
1,920
|
2,444
|
||||||||||||
Warrants
|
8
|
117
|
8
|
121
|
||||||||||||
Restricted
stock subject to vesting
|
398
|
188
|
377
|
162
|
||||||||||||
Shares
used in computing diluted net income per share
|
29,835
|
27,227
|
29,642
|
26,705
|
||||||||||||
|
||||||||||||||||
Basic
net income per share
|
$ |
0.15
|
$ |
0.09
|
$ |
0.26
|
$ |
0.17
|
||||||||
|
||||||||||||||||
Diluted
net income per share
|
$ |
0.13
|
$ |
0.08
|
$ |
0.24
|
$ |
0.15
|
|
Operating
Leases
|
|||
2007
remaining
|
$ |
846
|
||
2008
|
1,646
|
|||
2009
|
1,406
|
|||
2010
|
1,018
|
|||
2011
|
675
|
|||
Thereafter
|
194
|
|||
Total
minimum lease payments
|
$ |
5,785
|
|
June
30,
2007
|
December
31,
2006
|
||||||
Accounts
receivable
|
$ |
28,903
|
$ |
29,461
|
||||
Unbilled
revenue
|
17,016
|
9,846
|
||||||
Allowance
for doubtful accounts
|
(543 | ) | (707 | ) | ||||
Total
|
$ |
45,376
|
$ |
38,600
|
|
June
30,
2007
|
December
31,
2006
|
||||||
Income
tax receivable
|
$ |
--
|
$ |
2,150
|
||||
Deferred
current tax assets
|
208
|
43
|
||||||
Other
current assets
|
502
|
606
|
||||||
Total
|
$ |
710
|
$ |
2,799
|
June
30,
2007
|
December
31,
2006
|
|||||||
Accrued
bonus
|
$ |
6,258
|
$ |
9,851
|
||||
Accrued
subcontractor fees
|
2,330
|
1,803
|
||||||
Deferred
revenue
|
991
|
1,318
|
||||||
Accrued
income taxes
|
737
|
33
|
||||||
Payroll
related costs
|
1,025
|
805
|
||||||
Accrued
medical claims expense
|
975
|
--
|
||||||
Accrued
vacation
|
725
|
453
|
||||||
Accrued
expenses related to acquisitions
|
1,047
|
563
|
||||||
Other
accrued expenses
|
1,486
|
1,208
|
||||||
Total
|
$ |
15,574
|
$ |
16,034
|
|
June
30,
2007
|
December
31,
2006
|
||||||
Computer
hardware
|
$ |
4,806
|
$ |
3,933
|
||||
Furniture
& fixtures
|
1,035
|
980
|
||||||
Leasehold
improvements
|
327
|
275
|
||||||
Software
|
750
|
702
|
||||||
Less:
Accumulated depreciation
|
(4,796 | ) | (4,084 | ) | ||||
Total
|
$ |
2,122
|
$ |
1,806
|
Intangibles:
|
|
|
|
|
Customer
relationships
|
|
$
|
1.6
|
|
Customer
backlog
|
|
|
0.2
|
|
Non-compete
agreements
|
|
|
0.1
|
|
|
|
|
|
|
Goodwill
|
|
|
6.4
|
|
|
|
|
|
|
Tangible
assets acquired:
|
|
|
|
|
Accounts
receivable
|
|
|
2.4
|
|
Other
assets
|
|
|
0.6
|
|
Property
and equipment
|
|
|
0.1
|
|
Accrued
expenses
|
|
|
(1.6
|
)
|
Net
assets acquired
|
|
$
|
9.8
|
|
|
|
|||
Intangibles:
|
|
|||
Customer
relationships
|
$ |
2.8
|
||
Customer
backlog
|
0.4
|
|||
Non-compete
agreements
|
0.1
|
|||
|
||||
Goodwill
|
10.4
|
|||
|
||||
Tangible
assets and liabilities acquired:
|
||||
Accounts
receivable
|
3.9
|
|||
