-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, U01f9r0GuIasaZ7+gCgix02NBnGbAZYDp7QikgnDQfJa+8Y0oVD97XWolSuGZJCZ bVJPBPjzK3bvyTZFgI4CMA== 0001017917-03-000014.txt : 20030423 0001017917-03-000014.hdr.sgml : 20030423 20030423095220 ACCESSION NUMBER: 0001017917-03-000014 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030423 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20030423 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CCC INFORMATION SERVICES GROUP INC CENTRAL INDEX KEY: 0001017917 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMPUTER PROGRAMMING, DATA PROCESSING, ETC. [7370] IRS NUMBER: 541242469 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-28600 FILM NUMBER: 03659220 BUSINESS ADDRESS: STREET 1: WORLD TRADE CENTER CHICAGO STREET 2: 444 MERCHANDISE MART CITY: CHICAGO STATE: IL ZIP: 60654 BUSINESS PHONE: 3122224636 MAIL ADDRESS: STREET 1: 444 MERCHANDISE MART CITY: CHICAGO STATE: IL ZIP: 606541005 8-K 1 doc1.txt FIRST QUARTER EARNINGS RELEASE UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 --------------------------------- FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): April 23, 2003 CCC INFORMATION SERVICES GROUP INC. (Exact name of registrant as specified in its chapter) Delaware 000 - 28600 54-1242469 (State or other jurisdiction (Commission File Number) (IRS Employer of incorporation) Identification No.) World Trade Center Chicago 444 Merchandise Mart Chicago, Illinois 60654 (Address of Principal Executive Offices) --------------------------------- 312-222-4636 (Registrant's telephone number, including area code) --------------------------------- ITEM 5. OTHER EVENTS - ----------------------- On April 23, 2003, CCC Information Services Group Inc. issued a press release to report its financial results for the fiscal quarter ended March 31, 2003. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS - -------- ------------------------------------ (a) Financial Statements of Business Acquired Not Applicable. (b) Pro Forma Financial Information Not Applicable. (c) Exhibits 99.1 Press Release issued April 23, 2003. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Dated: April 23, 2003 CCC INFORMATION SERVICES GROUP INC. By: Githesh Ramamurthy --------------------------- Githesh Ramamurthy Chief Executive Officer EXHIBIT INDEX ------------- EXHIBIT NUMBER DESCRIPTION - --------------- ----------- 99.1 Press Release issued April 23, 2003 EX-99.1 3 doc2.txt FIRST QUARTER EARNINGS RELEASE EXHIBIT 99.1 MEDIA CONTACTS: INVESTOR CONTACT: - --------------- ------------------ JEANENE O'BRIEN PATRICK DONOGHUE CCC INFORMATION SERVICES INC. CCC INFORMATION SERVICES INC. 312-229-3083 312-229-2984 VICTORIA HOFSTAD CITIGATE FINANCIAL INTELLIGENCE 212-840-0008 CCC INFORMATION SERVICES GROUP INC. REPORTS EPS OF $0.22 FOR THE FIRST QUARTER CHICAGO, APRIL 23, 2003 - CCC Information Services Group Inc. (Nasdaq: CCCG), a leading provider of software and information services to the automotive claims and collision-repair industries, today reported net income of $6.0 million, or $0.22 per share, for the first quarter ended March 31, 2003, compared with net income of $5.2 million, or $0.20 per share, in the same quarter of 2002. Revenues were $47.7 million in the first quarter, compared to $47.5 million in the same quarter of 2002. Operating income rose to $9.8 million in the first quarter, compared with $9.2 million as reported in the same quarter of 2002. Operating margins in the first quarter increased to 20.5%, compared to 19.4% in the same quarter of 2002. The first quarter included one month of results from CCC's recent acquisition of Comp-Est Estimating Solutions ("Comp-Est"). As previously disclosed, CCC acquired substantially all of the assets of Comp-Est on February 26, 2003, from the Motor Information Systems Division of Hearst Business Publishing, Inc. ("Hearst") for approximately $13.0 million in cash. With the acquisition, CCC gains the opportunity to serve over 5,000 additional customers in one of the fastest growing segments of the marketplace, and can offer a broader suite of electronic estimating and other tools to all types of collision-repair businesses. The acquisition of Comp-Est is expected to be accretive in the first year and add over $5 million in revenue for the remainder of 2003 to CCC's collision estimating product suite. CCC expects that the addition of this business will likely increase the growth rate within the automotive repair facility channel from 8-10% to 10-12% for the full year 2003. CCC's expectations for the second quarter and the remainder of 2003 include: - - Revenue for the second quarter will grow in the 1 to 2 percent range. Full year revenue is expected to grow in the mid-single digit range, versus prior guidance of low-to-mid single digits. - - Operating income in the remaining quarters of 2003 is expected to trend higher for two reasons: o New product sales are beginning to generate incremental revenue, and o Comp-Est will provide meaningful income for the full year. Operating income for the second quarter is expected to be in the $10 million range. Operating income for the full year 2003 is expected to be in the $40 to $43 million range, which is unchanged from prior guidance. - - EPS target for the second quarter is expected to be in the $0.22 to $0.24 per share range. EPS for the full year is expected to be in the $0.92 to $0.96 per share range, again unchanged from prior guidance. (Using a fully diluted share base of 27.7 million shares outstanding.) ABOUT CCC CCC Information Services Group Inc. (NASDAQ: CCCG), headquartered in Chicago, is a leading supplier of advanced software, communications systems, Internet and wireless-enabled technology solutions to the automotive claims and collision repair industries. Its technology-based products and services optimize efficiency throughout the entire claims management supply chain and facilitate communication among approximately 20,000 collision repair facilities, 350 insurance companies, and a range of industry participants. For more information about CCC Information Services, visit CCC's Web site at www.cccis.com. This release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and are subject to the safe harbor provisions of those sections and the Private Securities Litigation Reform Act of 1995. