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BearingPoint's IM application suite features new Oracle EPM system
www.cbronline.com | Jul 18, 2008
BearingPoint, a management and technology consulting firm, has announced that it will offer the new release of Oracles Enterprise Performance Management System as part of its recently introduced Information Management Solution Suite of services.
http://www.cbronline.com/article_news.asp?guid=6CD8E035-3796-47B7-B947-4C30B61D3012
BearingPoint designs communications network for Florida police department
www.bizjournals.com | Jun 3, 2008
The McLean-based technology and consulting firm was hired last year to design and manage the communications network for the 200-member police force, which was established only 18 months ago.
http://www.bizjournals.com/washington/stories/2008/06/02/daily23.html?ana=from_rss
BearingPoint implements Guidewire claims system for CompWest
cbronline.com | May 30, 2008
BearingPoint, a management and technology consulting firm, and Guidewire Software, an insurance solutions provider, have completed the seven-month implementation of a new claims system for CompWest Insurance, a San Francisco-based provider of workers compensation insurance.
http://cbronline.com/article_news.asp?guid=97B12EB4-61FE-41E3-85B0-26858EF07608
BearingPoint Completes Implementation of Guidewire Claims System
www.b-eye-network.com | May 29, 2008
Business Intelligence Network delivers business intelligence, data warehousing and analytics resources provided by Claudia Imhoff, Bill Inmon and other experts. Additional topics include data quality, data integration, CRM, data marts, data mining, business performance management, BPM, data
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Analysts: Users beware of BearingPoint's problems
www.microscope.co.uk
Clients of BearingPoint (formerly KPMG Consulting) should monitor the struggling IT services provider to make sure its financial problems do not affect the quality of its work, analysts have cautioned.
ITAA Press Release
Arlington, VA - The Information Technology Association of America (ITAA) today announced that John Higgins, chief learning officer of BearingPoint Inc., one of the world's largest business consulting and systems integration firms, will chair the Association's e-Learning Committee.
Banking Channel Optimization: Rationalizing the Customer Experience
marktstudien.nzzcampus.ch
Banking customers are growing accustomed to using ATMs, the Web and other remote access channels for transactions. But they still rely heavily on in-person visits to the branch and other high-cost channels.
http://marktstudien.nzzcampus.ch/files/WhitePaper-BankingChannelOptimization.pdf
Free Information on BearingPoint Customer Relationship Management (CRM)
In today's business environment, your success depends on understanding your customers, exceeding their demands for service and delivering value across all touch points. At BearingPoint, we understand that effective Customer Relationship Management (CRM) depends on more than just technology.
http://searchcio.bitpipe.com/detail/PROD/1086263341_154.html
News from Zibb.com
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BearingPoint Names Eileen Kamerick Chief Financial Officer - Zibb.com
MCLEAN, Va., May 12, 2008 (BUSINESS WIRE) --
Kamerick, who joins BearingPoint after serving as executive vice president, chief financial and chief administrative officer for global executive level search and leadership consulting services provider, Heidrick & Struggles International, Inc. (NASDAQ: HSII), will be part of the firm's senior leadership team with responsibilities for the financial management of the enterprise. As part of her portfolio, she will oversee all corporate finance and accounting functions, including corporate controllership, investor relations, tax, treasury and transaction services. Kamerick replaces Judy Ethell and will report directly to CEO, Ed Harbach. Ethell will remain with BearingPoint through July 31, 2008. "We thank Judy for her many contributions to BearingPoint particularly for her role in bringing the company current in its financial filings," said Harbach.
Kamerick has built a career orchestrating financial strategies that have led to increased margins and profitability for public and privately held companies. Her broad finance expertise has led to demonstrable financial improvements at every organization she has served.
"Eileen is extremely well placed to lead BearingPoint's financial organization through what we view to be a significant phase in our business and corporate life cycle," said Harbach. "She is well regarded by Wall Street and the investment community for her straight-ahead, efficient style of management and has a proven track record of engineering dramatic improvements in financial performance that will assist in our drive to boost operational margins.
"Eileen is very familiar with the service business model and what it takes to operate competitively on a global scale," Harbach continued. "There is no question that as we move swiftly on our plans to build a stronger organization that Eileen's financial acumen, experience and ability to execute will be key contributors."
