-----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, FrgoJHdr4rhqMy4NaavWO9qu6nbnw6PX6gYDzPSzuylGSpXMQbV7H8VdtTSpBQXj Ie5K78VMblivW1/cnN2zww== 0001144204-08-027410.txt : 20080509 0001144204-08-027410.hdr.sgml : 20080509 20080509172110 ACCESSION NUMBER: 0001144204-08-027410 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20080508 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20080509 DATE AS OF CHANGE: 20080509 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TECHTEAM GLOBAL INC CENTRAL INDEX KEY: 0000805054 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMPUTER PROGRAMMING, DATA PROCESSING, ETC. [7370] IRS NUMBER: 382774613 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-16284 FILM NUMBER: 08819739 BUSINESS ADDRESS: STREET 1: 27335 W. ELEVEN MILE ROAD CITY: SOUTHFIELD STATE: MI ZIP: 48034 BUSINESS PHONE: 248-357-2866 MAIL ADDRESS: STREET 1: 27335 W. ELEVEN MILE ROAD CITY: SOUTHFIELD STATE: MI ZIP: 48034 FORMER COMPANY: FORMER CONFORMED NAME: NATIONAL TECHTEAM INC /DE/ DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: MEGAVEST INDUSTRIES INC/NV/ DATE OF NAME CHANGE: 19871007 8-K 1 v113321_8k.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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): May 8, 2008


TECHTEAM GLOBAL, INC.
(Exact name of registrant as specified in its charter)


Delaware
0-16284
38-2774613
(State or other jurisdiction of incorporation)
(Commission File Number)
(I.R.S. Employer Identification No.)


27335 West 11 Mile Road, Southfield, MI 48033
(Address of principal executive offices) (Zip Code)


Registrant’s telephone number, including area code: (248) 357-2866


_________________________________________________
(Former name or former address if changed since last report)

 


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
£
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230 .425)
 
£
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
£
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
£
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 

 
 

 

 
Item 2.02
 
Results of Operations and Financial Condition
 
On May 8, 2008, TechTeam Global, Inc. issued a press release announcing its earnings for the First Quarter of 2008.
 
A copy of this press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
 
Item 9.01
 
Financial Statements and Exhibits
 
 
(D) The following exhibits are included with this report:
 
Exhibit 99.1
 
TechTeam Global, Inc. First Quarter 2008 Earnings Press Release dated May 8, 2008.

 
SIGNATURE
 
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 thereunto duly authorized.
 

     
 
TECHTEAM GLOBAL, INC.
 
 
 
 
 
 
  By:   /s/ Michael A. Sosin
 
Michael A. Sosin
 
Vice President, General Counsel and Secretary
Date: May 8, 2008

 
 

 
 

EXHIBIT INDEX
 
Exhibit No.
Description
 
99.1
TechTeam Global, Inc. First Quarter 2008 Earnings Press Release dated May 8, 2008.
 

 
 
 
 
 
 
 
 
 
 

 
EX-99.1 2 v113321_99-1.htm Unassociated Document
 
NEWSRELEASE
 

 
NASDAQ-GM — “TEAM”
 
 
FOR IMMEDIATE RELEASE, Thursday, May 8, 2008
 
TechTeam Global Reports First Quarter 2008 Financial Results
 
SOUTHFIELD, MICHIGAN, May 8, 2008TechTeam Global, Inc. (the “Company”) (Nasdaq: TEAM), a worldwide provider of information technology, enterprise support and business process outsourcing services, today reported net income of $1.7 million, or $0.16 per diluted share, for the three months ended March 31, 2008. For the three months ended March 31, 2007, the Company reported net income of $904,000, or $0.09 per diluted common share.
 
First quarter highlights include the following:
 
 
·
Total revenue of $66.0 million increased 42.8% over last year through a combination of growth via acquisitions and 20.6% organic growth (growth net of acquisitions).
 
 
·
Revenue from the Company’s commercial business of $43.9 million grew 26.1% over last year featuring 21.8% organic growth with the remainder from acquisitions.
 
 
·
Revenue from the Company’s government business of $22.0 million increased 94.0% over last year primarily due to acquisitions combined with 17.2% organic growth.
 
·
Three new service delivery locations became operational in Dresden, Germany; Sibiu, Romania; and Stockholm, Sweden.
 