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, including those described in the Company's filings with the SEC, and that actual results or developments may differ materially from those in the forward-looking statements, and startup businesses are inherently uncertain. Specific factors that might cause actual results to differ from expectations include, but are not limited to, competition in the automotive claims and collision repair industries, the ability to develop new products and services, the ability to protect trade secrets and proprietary information, the ability to generate the cash flow necessary to meet the Company's obligations, the outcome of certain legal proceedings, and other factors. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's analysis, judgment, belief or expectation only as of the date hereof. The Company has based these forward-looking statements on information currently available and disclaims any intention or obligation to update or revise any forward-looking statement. ### CCC INFORMATION SERVICES GROUP INC. AND SUBSIDIARIES CONSOLIDATED INTERIM STATEMENTS OF OPERATIONS (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) (UNAUDITED)
THREE MONTHS ENDED MARCH 31, -------------------- 2003 2002 -------------------- Revenues. . . . . . . . . . . . . . . . . . $ 47,732 $47,500 Expenses: Production and customer support. . . . . . 7,344 7,146 Commissions, royalties and licenses. . . . 2,417 2,463 Selling, general and administrative. . . . 18,566 19,177 Depreciation and amortization. . . . . . . 1,930 2,418 Product development and programming. . . . 7,696 7,086 -------------------- Total operating expenses. . . . . . . . . . 37,953 38,290 Operating income. . . . . . . . . . . . . . 9,779 9,210 Interest expense. . . . . . . . . . . . . . (222) (228) Other income, net . . . . . . . . . . . . . 89 217 CCC Capital Trust minority interest expense - (448) Equity in losses of ChoiceParts investment. (6) (292) -------------------- Income before income taxes. . . . . . . . . 9,640 8,459 Income tax provision. . . . . . . . . . . . (3,669) (3,243) -------------------- Net income. . . . . . . . . . . . . . . . . $ 5,971 $ 5,216 ==================== PER SHARE DATA: Income per common share: Basic. . . . . . . . . . . . . . . . . . . $ 0.23 $ 0.20 ==================== Diluted. . . . . . . . . . . . . . . . . . $ 0.22 $ 0.20 ==================== Weighted average shares outstanding: Basic. . . . . . . . . . . . . . . . . . . 26,156 25,699 Diluted. . . . . . . . . . . . . . . . . . 27,741 26,138
CCC INFORMATION SERVICES GROUP INC. AND SUBSIDIARIES CONSOLIDATED INTERIM BALANCE SHEETS (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) (UNAUDITED)
MARCH 31, DECEMBER 31, 2003 2002 -------------------------- ASSETS Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 12,033 $ 20,200 Accounts receivable (net of reserves of $2,148 and $2,313 at March 31, 2003 and December 31, 2002, respectively) . . . . . . . . . . . . . . . . . . . . 10,625 10,281 Other current assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,808 8,499 -------------------------- Total current assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,466 38,980 Property and equipment (net of accumulated depreciation of $31,671 and $29,815 at March 31, 2003 and December 31, 2002, respectively) . . . . . . . 11,290 12,407 Software costs (net of accumulated amortization of $19 at March 31, 2003). . . 665 - Goodwill. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,527 4,896 Deferred income taxes (net of valuation allowance of $11,599 at March 31, 2003 and December 31, 2002) . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,151 10,454 Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 286 479 Other assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,685 627 -------------------------- Total assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 71,070 $ 67,843 ========================== LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 7,656 $ 8,424 Accrued expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,570 25,441 Income taxes payable. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,690 2,568 Current portion of deferred revenues. . . . . . . . . . . . . . . . . . . . . . 7,609 6,503 Other current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . 506 488 -------------------------- Total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,031 43,424 Deferred revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 13 Other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,985 3,222 -------------------------- Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43,019 46,659 -------------------------- Common stock ($0.10 par value, 40,000,000 shares authorized, 26,216,802 and 26,074,889 shares outstanding at March 31, 2003 and December 31, 2002, respectively). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,018 3,005 Additional paid-in capital. . . . . . . . . . . . . . . . . . . . . . . . . . . 129,550 128,766 Accumulated deficit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (56,907) (62,878) Notes receivable from officer . . . . . . . . . . . . . . . . . . . . . . . . . (1,407) (1,506) Treasury stock, at cost (4,094,665 common shares in treasury at March 31, 2003 and December 31, 2002). . . . . . . . . . . . . . . . . . . . (46,203) (46,203) -------------------------- Total stockholders' equity. . . . . . . . . . . . . . . . . . . . . . . . . . . 28,051 21,184 -------------------------- Total liabilities and stockholders' equity. . . . . . . . . . . . . . . . . . . $ 71,070 $ 67,843 ==========================
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