During her tenure at Heidrick & Struggles, Kamerick played an integral role in the development and execution of operational and financial strategies, all of which resulted in dramatic revenue and margin growth. Kamerick also successfully transformed company cost structure as EVP and CFO of BCOM3 Group, Inc., a media holding company with operations in more than 90 countries. Previously, Kamerick held CFO positions at United Stationers, Inc. and BP Amoco Americas. Kamerick holds a Bachelor of Arts from Boston College, a Juris Doctor from the University of Chicago and a Masters in Business Administration from the Graduate School of Business at the University of Chicago.
Kamerick added, "I am excited to join BearingPoint. This was an opportunity I just couldn't pass up and I am thrilled to lead a team focused on designing financial strategies that will lead the company toward profitable growth. Innovation and commitment to client service--the hallmarks of a great company--suggest a bright future for BearingPoint."
About BearingPoint, Inc.
BearingPoint, Inc. (NYSE:BE) is one of the world's largest providers of management and technology consulting services to Global 2000 companies and government organizations in 60 countries worldwide. Based in McLean, Va., the firm has approximately 16,000 employees focusing on the Public Services, Commercial Services and Financial Services industries. BearingPoint professionals have built a reputation for knowing what it takes to help clients achieve their goals, and working closely with them to get the job done. Our service offerings are designed to help our clients generate revenue, increase cost-effectiveness, manage regulatory compliance, integrate information and transition to "next-generation" technology. For more information, visit the Company's Web site at www.BearingPoint.com.
Some of the statements in this press release constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. These statements are based on our current expectations, estimates and projections. Words such as "will," "expects," "believes" and similar expressions are used to identify these forward-looking statements. These statements are only predictions and as such are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Forward-looking statements are based upon assumptions as to future events or our future financial performance that may not prove to be accurate. Actual outcomes and results may differ materially from what is expressed or forecast in these forward-looking statements. As a result, these statements speak only as of the date they were made, and the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE: BearingPoint, Inc.
BearingPoint, Inc. Aaron Bedy, 404-538-5289 aaron.bedy@bearingpoint.com
Tags: accounting business career ceo commercial community consulting contributions corporate engineering executive finance financial services government media nasdaq nyse president revenue tax technology track treasury virginia web
Companies: BearingPoint Inc. (BE), Heidrick & Struggles International, Inc. (HSII)
BearingPoint Reports First-Quarter Financial Results - Zibb.com
MCLEAN, Va., May 12, 2008 (BUSINESS WIRE) --
BearingPoint (NYSE:BE), one of the world's largest management and technology consulting firms, today announced its first-quarter financial results for the period ending March 31, 2008.
Ed Harbach, BearingPoint's chief executive officer, said, "BearingPoint's first quarter results for 2008 are meaningful in a number of important ways. We posted an operating profit for the first time in seven quarters, we made significant improvements in our selling, general and administrative expenses and posted the smallest net loss in nearly two years.
"With increases in other critical metrics like utilization and bookings, which increased year-over-year for the first time in five quarters, BearingPoint has made notable strides in its effort to turn the corner financially, underscoring that our efforts to increase operational profitability are working," Harbach continued. "Further, net revenue remained flat, signaling our ability to maintain our revenue base even as we streamline our business and tightening our focus in targeted areas.
"We remain committed to focusing on delivering differentiated solutions in target markets where we can win and be profitable, motivating and developing our world-class employee base, improving our operational excellence and managing costs," continued Harbach. "We believe these efforts will lead to continued long-term improvement in our financial condition and overall growth."
First-Quarter 2008 Financial Results
-- Gross revenue was $830 million in the first quarter compared to $866.3 million in the first quarter of 2007, a decrease of 4.2 percent.
-- Net revenue (gross revenue less other direct contract expenses) was $671.7 million in the first quarter compared to $670.4 million in the first quarter of 2007, an increase of .2 percent.
-- Gross profit was $152.7 million in the first quarter compared to $132.1 million in the first quarter of 2007, resulting in a gross margin (gross profit as a percentage of revenue) of 18.4 percent in the first quarter, compared to 15.2 percent in the first quarter of 2007.