Other
assets
|
2.1
|
|||
Accrued
expenses
|
(4.7 | ) | ||
Net
assets acquired
|
$ |
15.0
|
|
|
|||
Intangibles:
|
|
|||
Customer
relationships
|
$ |
3.7
|
||
Customer
backlog
|
0.5
|
|||
Non-compete
agreements
|
0.1
|
|||
|
||||
Goodwill
|
6.2
|
|||
|
||||
Tangible
assets and liabilities acquired:
|
||||
Accounts
receivable
|
3.8
|
|||
Other
assets
|
0.4
|
|||
Accrued
expenses
|
(1.6 | ) | ||
Net
assets acquired
|
$ |
13.1
|
|
|
|||
Intangibles:
|
|
|||
Customer
relationships
|
$ |
3.0
|
||
Customer
backlog
|
0.5
|
|||
Non-compete
agreements
|
0.1
|
|||
|
||||
Goodwill
|
9.5
|
|||
|
||||
Tangible
assets and liabilities acquired:
|
||||
Accounts
receivable
|
1.9
|
|||
Property
and equipment
|
0.1
|
|||
Other
assets
|
0.1
|
|||
Accrued
expenses
|
(2.9 | ) | ||
Net
assets acquired
|
$ |
12.3
|
|
|
|||
Intangibles:
|
|
|||
Customer
relationships
|
$ |
0.9
|
||
Customer
backlog
|
0.4
|
|||
Non-compete
agreements
|
0.1
|
|||
Internally
developed software
|
0.2
|
|||
|
||||
Goodwill
|
11.2
|
|||
|
||||
Tangible
assets and liabilities acquired:
|
||||
Accounts
receivable
|
2.3
|
|||
Property
and equipment
|
0.1
|
|||
Accrued
expenses
|
(0.7 | ) | ||
Net
assets acquired
|
$ |
14.5
|
|
Three
Months Ended
June
30,
|
Six
Months Ended
June
30,
|
||||||||||||||
|
2007
|
2006
|
2007
|
2006
|
||||||||||||
Revenues
|
$ |
55,806
|
$ |
49,745
|
$ |
110,452
|
$ |
95,795
|
||||||||
|
||||||||||||||||
Net
income
|
$ |
4,277
|
$ |
1,820
|
$ |
7,947
|
$ |
3,811
|
||||||||
|
||||||||||||||||
Basic
net income per share
|
$ |
0.15
|
$ |
0.07
|
$ |
0.29
|
$ |
$0.15
|
||||||||
|
||||||||||||||||
Diluted
net income per share
|
$ |
0.14
|
$ |
$0.06
|
$ |
0.27
|
$ |
0.13
|
Balance
at December 31, 2006
|
|
$
|
69,170
|
|
Tier1
Acquisition
|
11,230
|
|||
E
Tech Acquisition
|
9,526
|
|||
Adjustments
to preliminary purchase price allocations
|
(382)
|
|||
Balance
at June 30, 2007
|
|
$
|
89,544
|
|
June
30, 2007
|
December
31, 2006
|
||||||||||||||||||||||
|
Gross
Carrying
Amounts
|
Accumulated
Amortization
|
Net
Carrying
Amounts
|
Gross
Carrying Amounts
|
Accumulated
Amortization
|
Net
Carrying
Amounts
|
||||||||||||||||||
Customer
relationships
|
$ |
16,750
|
$ | (4,078 | ) | $ |
12,672
|
$ |
12,860
|
$ | (2,808 | ) | $ |
10,052
|
||||||||||
Non-compete
agreements
|
2,563
|
(1,351 | ) |
1,212
|
2,393
|
(1,094 | ) |
1,299
|
||||||||||||||||
Customer
backlog
|
850
|
(210 | ) |
640
|
--
|
--
|
--
|
|||||||||||||||||
Internally
developed software
|
1,065
|
(309 | ) |
756
|
755
|
(220 | ) |
535
|
||||||||||||||||
Total
|
$ |