“TechTeam achieved another quarter of solid growth, record revenue and improved year-over-year profitability in the first quarter of 2008, our strongest first quarter performance since 2005,” said Gary J. Cotshott, President and Chief Executive Officer. “In spite of a somewhat challenging economic environment, we continue to be cautiously optimistic about our prospects for the full year given our ability to help our customers optimize their IT costs. We’re executing against the opportunities to grow profitably and to establish TechTeam as a service provider of choice for Fortune 1000 companies and government organizations.”
 
Cotshott added, “TechTeam remains well positioned to deliver double digit organic revenue growth for 2008, while continuing to benefit from acquisitions made in 2007. In addition, we are making progress on our near-term strategic initiatives previously identified — expanding our service capability globally to better serve global accounts; expanding our alliance partnerships; raising our profile in the industry; and striving to achieve continued margin and SG&A improvements through a thorough organizational review, which we expect to complete in the second quarter. In addition to three new service delivery locations in Europe and an expanded relationship with CA, we will soon be announcing the launch of our service delivery presence in Asia. For the remainder of 2008, we will focus on sustaining the momentum of our profitable growth, driving efficiencies in our business that will deliver increased shareholder value and positioning ourselves to achieve the significant potential of TechTeam.”
 
 

27335 West 11 Mile Road, Southfield, Michigan 48033 · Telephone (248) 357-2866 · Fax (248) 357-2570 · www.techteam.com

 
NEWSRELEASE

Total Company revenue increased 42.8% to $66.0 million for the first quarter of 2008, up from $46.2 million for the same period in 2007, through a combination of growth through acquisitions completed in 2007 and solid organic growth. Excluding revenue contributed by three acquisitions completed in 2007, total revenue increased 20.6% to $53.6 million for the first quarter of 2008. Organic revenue growth reached almost 22% in the Company’s commercial business, which was led by over 23% growth in IT Outsourcing Services from both new customers and net growth in existing accounts. Revenue in the commercial business for the first quarter of 2008 was favorably impacted by approximately $2.1 million from the weakening of the U.S. dollar over the first quarter of 2007 relative to the international currencies in which the Company conducts business. Organic revenue growth in the Company’s government business reached over 17% from the expansion of existing programs and new customer contracts.
 
Gross profit increased 41.6% to $16.4 million for the first quarter of 2008, up from $11.6 million for the same period in 2007. The Company’s gross margin (gross profit as a percentage of revenue) decreased slightly to 24.9% from 25.1% due to a slightly higher mix of government business carrying modestly lower year-to-year margins. Gross margin for the Company’s commercial business was unchanged year-over-year with improvements in IT Outsourcing Services offset by a higher acquired mix of slightly lower margin staffing services. Gross margin for the Company’s government business declined year-over-year to 25.2% from 26.1% due to an increased requirement for subcontracted resources on several engagements.
 
While increasing 26.1% on a dollar basis, selling, general, and administrative (“SG&A”) expense decreased to 20.3% of total revenue for the first quarter of 2008, from 22.9% of total revenue for the same period in 2007. Excluding the three acquisitions completed in 2007, SG&A expense was $10.7 million, or 20.0% of revenue, for the first quarter of 2008 and $10.1 million, or 22.7% of revenue, for the same period in 2007. The improvement in SG&A expense as a percentage of revenue occurred in spite of costs related to the Company’s CEO succession plan, which caused a sequential increase in expense from the fourth quarter of 2007. In addition, the Company expanded service delivery locations in Europe, incurred higher sales commissions and made other investments to support our growth. SG&A expense also increased due to the weakening of the U.S. dollar from the first quarter of 2007.
 
Operating income increased to $3.0 million, or 4.6% of revenue, for the first quarter of 2008, from $986,000, or 2.1% of revenue, for the same period in 2007. The improvement in operating income and operating margin was driven by accelerated revenue growth and the scaling of SG&A expense as a percentage of revenue over 2007.
 
Other components of TechTeam’s first quarter 2008 performance include the following:
 
 
·
In the Company’s commercial business, revenue in the Americas increased 11.1% to $18.2 million for the first quarter of 2008, and revenue from Europe increased 39.4% to $25.7 million. Excluding acquisitions, organic revenue in Europe increased 32.3% to $22.0 million. Although revenue from Europe in 2008 was favorably impacted by the weakening of the U.S. dollar by approximately $2.1 million relative to the first quarter of 2007, Europe continues to deliver very strong growth.
 