-- Selling, general and administrative (SG&A) expense was $142.7 million in the first quarter, a $34.5 million and 19.5 percent decrease from $177.2 million in the first quarter of 2007. This improvement was primarily due to lower costs related to the closing of the Company's financial statements and internal control remediation.
-- Operating income increased by 122.1 percent to $10.0 million in the first quarter compared to an operating loss of $45.2 million in the first quarter of 2007, marking the first operating profit in seven quarters.
-- Net loss in the first quarter was the lowest it has been in seven quarters at $23.2 million compared to a loss of $61.7 million in the first quarter of 2007. Loss per share basic and diluted was $0.10 in the first quarter compared to $0.29 in the first quarter of 2007.
-- Cash balance was $413.4 million on March 31, 2008 compared to $248.8 million on March 31, 2007.
-- In the first quarter of 2008, BearingPoint won business with the following customers: the Korea East West Power Company, Dyno Nobel Canada, Total SA, The U.S. Navy Program Executive Office for Enterprise Information Systems, The Department of Homeland Security, the U.S. Army Medical Research and Materiel Command, the City of Toronto, the City University of New York, Toyota Tsusho, a large Japanese trading company, and IHI Corporation, a diversified manufacturing company.
First Quarter 2008 Metrics
-- Bookings were $745.4 million compared to $709.5 million in the first quarter of 2007, an increase of 5.1 percent year-over-year.
-- DSO was 85 days at March 31, 2008 compared to 91 days at March 31, 2007.
-- Utilization was 77.8 percent compared to 76.6 percent for the first quarter of 2007, an increase of 120 basis points.
-- Billable headcount was approximately 13,800 compared to approximately 15,200 for the first quarter of 2007.
-- Voluntary attrition was 26.3 percent compared to 23.7 percent for the first quarter of 2007.
"Our bookings for the first quarter were amongst the highest they've been in seven quarters and we have reduced DSOs each and every quarter on a year-over-year basis, for the past 12 quarters. Continuing these improvements is critical to our ability to generate positive free cash flow," said Harbach.
2008 Business Outlook
BearingPoint revised its estimates for 2008 indicating that its results for the year would likely include:
-- Flat net revenue growth
-- SG&A expense in the range of $580 to $585 million
-- Net loss of approximately $70 million
-- Year-end cash and cash equivalents in the vicinity of $500 million
-- Free-cash flow of approximately $30 million
"We have made a great deal of progress in re-focusing our North American Commercial Services and Financial Services practices but, frankly, more work is needed if we are to be able to meet and exceed today's revised estimates," said Harbach. "We are working tirelessly in our efforts to accelerate our business turnaround, but our 2008 results will depend, in large part, on how quickly we can complete that turnaround as well as on the continued success of our Public Service practice. Like many global companies, currency fluctuations and global economic and business conditions will continue to play a significant role in our ultimate results for the year."
BearingPoint also noted that it is currently considering certain actions with respect to outstanding Performance Share Units previously granted to its employees. BearingPoint indicated that, if such actions are taken, the Company could incur significant additional non-cash, stock compensation expense in 2008 that is not currently reflected in the revised outlook it has provided.
Segment and Region Results (in thousands)
Three Months Ended March 31
---------------------------------------------
2008 2007
--------------------- ---------------------
Operating Operating
Revenue Income (Loss) Revenue Income (Loss)
-------- ------------- -------- -------------
Public Services $340,098 $ 67,956 $361,693 $ 64,960
Commercial Services 112,431 14,077 136,282 20,827
Financial Services 49,384 1,223 72,205 3,898
EMEA 210,634 34,717 188,805 36,029
Asia Pacific 89,266 21,831 83,155 11,541
Latin America 27,692 3,708 22,266 (4,255)
Corporate/Other 515 (133,522) 1,846 (178,184)
-------- ------------- -------- -------------
Total $830,020 $ 9,990 $866,252 $ (45,184)
======== ============= ======== =============
Conference Call
BearingPoint will host a teleconference call and an audio cast beginning at 5 p.m. E.T. on Monday, May 12. To listen via telephone, please dial 1 (800) 399-6696 (+1 (706) 679-7614 outside the United States, Puerto Rico and Canada) approximately 15 minutes before the scheduled start of the call. The audio cast will be available on the Investor Relations section of the BearingPoint Web site at www.bearingpoint.com.