21,228
|
$ | (5,948 | ) | $ |
15,280
|
$ |
16,008
|
$ | (4,122 | ) | $ |
11,886
|
Customer
relationships
|
3
-
8 years
|
Non-compete
agreements
|
2
-
5 years
|
Customer
backlog
|
4
months to 10 months
|
Internally
developed software
|
3
-
5 years
|
|
Financial
Results
(in
thousands)
|
Explanation
for Increases Over Prior Year Period
(in
thousands)
|
||||||||||||||||||||||||||
|
For
the Three Months Ended June 30, 2007
|
For
the Three Months Ended June 30, 2006
|
Total
Increase Over Prior Year Period
|
Revenue
Attributable to Acquired Companies
|
Revenue
Attributable to Base Business*
|
%
of Increase in Total Revenue Attributable to Base Business
|
Total
Increase Over Prior Year Period
|
|||||||||||||||||||||
Services
Revenues
|
$ |
45,961
|
$ |
32,751
|
$ |
13,210
|
$ |
10,954
|
$ |
2,256
|
17 | % | $ |
13,210
|
||||||||||||||
Software
Revenues
|
3,696
|
2,587
|
1,109
|
327
|
782
|
71 | % |
1,109
|
||||||||||||||||||||
Reimbursable
Expenses
|
2,938
|
2,172
|
766
|
461
|
305
|
40 | % |
766
|
||||||||||||||||||||
Total
Revenues
|
$ |
52,595
|
$ |
37,510
|
$ |
15,085
|
$ |
11,742
|
$ |
3,343
|
22 | % | $ |
15,085
|
|
Financial
Results
(in
thousands)
|
Explanation
for Increases Over Prior Year Period
(in
thousands)
|
||||||||||||||||||||||||||
|
For
the six months ended June 30, 2007
|
For
the six months ended June 30, 2006
|
Total
Increase Over Prior Year Period
|
Revenue
Attributable to Acquired Companies
|
Revenue
Attributable to Base Business*
|
%
of Increase in Total Revenue Attributable to Base Business
|
Total
Increase Over Prior Year Period
|
|||||||||||||||||||||
Services
Revenues
|
$ |
89,258
|
$ |
58,358
|
$ |
30,900
|
$ |
23,187
|
$ |
7,713
|
25 | % | $ |
30,900
|
||||||||||||||
Software
Revenues
|
7,887
|
5,269
|
2,618
|
553
|
2,065
|
79 | % |
2,618
|
||||||||||||||||||||
Reimbursable
Expenses
|
5,499
|
3,528
|
1,971
|
1,106
|
865
|
44 | % |
1,971
|
||||||||||||||||||||
Total
Revenues
|
$ |
102,644
|
$ |
67,155
|
$ |
35,489
|
$ |
24,846
|
$ |
10,643
|
30 | % | $ |
35,489
|
|
As
of
June
30, 2007
|
As
of
December
31,
2006
|
||||||
|
(in
millions)
|
|||||||
Cash
and cash equivalents
|
$ |
0.5
|
$ |
4.5
|
||||
Working
capital
|
$ |
28.9
|
$ |
24.9
|
For
|
Withheld
|
||
John
T. McDonald
|
23,070,101
|
1,423,275
|
|
David
S. Lundeen
|
22,017,161
|
2,476,215
|
|
Max
D. Hopper
|
22,730,586
|
1,762,790
|
|
Kenneth
R. Johnsen
|
23,382,300
|
1,111,076
|
|
Ralph
C. Derrickson
|
22,999,841
|
1,493,535
|
For
|
Against
|
Abstain
|
||
18,375,877
|
646,646
|
58,775
|
|
|
|
|
PERFICIENT,
INC.
