EXHIBIT 99.1
SOURCECORP, INCORPORATED AND SUBSIDIARIES
Condensed Consolidated Statement of Operations
—Anticipated presentation giving effect to the required
discontinued operations accounting treatment
2002
(In Thousands, except per share data)
(Unaudited)
| First Quarter |
Second Quarter |
Third Quarter |
Fourth Quarter |
Total |
||||||||||||||||
| Revenue |
$ | 92,021 | $ | 92,915 | $ | 95,076 | $ | 101,144 | $ | 381,156 | ||||||||||
| Cost of Services |
54,050 | 53,806 | 56,150 | 60,504 | 224,510 | |||||||||||||||
| Depreciation |
3,017 | 3,213 | 3,115 | 3,155 | 12,500 | |||||||||||||||
| Gross Profit |
34,954 | 35,896 | 35,811 | 37,485 | 144,146 | |||||||||||||||
| Selling, General & Administrative Expenses |
23,532 | 22,256 | 22,583 | 25,207 | 93,578 | |||||||||||||||
| Amortization |
89 | 89 | 89 | 89 | 356 | |||||||||||||||
| Operating Income |
11,333 | 13,551 | 13,139 | 12,189 | 50,212 | |||||||||||||||
| Interest & Other |
(1,604 | ) | (1,877 | ) | (1,467 | ) | (1,552 | ) | (6,500 | ) | ||||||||||
| Income from Continuing Operations Before Income Taxes |
9,729 | 11,674 | 11,672 | 10,637 | 43,712 | |||||||||||||||
| Provision for Income Taxes |
3,697 | 4,436 | 4,435 | 4,043 | 16,611 | |||||||||||||||
| Net Income from Continuing Operations |
6,032 | 7,238 | 7,237 | 6,594 | 27,101 | |||||||||||||||
| Income (loss) from Discontinued Operations, net of tax |
(29 | ) | 267 | 426 | 67 | 731 | ||||||||||||||
| Net Income, as reported |
$ | 6,003 | $ | 7,505 | $ | 7,663 | $ | 6,661 | $ | 27,832 | ||||||||||
| Net Income Per Share |
||||||||||||||||||||
| Basic |
||||||||||||||||||||
| Continuing Operations |
$ | 0.35 | $ | 0.42 | $ | 0.42 | $ | 0.38 | $ | 1.57 | ||||||||||
| Discontinued Operations |
— | 0.01 | 0.02 | — | 0.04 | |||||||||||||||
| Total Operations |
$ | 0.35 | $ | 0.43 | $ | 0.44 | $ | 0.38 | $ | 1.61 | ||||||||||
| Diluted |
||||||||||||||||||||
| Continuing Operations |
$ | 0.34 | $ | 0.40 | $ | 0.42 | $ | 0.38 | $ | 1.54 | ||||||||||
| Discontinued Operations |
— | 0.02 | 0.02 | — | 0.04 | |||||||||||||||
| Total Operations |
$ | 0.34 | $ | 0.42 | $ | 0.44 | $ | 0.38 | $ | 1.58 | ||||||||||
| Weighted Average Common Shares Outstanding |
||||||||||||||||||||
| Basic |
17,296 | 17,304 | 17,358 | 17,378 | 17,334 | |||||||||||||||
| Diluted |
17,817 | 17,887 | 17,369 | 17,373 | 17,609 | |||||||||||||||
Exhibit 99.1– Page 1
SOURCECORP, INCORPORATED AND SUBSIDIARIES
Condensed Consolidated Statement of Operations
—Anticipated presentation giving effect to the required
discontinued operations accounting treatment
2003
(In Thousands, except per share data)
(Unaudited)
| First Quarter |
Second Quarter |
Third Quarter |
Fourth Quarter |
Total |
||||||||||||||||
| Revenue |
$ | 98,464 | $ | 92,174 | $ | 91,568 | $ | 102,268 | $ | 384,474 | ||||||||||
| Cost of Services |
56,839 | 54,402 | 52,542 | 58,282 | 222,065 | |||||||||||||||
| Depreciation |
3,088 | 3,044 | 3,192 | 3,365 | 12,689 | |||||||||||||||
| Gross Profit |
38,537 | 34,728 | 35,834 | 40,621 | 149,720 | |||||||||||||||