 

27335 West 11 Mile Road, Southfield, Michigan 48033 · Telephone (248) 357-2866 · Fax (248) 357-2570 · www.techteam.com

 
NEWSRELEASE
 
 
·
The Company’s year-to-date effective tax rate reported each quarter generally reflects the Company’s estimate of its effective tax rate for the current fiscal year. The consolidated effective tax rate increased to 39.8% for the first quarter of 2008, from 27.7% for the same period last year, primarily due to an increase in estimated year-over-year foreign operating losses for which a tax benefit is not recorded and a new income tax in the State of Michigan that took effect January 1, 2008. Furthermore, the Company’s effective tax rate for the year ended December 31, 2007 was 34.7%. Excluding the new State of Michigan income tax expense of $144,000, the Company’s effective tax rate was 36.5% for the first quarter of 2008. Prior to 2008, the State of Michigan had a value-added tax called the Single Business Tax that was not considered an income tax and was, therefore, included in SG&A expense in the consolidated income statement. Single Business Tax included in SG&A expense totaled $120,000 in the first quarter of 2007.
 
 
·
For the first quarter of 2008, earnings before interest, taxes, depreciation and amortization expense (“EBITDA”) increased 116% to $5.0 million, or 7.7% of revenue, compared with EBITDA of $2.3 million, or 5.1% of revenue, for the same period in 2007.
 
 
The Company believes EBITDA is an important “non-GAAP” measure of the Company’s financial performance. EBITDA presents information on earnings that may be more comparable to companies with different finance structures, capital investments or capitalization and depreciation policies. The most closely related GAAP measure is operating income. Some financial analysts also use EBITDA to assist in the determination of a company’s possible market valuation. (See the table following the financial statements contained in this press release for a reconciliation of operating income to EBITDA.)
 
 
·
As of March 31, 2008, the Company had 10,770,671 common shares issued and outstanding.
 

Conference Call Information
TechTeam Global, Inc. will also host an investor teleconference to discuss its first quarter 2008 financial results at 4:30 p.m. EDT, today, Thursday, May 8, 2008. To participate in the teleconference, including the question and answer session that will follow the results announcement and discussion, please call 1-866-700-0133 (outside the United States, call +1-617-213-8831). When prompted, enter the passcode: 57108634. To access a simultaneous Web cast of the teleconference, go to the TechTeam Global Web site at http://www.techteam.com/investors and click on the Web cast icon. From this site, you can download the necessary software and listen to the teleconference. TechTeam encourages you to review the site before the teleconference to ensure that your computer is configured properly.
 
A taped replay of the call will be available beginning at approximately 6:30 p.m. EDT, Thursday, May 8, 2008. This toll-free replay will be available through Thursday, May 22, 2008. To listen to the teleconference replay, call 1-888-286-8010 (outside the United States, call +1-617-801-6888). When prompted, enter the passcode: 10062448.
 
 

27335 West 11 Mile Road, Southfield, Michigan 48033 · Telephone (248) 357-2866 · Fax (248) 357-2570 · www.techteam.com

 
NEWSRELEASE
 
About TechTeam Global, Inc.
TechTeam Global, Inc. is a worldwide provider of information technology, enterprise support and business process outsourcing services to Fortune 1000 corporations, multinational companies, product providers, small and medium-sized companies, and government entities. TechTeam’s ability to integrate computer services into a flexible, ITIL-based solution is a key element of its strategy. Partnerships with some of the world’s “best-in-class” corporations provide TechTeam with unique expertise and experience in providing information technology support solutions. For information about TechTeam Global, Inc. and its services, call 800-522-4451 from the United States or visit our Web sites at www.techteam.com and www.techteam.eu. TechTeam’s common stock is traded on the Nasdaq Global Market under the symbol “TEAM.”
 
