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Sapient Reports Second Quarter 2009 Results
Posted by: gurufocus (IP Logged)
Date: August 6, 2009 09:33PM
Press Release: Sapient Reports Second Quarter 2009 Results
BOSTON--(BUSINESS WIRE)--Sapient (NASDAQ: SAPE) today reported the following financial results for the second quarter ended June 30, 2009:
“We’re pleased with our revenue growth and profitability this quarter, given the current economic environment,” said Sapient President and Chief Executive Officer Alan J. Herrick. “The opportunities we are seeing give us confidence in our ability to forecast continued growth.”
“We completed the acquisition of Nitro Group in early July and client reaction has been very favorable,” added Herrick. “Our combined value proposition includes integrated advertising, digital commerce, marketing technology and social media to help clients create superior brand experiences that drive business results.”
The Company generated cash from operations of $30.4 million in the second quarter of 2009, compared to $22.0 million of cash in the second quarter of 2008. As of June 30, 2009, the Company had cash, cash equivalents and marketable securities of $194.9 million. Days sales outstanding was 75 days for the second quarter of 2009 compared to 78 days in the first quarter of 2009 and 63 days for the second quarter of 2008.
Sapient management provided the following guidance:
Webcast and Conference Call
Sapient will host a discussion of its first quarter results at 4:30 p.m. (EDT) today, which will be broadcast live on the Internet. The dial-in information for the conference call is:
U.S.: (888) 713-4217
International: (617) 213-4869
Please use the following link to pre-register for the conference call:
Please use the following link to access the live webcast of this event as well as an archive of the webcast:
The link to the webcast will also be posted at:
In addition, a re-broadcast of the conference call will be available from August 6 at 7:30 p.m. (EDT) through August 13 at 11:59 p.m. (EDT). The replay information is as follows:
U.S.: (888) 286-8010
International: (617) 801-6888
Adjusted (Non-GAAP) Financial Measures
Sapient provides non-GAAP financial measures to complement reported GAAP results. Management believes these measures help illustrate underlying trends in the Company\'s business and uses the measures to establish budgets and operational goals, communicated internally and externally, for managing the Company’s business and evaluating its performance. The Company anticipates that it will continue to report both GAAP and certain non-GAAP financial measures in its financial results, including non-GAAP results that exclude stock-based compensation expense, restructuring and other related charges, amortization of purchased intangible assets, acquisition costs and other related charges and expense relating to the stock-based compensation review and restatement. However, because the Company’s reported non-GAAP financial measures are not calculated according to GAAP, these measures may not necessarily be comparable to GAAP or similarly described non-GAAP measures reported by other companies within the Company’s industry. Consequently, Sapient’s non-GAAP financial measures should not be evaluated in isolation or supplant comparable GAAP measures, but, rather, should be considered together with its consolidated financial statements, which are prepared according to GAAP.
Safe Harbor Statement
This press release contains forward-looking statements – in particular, the financial guidance for the third quarter of 2009 – that involve a number of risks and uncertainties. Actual results could differ materially from management’s expectations. A number of factors could cause actual events to differ materially from those indicated, including, without limitation: the continued acceptance of the Company’s services; a reduction in the demand for the Company’s services in light of the current economic environment; the Company’s ability to accurately set fees for and complete its current and future client projects on a timely basis, successfully manage risks associated with its international operations, manage its growth and projects effectively, successfully integrate and achieve anticipated benefits from acquisitions, and continue to attract and retain high-quality employees; and other risk factors set forth in the Company’s most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, as filed with the SEC.
Sapient is a global services company that helps clients compete, evolve and grow in an increasingly complex marketplace. Sapient’s offerings include a strategy-led marketing services group that – through its best-of-breed digital marketing services and world-class traditional advertising and brand strategy – is enabling leading brands to create immersive consumer experiences through multi-channel marketing and multi-channel commerce. In addition, Sapient’s business and technology services offering provides a broad range of services that enable companies to optimize their business processes, drive efficiencies, and achieve greater profit growth.
Sapient’s passion for client success – evidenced by its ability to foster collaboration, drive innovation and solve challenging problems – is the subject of case studies on leadership and organizational behavior used by MBA students at both Harvard and Yale. Headquartered in Boston, Sapient operates across North America, Europe, Asia and Australia. For more information, please visit www.sapient.com.
Sapient is a registered service mark of Sapient Corporation.