Approximately two hours after the end of the meeting, a replay will be available online at www.bearingpoint.com and via telephone by dialing +1 (800) 642-1687 (+1 (706) 645-9291 outside the United States, Puerto Rico and Canada) and entering conference code 42664440 from 7 p.m. E.T. on May 12 through 11:59 p.m. E.T. on May 26.
About BearingPoint, Inc.
BearingPoint, Inc. (NYSE:BE) is one of the world's largest providers of management and technology consulting services to Global 2000 companies and government organizations in 60 countries worldwide. Based in McLean, Va., the firm has approximately 16,000 employees focusing on the Public Services, Commercial Services and Financial Services industries. BearingPoint professionals have built a reputation for knowing what it takes to help clients achieve their goals, and working closely with them to get the job done. Our service offerings are designed to help our clients generate revenue, increase cost-effectiveness, manage regulatory compliance, integrate information and transition to "next-generation" technology. For more information, visit the Company's Web site at www.BearingPoint.com.
Forward-Looking Statements
This release contains forward-looking statements. Words such as "may," "will," "could," "would," "should," "anticipate," "continue," "expects," "intends," "plans," "believes," "in the Company's view" and similar expressions are used to identify these forward-looking statements. These statements are only predictions and, as such, are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict and could materially and adversely affect the Company's financial condition and results of operations. Forward-looking statements are based upon assumptions as to future events that may not prove to be accurate. Actual outcomes and results may differ materially from what is expressed or forecasted in these forward-looking statements. As a result, these statements speak only as of the date they were made, and the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
The Company's operations, financial condition and outlook are subject to various risks. For information regarding these risks, please refer to the risk factors included in Item 1A, "Risk Factors" to the Company's Annual Report on Form 10-K for the year ended December 31, 2007, and in its quarterly reports on Form 10-Q for its 2008 quarterly periods, as filed with the U.S. Securities and Exchange Commission and available at http://www.sec.gov. These risks include, but are not limited to the Company's ability to: meet client demands; maintain billing and utilization rates and control costs; successfully implement its new North American financial system; significantly reduce selling, general and administrative expenses; minimize cost overruns relating to its services; meet expected near-term cash needs, and generate sufficient positive cash flow from operating activities, including to meet its obligations under its debentures (including the repurchase of $200.0 million of its debentures as early as April 2009); manage legal liabilities and damage to our professional reputation from claims made against our work; post cash collateral to support obligations under its credit facility or surety bonds if so required; obtain new surety bonds, letters of credit or bank guarantees in support of client engagements; file timely SEC periodic reports; and avoid potential delisting from the New York Stock Exchange.
Financial and Operational Notes
We believe that it is useful to monitor net revenue because it represents the actual amount paid by our clients for the services we provide, as opposed to services provided by others and ancillary costs and expenses. Net revenue is a non-GAAP financial measure. The most directly comparable financial measure in accordance with GAAP is revenue. Net revenue is derived by reducing the components of revenue that consist of other direct contract expenses, which are costs that are directly attributable to client engagements. These costs include items such as computer hardware and software, travel expenses for professional personnel and costs associated with subcontractors. Gross revenue for Q1 2008 is $830 million. Other direct contract expenses are $158 million. When other direct contact expenses are subtracted from gross revenue of $830 million, the result is $672 million, which is net revenue.
We believe that free cash flow is a useful measure because it allows better understanding and assessment of our ability to meet debt service requirements and the amount of recurring cash generated from operations after expenditures for fixed assets. Free cash flow does not represent our residual cash flow available for discretionary expenditures as it excludes certain mandatory expenditures such as repayment of maturing debt. We use free cash flow as a measure of recurring operating cash flow. Free cash flow is a non-GAAP financial measure. The most directly comparable financial measure calculated in accordance with GAAP is net cash provided by operating activities. Free cash flow is calculated by subtracting purchases of property and equipment from cash provided by operating activities.