Safe Harbor Statement
The statements contained in this press release that are not purely historical, including statements regarding the Company’s expectations, hopes, beliefs, intentions or strategies regarding the future, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements regarding, among other things, the growth of the Company’s core business, revenue and earnings performance going forward, management of overhead expenses, productivity and operating expenses. Forward-looking statements may be identified by words including, but not limited to, “anticipates,” “believes,” “intends,” “estimates,” “promises,” “expects,” “should,” “conditioned upon” and similar expressions. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. Such factors include, but are not limited to, the award or loss of significant client assignments, timing of contracts, recruiting and new business solicitation efforts, the Company’s ability to recruit and retain highly-qualified executives, the market’s acceptance of and demand for the Company’s offerings, competition, unforeseen expenses, the Company’s ability to implement changes to its organizational structure to improve its operational effectiveness, the costs and risks associated with executing an offshore strategy, demands upon and consumption of the Company’s cash and cash equivalent resources or changes in the Company’s access to working capital, currency fluctuations, changes in the quantity of the Company’s common stock outstanding, regulatory changes and other factors affecting the financial constraints on the Company’s clients, economic factors specific to the U.S. Federal Government and automotive industry, general economic conditions, unforeseen disruptions in transportation, communications or other infrastructure components, unforeseen or unplanned delays in the Company’s ability to consummate acquisitions, and the Company’s ability to successfully integrate acquisitions on a timely basis. All forward-looking statements included in this press release are based on information available to the Company on the date hereof, and the Company assumes no obligation to update any such forward-looking statement. Prospective investors should also review all aspects of the Company’s Reports on Forms 8-K, 10-Q, and 10-K filed with the United States Securities and Exchange Commission, including Management’s Discussion and Analysis of Financial Condition and Results of Operations, and the risks described therein from time to time.
 
 
Financial Tables to Follow on the Next Page
 
 
 

27335 West 11 Mile Road, Southfield, Michigan 48033 · Telephone (248) 357-2866 · Fax (248) 357-2570 · www.techteam.com

 
NEWSRELEASE
 
Financial Data
 
TechTeam Global, Inc.
 
Condensed Consolidated Income Statements (unaudited)
 
(In thousands, except per share data)

   
Three Months Ended March 31,
 
%
Change
 
   
2008
 
2007
 
Revenue
             
Commercial —
             
IT Outsourcing Services
 
$
30,267
 
$
24,056
   
25.8
%
IT Consulting and Systems Integration
   
6,874
   
6,848
   
0.4
%
Other Services
   
6,787
   
3,932
   
72.6
%
Total Commercial
   
43,928
   
34,836
   
26.1
%
Government Technology Services
   
22,036
   
11,358
   
94.0
%
Total Revenue
   
65,964
   
46,194
   
42.8
%
                     
Cost of Revenue
                   
Commercial —
                   
IT Outsourcing Services
   
22,364
   
17,992
   
24.3
%
IT Consulting and Systems Integration
   
5,488
   
5,337
   
2.8
%
Other Services
   
5,234
   
2,898
   
80.6
%
Total Commercial
   
33,086
   
26,227
   
26.2
%
Government Technology Services
   
16,481
   
8,391
   
96.4
%
Total Cost of Revenue
   
49,567
   
34,618
   
43.2
%
                     
Gross Profit
   
16,397
   
11,576
   
41.6
%
Selling, general and administrative expense
   
13,358
   
10,590
   
26.1
%
                     
Operating Income
   
3,039
   
986
   
208
%
Net interest income (expense)
   
(444
)
 
237
       
Foreign currency transaction gain
   
212
   
27
       
                     
Income before Income Taxes
   
2,807
   
1,250
       
Income tax provision
   
1,116
   
346
       
                     
Net Income
 
$
1,691
 
$
904
       
                     
Diluted Earnings per Common Share
 
$
0.16
 
$
0.09
       
Diluted weighted average common shares
and common share equivalents
   
10,495
   
10,424
       
                     
 
 
 

27335 West 11 Mile Road, Southfield, Michigan 48033 · Telephone (248) 357-2866 · Fax (248) 357-2570 · www.techteam.com

 
NEWSRELEASE

Condensed Consolidated Balance Sheet (unaudited)
 
(In thousands)
 

