|
Company
|
Galt
|
Pro
Forma
Adjustments
|
Note
|
Pro
Forma
Consolidated
|
||||||||||||
|
Assets
|
||||||||||||||||
|
Current
assets:
|
||||||||||||||||
|
Cash
and cash equivalents
|
$
|
31,820
|
$
|
4,768
|
$
|
(13,887
|
)
|
1
|
$
|
17,933
|
||||||
|
(4,768
|
)
|
3
|
||||||||||||||
|
Receivables
from clients, net
|
29,164
|
2,798
|
(2,798
|
)
|
3
|
29,164
|
||||||||||
|
Unbilled
services, net
|
18,187
|
2,180
|
(2,180
|
)
|
3
|
18,187
|
||||||||||
|
Income
tax receivable
|
232
|
¾
|
¾
|
232
|
||||||||||||
|
Deferred
income taxes
|
12,553
|
¾
|
¾
|
12,553
|
||||||||||||
|
Other
current assets
|
5,799
|
36
|
(36
|
)
|
3
|
5,799
|
||||||||||
|
Total
current assets
|
97,755
|
9,782
|
(23,669
|
)
|
83,868
|
|||||||||||
|
Property
and equipment, net
|
13,162
|
12
|
¾
|
13,174
|
||||||||||||
|
Deferred
income taxes
|
2,154
|
¾
|
¾
|
2,154
|
||||||||||||
|
Deposits
|
1,147
|
¾
|
¾
|
1,147
|
||||||||||||
|
Intangible
assets, net
|
844
|
¾
|
4,600
|
2
|
5,444
|
|||||||||||
|
Goodwill
|
14,637
|
¾
|
15,775
|
2
|
30,412
|
|||||||||||
|
Total
assets
|
$
|
129,699
|
$
|
9,794
|
$
|
(3,294
|
)
|
$
|
139,199
|
|||||||
|
Liabilities
and stockholders’/ members’
equity
|
||||||||||||||||
|
Current
liabilities:
|
||||||||||||||||
|
Accounts
payable
|
$
|
2,671
|
$
|
153
|
$
|
(153
|
)
|
3
|
$
|
2,671
|
||||||
|
Accrued
expenses
|
4,357
|
¾
|
¾
|
4,357
|
||||||||||||
|
Accrued
payroll and related benefits
|
32,073
|
¾
|
¾
|
32,073
|
||||||||||||
|
Income
tax payable
|
491
|
¾
|
¾
|
491
|
||||||||||||
|
Deferred
revenues
|
4,609
|
¾
|
¾
|
4,609
|
||||||||||||
|
Current
portion of borrowings and capital
lease obligations
|
1,282
|
¾
|
6,500
|
1
|
7,782
|
|||||||||||
|
Total
current liabilities
|
45,483
|
153
|
6,347
|
51,983
|
||||||||||||
|
Non-current
liabilities:
|
||||||||||||||||
|
Accrued
expenses
|
274
|
¾
|
¾
|
274
|
||||||||||||
|
Borrowings
and capital lease obligations, net
of current portion
|
2,127
|
¾
|
¾
|
2,127
|
||||||||||||
|
Deferred
lease incentives
|
6,283
|
¾
|
¾
|
6,283
|
||||||||||||
|
Total
non-current liabilities
|
8,684
|
¾
|
¾
|
8,684
|
||||||||||||
|
Stockholders’
/ members’ equity
|
75,532
|
9,641
|
(9,641
|
)
|
3
|
75,532
|
||||||||||
|
Total
liabilities and stockholders’ equity
|
$
|
129,699
|
$
|
9,794
|
$
|
(3,294
|
)
|
$
|
136,199
|
|||||||
|
Company
|
Galt
|
Pro
Forma Adjustments
|
Note
|
Pro
Forma Consolidated
|
||||||||||||
|
Revenues
and reimbursable expenses:
|
||||||||||||||||
|
Revenues
|
$
|
207,213
|
$
|
16,779
|
$
|
(657
|
)
|
4
|
$
|
223,335
|
||||||
|
Reimbursable
expenses
|
18,749
|
2,426
|
(178
|
)
|
4
|
20,997
|
||||||||||
|
Total
revenues and reimbursable expenses
|
225,962
|
19,205
|
(835
|
)
|
244,332
|
|||||||||||
|
Direct
costs and reimbursable expenses (exclusive
of depreciation and amortization
shown
in operating expenses):
|
||||||||||||||||
|
Direct
costs
|
117,768
|
7,812
|
(657
|
)
|
4
|
125,669
|
||||||||||
|
746
|
5
|
|||||||||||||||
|
Intangible
assets amortization
|
1,314
|
¾
|
1,800
|
6
|
3,114
|
|||||||||||
|
Reimbursable
expenses
|
18,982
|
2,425
|
(178
|
)
|
4
|
21,229
|
||||||||||
|
Total
direct costs and reimbursable expenses
|
138,064
|
10,237
|
1,711
|
150,012
|
||||||||||||
|
Operating
expenses:
|
||||||||||||||||
|
Selling,
general and administrative
|
51,035
|
283
|
¾
|
51,318
|
||||||||||||
|
Depreciation
and amortization
|
5,282
|
2
|
1,760
|
6
|
7,044
|
|||||||||||
|
Total
operating expenses
|
56,317
|
285
|
1,760
|
58,362
|
||||||||||||
|
Operating
income
|
31,581
|
8,683
|
(4,306
|
)
|
35,958
|
|||||||||||
|
Other
income (expense)
|
435
|
30
|
(884
|
)
|
7
|
(419
|
)
|
|||||||||
|
Income
before provision for income taxes
|
32,016
|
8,713
|
(5,190
|
)
|
35,539
|
|||||||||||
|
Provision
(benefit) for income taxes
|
14,247
|
¾
|
(2,087
|
)
|
8
|
15,663
|
||||||||||
|
3,503
|
9
|
|||||||||||||||
|
Net
income
|
$
|
17,769
|
$
|
8,713
|
$
|
(6,606
|
)
|
$
|
19,876
|
|||||||
|
Earnings
per share:
|
||||||||||||||||
|
Basic
|
$
|
1.13
|
$
|
1.26
|
||||||||||||
|
Diluted
|
$
|
1.05
|
$
|
1.18
|
||||||||||||
|
Weighted
average shares used in calculating earnings per share:
|
||||||||||||||||
|
Basic
|
15,741
|
15,741
|
||||||||||||||
|
Diluted
|
16,858
|
16,858
|
||||||||||||||
|
Cash
paid at closing
|
$
|
13,887
|
||
|
Borrowings
|
6,500
|
|||
|
Total
purchase price
|
$
|
20,387
|
|
Net
assets purchased
|
$
|
12
|
||
|
Customer
contracts
|
1,800
|
|||
|
Customer
relationships
|
1,500
|
|||
|
Non-competition
agreements
|
1,300
|
|||
|
Goodwill
|
15,775
|
|||
|
Total
purchase price
|
$
|
20,387
|