We believe that information regarding our new contract bookings provides useful trend information regarding how the volume of our new business changes over time. Comparing the amount of new contract bookings and revenue provides us with an additional measure of the short-term sustainability of revenue growth. Information regarding our new bookings should not be compared to, or substituted for, an analysis of our revenue over time. There are no third-party standards or requirements governing the calculation of bookings. New contract bookings are recorded using then existing currency exchange rates and are not subsequently adjusted for currency fluctuations. These amounts represent our estimate at contract signing of the net revenue expected over the term of that contract and involve estimates and judgments regarding new contracts as well as renewals, extensions and additions to existing contracts. Subsequent cancellations, extensions and other matters may affect the amount of bookings previously reported; however, we do not revise previously reported bookings. Bookings do not include potential revenue that could be earned from a client relationship as a result of future expansion of service offerings to that client, nor does it reflect option years under contracts that are subject to client discretion. We do not record unfunded U.S. Federal contracts as new contract bookings while appropriation approvals remain pending as there can be no assurances that these approvals will be forthcoming in the near future, if at all. Consequently, there can be significant differences between the time of contract signing and new contract booking recognition. Our level of bookings provides an indication of how our business is performing: a positive variance between bookings and revenue is indicative of business momentum, a negative variance is indicative of a business downturn. Nonetheless, we do not characterize our bookings, or our engagement contracts associated with new bookings, as backlog because our engagements generally can be cancelled or terminated on short notice or without notice.
Utilization represents the percentage of time our consultants are performing work, and is defined as total hours charged to client engagements or to non-chargeable client-relationship projects divided by total available hours for any specific time period, net of holiday and paid vacation hours.
BEARINGPOINT, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share amounts)
(unaudited)
Three Months Ended
March 31,
---------------------------
2008 2007
------------- -------------
Revenue $ 830,020 $ 866,252
------------- -------------
Costs of service:
Professional compensation 453,697 474,609
Other direct contract expenses 158,277 195,877
Lease and facilities restructuring
credits (6,052) (4,887)
Other costs of service 71,359 68,593
------------- -------------
Total costs of service 677,281 734,192
------------- -------------
Gross profit 152,739 132,060
Selling, general and administrative
expenses 142,749 177,244
------------- -------------
Operating income (loss) 9,990 (45,184)
Interest income 2,513 1,752
Interest expense (16,069) (10,869)
Other (expense) income, net (2,331) 95
------------- -------------
Loss before taxes (5,897) (54,206)
Income tax expense 17,292 7,500
------------- -------------
Net loss $ (23,189) $ (61,706)
============= =============
Loss per share -- basic and diluted $ (0.10) $ (0.29)
Weighted average shares -- basic and
diluted 222,351,767 214,372,953
BEARINGPOINT, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)
March 31,
2008 December 31,
(unaudited) 2007
------------ ------------
ASSETS
Current assets:
Cash and cash equivalents $ 409,460 $ 466,815
Restricted cash 3,943 1,703
Accounts receivable, net of allowances of
$6,035 at March 31, 2008 and $5,980 at
December 31, 2007 362,882 356,178
Unbilled revenue 348,707 319,132
Income tax receivable 12,846 8,869
Deferred income taxes 14,322 11,521
Prepaid expenses 33,628 36,500
Other current assets 43,931 38,122
------------ ------------
Total current assets 1,229,719 1,238,840
Property and equipment, net 111,305 113,771
Goodwill 528,230 494,656
Deferred income taxes, less current portion 17,988 25,179
Other assets 117,796 108,958
------------ ------------
Total assets $ 2,005,038 $ 1,981,404
============ ============
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities:
Current portion of notes payable $ 5,310 $ 3,700
Accounts payable 202,041 215,999
Accrued payroll and employee benefits 379,276 368,208
Deferred revenue 97,446 115,961
Income tax payable 41,095 58,304
Current portion of accrued lease and
facilities charges 17,326 17,618
Deferred income taxes 13,336 15,022
Accrued legal settlements 23,860 8,716
Other current liabilities 110,007 108,364
------------ ------------
Total current liabilities 889,697 911,892