|
|
|
|
|
Date:
August 13, 2007
|
By:
|
/s/ John
T. McDonald
|
|
John
T. McDonald
|
|
|
Chief
Executive Officer (Principal Executive
Officer)
|
|
|
|
Date:
August 13, 2007
|
By:
|
/s/ Paul
E. Martin
|
|
Paul
E. Martin
|
|
|
Chief
Financial Officer (Principal Financial Officer)
|
Date:
August 13, 2007
|
By:
|
/s/ Richard
T. Kalbfleish
|
|
Richard
T. Kalbfleish
|
|
|
Vice
President of Finance and Administration (Principal Accounting
Officer)
|
Exhibit
Number
|
Description
|
|
|
2.1
|
Agreement
and Plan of Merger, dated as of February 20, 2007, by and
among
Perficient, Inc., PFT MergeCo III, Inc., e tech solutions,
Inc., each of
the Principals of e tech solutions, Inc., and Gary Rawding,
as
Representative, previously filed with the Securities and
Exchange
Commission as an Exhibit to our Current Report on Form 8-K
filed on
February 23, 2007 and incorporated herein by reference
|
2.2
|
Asset
Purchase Agreement, dated as of June 25, 2007, by and among
Perficient,
Inc., Tier1 Innovation, LLC, and Mark Johnston and Jay Johnson,
previously
filed with the Securities and Exchange Commission as an Exhibit
to our
Current Report on Form 8-K filed on June 28, 2007 and incorporated
herein
by reference.
|
3.1
|
Certificate
of Incorporation of Perficient, Inc., previously filed with
the Securities
and Exchange Commission as an Exhibit to our Registration
Statement on
Form SB-2 (File No. 333-78337) declared effective on
July 28, 1999 by the Securities and Exchange Commission and
incorporated herein by reference
|
3.2
|
Certificate
of Amendment to Certificate of Incorporation of Perficient,
Inc.,
previously filed with the Securities and Exchange Commission
as an Exhibit
to our Form 8-A filed with the Securities and Exchange Commission
pursuant to Section 12(g) of the Securities Exchange Act of 1934 on
February 15, 2005 and incorporated herein by reference
|
3.3
|
Certificate
of Amendment to Certificate of Incorporation of Perficient,
Inc.,
previously filed with the Securities and Exchange Commission
as an Exhibit
to our Registration Statement on form S-8 (File No. 333-130624)
filed on
December 22, 2005 and incorporated herein by reference
|
3.4
|
Bylaws
of Perficient, Inc., previously filed with the Securities
and Exchange
Commission as an Exhibit to our Registration Statement on
Form SB-2
(File No. 333-78337) declared effective on July 28, 1999 by the
Securities and Exchange Commission and incorporated herein by
reference
|
4.1
|
Specimen
Certificate for shares of common stock, previously filed
with the
Securities and Exchange Commission as an Exhibit to our Registration
Statement on Form SB-2 (File No. 333-78337) declared effective
on July 28, 1999 by the Securities and Exchange Commission and
incorporated herein by reference
|
4.2
|
Warrant
granted to Gilford Securities Incorporated, previously filed
with the
Securities and Exchange Commission as an Exhibit to our Registration
Statement on Form SB-2 (File No. 333-78337) declared effective
on July 28, 1999 by the Securities and Exchange Commission and
incorporated herein by reference
|
4.3
|
Form
of Common Stock Purchase Warrant, previously filed with the
Securities and
Exchange Commission as an Exhibit to our Current Report on
Form 8-K
filed on January 17, 2002 and incorporated herein by
reference
|
4.4
|
Form
of Common Stock Purchase Warrant, previously filed with the
Securities and
Exchange Commission as an Exhibit to our Registration Statement
on Form
S-3 (File No. 333-117216) filed on July 8, 2004 and incorporated
herein by reference
|
4.5*
|
Form
of Perficient, Inc. Performance Award Letter issued under
the Perficient,
Inc. Omnibus Incentive Plan
|
31.1*
|
Certification
by the Chief Executive Officer of Perficient, Inc. as required
by
Section 302 of the Sarbanes-Oxley Act of 2002
|
31.2*
|
Certification
by the Chief Financial Officer of Perficient, Inc. as required
by
Section 302 of the Sarbanes-Oxley Act of 2002
|
32.1**
|
Certification
by the Chief Executive Officer and Chief Financial Officer
of Perficient,
Inc. pursuant to 18 U.S.C. Section 1350, as adopted pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002
|
*
|
Filed
herewith.
|
**
|
Included
but not to be considered “filed” for the purposes of Section 18 of
the Securities Exchange Act of 1934 or otherwise subject
to the
liabilities of that section.
|