   
March 31,
2008
 
December 31,
2007
 
Current Assets
         
Cash and cash equivalents
 
$
14,562
 
$
19,431
 
Accounts receivable, net
   
72,051
   
69,627
 
Prepaid expenses and other current assets
   
4,604
   
5,290
 
Total current assets
   
91,217
   
94,348
 
               
Property, Equipment and Software, Net
   
10,773
   
10,562
 
Goodwill and Other Intangible Assets, Net
   
75,845
   
76,686
 
Other Assets
   
638
   
573
 
               
Total Assets
 
$
178,473
 
$
182,169
 
               
Current Liabilities
             
Current portion of long-term debt
 
$
5,936
 
$
5,850
 
Accounts payable
   
15,685
   
20,952
 
Accrued payroll and related taxes
   
13,340
   
14,237
 
Accrued expenses and other current liabilities
   
10,007
   
10,136
 
Total current liabilities
   
44,968
   
51,175
 
               
Long-Term Liabilities
             
Long-term debt, less current portion
   
30,541
   
31,167
 
Deferred income taxes
   
1,582
   
1,738
 
Other long-term liabilities
   
1,258
   
1,058
 
Total long-term liabilities
   
33,381
   
33,963
 
               
Shareholders’ Equity
             
Preferred stock
   
   
 
Common stock
   
108
   
107
 
Additional paid-in capital
   
76,025
   
75,364
 
Retained earnings
   
20,082
   
18,391
 
Accumulated other comprehensive income
   
3,909
   
3,169
 
Total shareholders’ equity
   
100,124
   
97,031
 
               
Total Liabilities and Shareholders’ Equity
 
$
178,473
 
$
182,169
 
               
 

27335 West 11 Mile Road, Southfield, Michigan 48033 · Telephone (248) 357-2866 · Fax (248) 357-2570 · www.techteam.com

 
NEWSRELEASE
 
Condensed Consolidated Statements of Cash Flows (unaudited)
 
(In thousands)
 

   
Three Months Ended March 31,
 
   
2008
 
2007
 
Operating Activities
         
Net income
 
$
1,691
 
$
904
 
Adjustments to reconcile net income to net cash
provided by (used in) operating activities:
             
Depreciation and amortization
   
1,798
   
1,329
 
Other adjustments, primarily changes in working capital
   
(6,415
)
 
254
 
Net cash provided by (used in) operating activities
   
(2,926
)
 
2,487
 
               
Investing Activities
             
Purchase of property, equipment and software
   
(755
)
 
(917
)
Cash paid for acquisitions, net of cash acquired
   
(670
)
 
(4,543
)
Net cash used in investing activities
   
(1,425
)
 
(5,460
)
               
Financing Activities
             
Proceeds from issuance of common stock
   
3
   
239
 
Tax benefit from stock options
   
(16
)
 
60
 
Payments on long-term debt
   
(558
)
 
(1,954
)
Net cash used in financing activities
   
(571
)
 
(1,655
)
               
Effect of exchange rate changes on cash and cash equivalents
   
53
   
18
 
               
Decrease in cash and cash equivalents
   
(4,869
)
 
(4,610
)
Cash and cash equivalents at beginning of period
   
19,431
   
30,082
 
Cash and cash equivalents at end of period
 
$
14,562
 
$
25,472
 
 

27335 West 11 Mile Road, Southfield, Michigan 48033 · Telephone (248) 357-2866 · Fax (248) 357-2570 · www.techteam.com

 
NEWSRELEASE
 
Reconciliation of Operating Income to
 
Earnings before Interest, Taxes, Depreciation and Amortization
 
(In thousands)
 

   
Three Months Ended March 31,
 
   
2008
 
2007
 
           
Operating income
 
$
3,039
 
$
986
 
Depreciation and amortization
   
1,798
   
1,329
 
Foreign currency transaction gain
   
212
   
27
 
               
Earnings Before Interest, Taxes, Depreciation and Amortization
 
$
5,049
 
$
2,342
 

 
###
 
Contacts:
 

 
TechTeam Global, Inc.
Marc J. Lichtman
Vice President, Chief Financial Officer and Treasurer
(248) 357-2866
marc.lichtman@techteam.com
 
 
 
 
 
 
 

27335 West 11 Mile Road, Southfield, Michigan 48033 · Telephone (248) 357-2866 · Fax (248) 357-2570 · www.techteam.com

 

 
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-----END PRIVACY-ENHANCED MESSAGE-----