Notes payable, less current portion 971,899 970,943
Accrued employee benefits 129,020 118,235
Accrued lease and facilities charges, less
current portion 37,933 48,066
Deferred income taxes, less current portion 11,922 9,581
Income tax reserve 248,334 242,308
Other liabilities 148,041 149,668
------------ ------------
Total liabilities 2,436,846 2,450,693
------------ ------------
Commitments and contingencies (note 8)
Stockholders' deficit:
Preferred stock, $.01 par value 10,000,000
shares authorized -- --
Common stock, $.01 par value 1,000,000,000
shares authorized, 222,707,204 shares
issued and 217,907,212 shares outstanding
on March 31, 2008 and 219,890,126 shares
issued and 215,156,077 shares outstanding
on December 31, 2007 2,214 2,186
Additional paid-in capital 1,459,650 1,438,369
Accumulated deficit (2,203,767) (2,180,578)
Accumulated other comprehensive income 348,334 308,857
Treasury stock, at cost (4,799,992 shares
on March 31, 2008 and 4,734,049 shares on
December 31, 2007) (38,239) (38,123)
------------ ------------
Total stockholders' deficit (431,808) (469,289)
------------ ------------
Total liabilities and stockholders'
deficit $ 2,005,038 $ 1,981,404
============ ============
BEARINGPOINT, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Three Months Ended
March 31,
2008 2007
--------- ----------
Cash flows from operating activities:
Net loss $(23,189) $ (61,706)
Adjustments to reconcile net loss to net cash
used in operating activities:
Provision for deferred income taxes 5,214 7,127
(Benefit) provision for doubtful accounts (1,000) 1,352
Stock-based compensation 21,309 16,230
Depreciation and amortization of property
and equipment 12,426 17,896
Lease and facilities restructuring credits (6,052) (4,887)
(Gain) loss on disposal and impairment of
assets (23) 106
Amortization of debt issuance costs and
debt accretion 2,993 2,844
Other 3,342 (518)
Changes in assets and liabilities:
Accounts receivable 5,753 20,285
Unbilled revenue (24,715) (89,713)
Income tax receivable, prepaid expenses and
other current assets (4,682) 33,711
Other assets (8,484) (7,657)
Accounts payable (17,140) (43,781)
Income tax payable, accrued legal
settlements and other current liabilities (10,596) (56,802)
Accrued payroll and employee benefits 1,396 37,854
Deferred revenue (18,687) (10,849)
Income tax reserve and other liabilities (93) 1,662
--------- ----------
Net cash used in operating activities (62,228) (136,846)
--------- ----------
Cash flows from investing activities:
Purchases of property and equipment (8,428) (12,319)
Increase in restricted cash (2,239) (191)
--------- ----------
Net cash used in investing activities (10,667) (12,510)
--------- ----------
Cash flows from financing activities:
Proceeds from issuance of common stock 1 -
Treasury stock through net share delivery (92) -
Net proceeds from issuance of notes payable 2,141 -
Repayments of notes payable (750) (360)
Increase in book overdrafts 884 4,191
--------- ----------
Net cash provided by financing activities 2,184 3,831
--------- ----------
Effect of exchange rate changes on cash and cash
equivalents 13,356 1,433
--------- ----------
Net decrease in cash and cash equivalents (57,355) (144,092)
Cash and cash equivalents -- beginning of period 466,815 389,571
--------- ----------
Cash and cash equivalents -- end of period $409,460 $ 245,479
========= ==========
Three Months Ended
March 31,
--------------------
2008 2007
--------- ----------
Gross Profit
Public Services $ 76,071 $ 71,005
Commercial Services 19,322 25,980
Financial Services 5,736 8,265
EMEA 40,065 41,869
Asia Pacific 24,918 13,996
Latin America 4,656 (2,786)
Corporate/Other (18,029) (26,269)
--------- ----------
Total $152,739 $132,060
========= ==========
Three Months Ended
March 31,
--------------------
2008 2007
--------- ----------
Gross Profit as a % of revenue
Public Services 22.4% 19.6%
Commercial Services 17.2% 19.1%
Financial Services 11.6% 11.4%
EMEA 19.0% 22.2%
Asia Pacific 27.9% 16.8%
Latin America 16.8% (12.5%)
Corporate/Other n/m n/m
Total 18.4% 15.2%
SOURCE: BearingPoint
BearingPoint For Media Aaron Bedy Global Communications 404-538-5289 aaron.bedy@bearingpoint.com or For Investors Denise Stone Investor Relations 973-214-9953 denise.stone@bearingpoint.com
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Companies: BearingPoint Inc. (BE)
BearingPoint Builds SAP ERP Human Capital Management-Based System for East Japan Railway - Zibb.com
MCLEAN, Va., Jun 30, 2008 (BUSINESS WIRE) --
BearingPoint, Inc. (NYSE:BE), one of the world's largest management and technology consulting firms, announced today that it has established a new human capital management system for East Japan Railway Company, also known as JR East. The solution is built on the SAP(R) ERP Human Capital Management (SAP ERP HCM) solution and has been running smoothly since its formal introduction.