| Selling, General & Administrative Expenses |
23,793 | 23,957 | 24,049 | 26,971 | 98,770 | |||||||||||||||
| Amortization |
89 | 88 | 89 | 89 | 355 | |||||||||||||||
| Operating Income |
14,655 | 10,683 | 11,696 | 13,561 | 50,595 | |||||||||||||||
| Interest & Other |
(1,331 | ) | (676 | ) | (580 | ) | (1,014 | ) | (3,601 | ) | ||||||||||
| Income from Continuing Operations Before Income Taxes |
13,324 | 10,007 | 11,116 | 12,547 | 46,994 | |||||||||||||||
| Provision for Income Taxes |
5,329 | 4,003 | 4,446 | 5,020 | 18,798 | |||||||||||||||
| Net Income from Continuing Operations |
7,995 | 6,004 | 6,670 | 7,527 | 28,196 | |||||||||||||||
| Income (loss) from Discontinued Operations, net of tax |
184 | (347 | ) | (118 | ) | (562 | ) | (843 | ) | |||||||||||
| Net Income, as reported |
$ | 8,179 | $ | 5,657 | $ | 6,552 | $ | 6,965 | $ | 27,353 | ||||||||||
| Net Income Per Share |
||||||||||||||||||||
| Basic |
||||||||||||||||||||
| Continuing Operations |
$ | 0.47 | $ | 0.37 | $ | 0.41 | $ | 0.46 | $ | 1.71 | ||||||||||
| Discontinued Operations |
0.01 | (0.02 | ) | (0.01 | ) | (0.03 | ) | (0.05 | ) | |||||||||||
| Total Operations |
$ | 0.48 | $ | 0.35 | $ | 0.40 | $ | 0.43 | $ | 1.66 | ||||||||||
| Diluted |
||||||||||||||||||||
| Continuing Operations |
$ | 0.46 | $ | 0.37 | $ | 0.41 | $ | 0.46 | $ | 1.70 | ||||||||||
| Discontinued Operations |
0.01 | (0.02 | ) | (0.01 | ) | (0.03 | ) | (0.05 | ) | |||||||||||
| Total Operations |
$ | 0.47 | $ | 0.35 | $ | 0.40 | $ | 0.43 | $ | 1.65 | ||||||||||
| Weighted Average Common Shares Outstanding |
||||||||||||||||||||
| Basic |
17,205 | 16,319 | 16,188 | 16,094 | 16,452 | |||||||||||||||
| Diluted |
17,226 | 16,381 | 16,355 | 16,298 | 16,565 | |||||||||||||||
Exhibit 99.1 – Page 2
SOURCECORP, INCORPORATED AND SUBSIDIARIES
Condensed Consolidated Statement of Operations
—Anticipated presentation giving effect to the required
discontinued operations accounting treatment
2004
(In Thousands, except per share data)
(Unaudited)
| First Quarter |
||||
| Revenue |
$ | 101,759 | ||
| Cost of Services |
57,141 | |||
| Depreciation |
3,221 | |||
| Gross Profit |
41,397 | |||
| Selling, General & Administrative Expenses |
31,388 | |||
| Amortization |
89 | |||
| Operating Income |
9,920 | |||
| Interest & Other |
(775 | ) | ||
| Income from Continuing Operations Before Income Taxes |
9,145 | |||
| Provision for Income Taxes |
3,658 | |||
| Net Income from Continuing Operations |
5,487 | |||
| Income (loss) from Discontinued Operations, net of tax |
(487 | ) | ||
| Net Income, as reported |
$ | 5,000 | ||
| Net Income Per Share |
||||
| Basic |
||||
| Continuing Operations |
$ | 0.34 | ||
| Discontinued Operations |
(0.03 | ) | ||
| Total Operations |
$ | 0.31 | ||
| Diluted |
||||
| Continuing Operations |
$ | 0.33 | ||
| Discontinued Operations |
(0.03 | ) | ||
| Total Operations |
$ | 0.30 | ||
| Weighted Average Common Shares Outstanding |
||||
| Basic |
16,096 | |||
| Diluted |
16,448 | |||
Exhibit 99.1 – Page 3