HEW » Topics » Pro Forma Results

This excerpt taken from the HEW 8-K filed Nov 10, 2005.

Pro Forma Results

 

In accordance with SEC regulations for the determination of pro forma results, the prior-year pro forma results have been prepared assuming that the Company’s merger with Exult had occurred on October 1, 2003, and exclude all merger-related non-recurring items. Prior year pro forma information, as if Hewitt and Exult operations were combined in fiscal 2004, is provided to assist in the comparability with current-period results.

 

Fourth Quarter:

 

    Pro forma net revenues increased 3%. On this basis, Outsourcing revenues increased 3%, and Consulting revenues increased 5%. The net favorable impact on revenues from foreign currency translation was $3 million.

 

    Pro forma total Company operating income increased 24%, and pro forma operating margin was 9.4%, compared to 7.8% in the pro forma prior-year quarter.

 

    Pro forma net income increased 30%, compared with prior-year pro forma net income of $31.2 million, or $0.26 per diluted share.

 

Fiscal 2005:

 

    Pro forma net revenues increased 7%. On this basis, Outsourcing revenues increased 7%, and Consulting revenues increased 6%.

 

    Pro forma total Company operating income increased 11%, and pro forma operating margin was 8.2%, compared to 7.9% in the pro forma prior year.

 

    Pro forma net income increased 17%, compared with prior-year pro forma net income of $114.7 million, or $0.95 per diluted share.

 

For the year, adjusting for the net favorable effects of foreign currency translation of approximately $27 million, and approximately $18 million for the fiscal 2005 impacts of Exult’s ReloAction acquisition, the acquisition of the majority interest of the Company’s Puerto Rico operations, and the September acquisition of the pension administration business of Royal Philips Electronics, pro forma total Company revenues increased 5%.

 

The improvement in pro forma operating margin was due to lower total incentive compensation and discretionary benefit plan expenses, increased Consulting revenues and margins, and lower unallocated shared services costs. The improvement was offset by lower Outsourcing margins.

 

3


This excerpt taken from the HEW 8-K filed Feb 7, 2005.

Pro Forma Results

 

In accordance with SEC regulations for the determination of pro forma results, the prior-year pro forma results have been prepared assuming that the Company’s merger with Exult had occurred on October 1, 2003, and exclude all related non-recurring items. Pro forma information is provided to assist in the comparability of current-period results as if Hewitt and Exult operations were combined in fiscal 2004. Pro forma results are non-GAAP financial measures.

 

Total Company net revenues grew 11% in the first quarter, to $710.4 million, from $641.8 million in the pro forma prior-year quarter. Adjusting for the net favorable effects of foreign currency translation of approximately $12 million, and the fiscal 2005 first quarter impacts of Exult’s ReloAction acquisition and the acquisition of the majority interest of the Company’s Puerto Rico operations (“2004 acquisitions”) of approximately $7 million, total Company revenues increased 8%.

 

Net income increased 16% in the first quarter to $34.0 million, or $0.28 per diluted share, from $29.3 million, or $0.24 per diluted share, in the pro forma comparable prior-year quarter.

 

EXCERPTS ON THIS PAGE:

8-K
Nov 10, 2005
8-K
Feb 7, 2005
Wikinvest © 2006, 2007, 2008, 2009, 2010, 2011, 2012. Use of this site is subject to express Terms of Service, Privacy Policy, and Disclaimer. By continuing past this page, you agree to abide by these terms. Any information provided by Wikinvest, including but not limited to company data, competitors, business analysis, market share, sales revenues and other operating metrics, earnings call analysis, conference call transcripts, industry information, or price targets should not be construed as research, trading tips or recommendations, or investment advice and is provided with no warrants as to its accuracy. Stock market data, including US and International equity symbols, stock quotes, share prices, earnings ratios, and other fundamental data is provided by data partners. Stock market quotes delayed at least 15 minutes for NASDAQ, 20 mins for NYSE and AMEX. Market data by Xignite. See data providers for more details. Company names, products, services and branding cited herein may be trademarks or registered trademarks of their respective owners. The use of trademarks or service marks of another is not a representation that the other is affiliated with, sponsors, is sponsored by, endorses, or is endorsed by Wikinvest.
Powered by MediaWiki