JR East is the largest passenger railway company in the world serving 16 million passengers daily. Established 21 years ago, the company is now restructuring its operations to achieve further growth. Previously, JR East had managed human resources, payroll, social insurance and welfare data separately, distributing personal information across multiple systems. They needed a system that could streamline administrative work, provide better service to the employees and quickly adjust to personnel-system and organizational changes.
To address this need, JR East decided to deploy SAP ERP HCM and establish a new system to integrate its human resource-related systems. BearingPoint helped JR East merge the employee master data from its existing systems, build a new human resource portal for relevant departments to share data, and improve the Web service menus used by managers and regular employees to view and update information. This project involved completely replacing the existing dedicated human capital management terminals. Now, approximately 62,000 employees, including employees located at affiliated companies, use the new system, which is now one of the largest SAP ERP user bases in the Asia-Pacific region.
To establish the new system, JR East looked to BearingPoint for its experience and achievements in installing human resource information systems and providing business process redesign consulting. BearingPoint collaborated with JR East Japan Information Systems Company to develop the basic concept, define the system requirements, and design and develop the system. The two companies also worked together to provide support for smooth and stable operations, and conduct change management. On the advice of BearingPoint, JR East selected SAP ERP HCM because SAP and its products rate highly for reliability, functionality and technological superiority. JR East also took into account the compatibility of its current human resource processes and IT environment.
BearingPoint won the 2008 SAP Award of Excellence presented by SAP Japan in the category "Project Award", which recognizes project impact and innovation. The award for was given to BearingPoint for the new SAP ERP HCM-based system implemented at JR East, a project in which BearingPoint completed one of the Asia-Pacific region's largest SAP ERP HCM-based systems.
About BearingPoint, Inc.
BearingPoint, Inc. (NYSE: BE) is one of the world's largest providers of management and technology consulting services to Global 2000 companies and government organizations in more than 60 countries worldwide. Based in McLean, Va., the firm has more than 16,000 employees focusing on the Public Services, Commercial Services and Financial Services industries. BearingPoint professionals have built a reputation for knowing what it takes to help clients achieve their goals, and working closely with them to get the job done. Our service offerings are designed to help our clients generate revenue, increase cost-effectiveness, manage regulatory compliance, integrate information and transition to "next-generation" technology. For more information, visit the Company's Web site at www.BearingPoint.com.
Some of the statements in this press release constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. These statements are based on our current expectations, estimates and projections. Words such as "will," "expects," "believes" and similar expressions are used to identify these forward-looking statements. These statements are only predictions and as such are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Forward-looking statements are based upon assumptions as to future events or our future financial performance that may not prove to be accurate. Actual outcomes and results may differ materially from what is expressed or forecast in these forward-looking statements. As a result, these statements speak only as of the date they were made, and the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE: BearingPoint, Inc.
BearingPoint, Inc. Aaron Bedy, 404-538-5289 aaron.bedy@bearingpoint.com
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Companies: BearingPoint Inc. (BE)
BearingPoint downgraded to hold at Citigroup - Zibb.com
NEW YORK, May 13, 2008 (Thomson Financial via COMTEX) --
BearingPoint Inc. Tuesday was downgraded to hold from buy at Citigroup, which said the company's wider-than-expected first-quarter loss and the lowered management outlook is cause for caution.
The company reported a first-quarter loss of 10 cents a share, exceeding Citi's estimate for a loss of 3 cents a share.
Cyclical slowing in key client verticals or an appreciation in the U.S. dollar may stretch the company's turnaround over two years as revenue softens over the next 12 months, Citi added. This is a year more than previously anticipated and may require a change in the firm's estimates for BearingPoint, Citi said.
Citigroup lowered its price target for the company to $2.25 from $3.20.
BearingPoint shares closed at $1.86 on Monday. Christie Rizk cr/pc
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