information services group (III) Key Developments
Information Services Group, Inc. Approves Amendments to Restated Bylaws
May 15 13
On May 13, 2013, the Board of Directors of Information Services Group, Inc. amendments to the Company's Amended and Restated Bylaws.
Information Services Group, Inc. Reports Consolidated Unaudited Earnings Results for the First Quarter Ended March 31, 2013; Provides Earnings Guidance for 2013
May 13 13
Information Services Group, Inc. reported consolidated unaudited earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported revenues of $50.6 million, an increase of 10% in constant currency or $4.5 million from $46.3 million in the first quarter of 2012. Operating income of $2.6 million compared to $0.2 million in the first quarter of 2012. Adjusted net income was $2.2 million or $0.06 per share compared with an adjusted net income of $1.0 million or $0.03 in the prior year's first quarter. Basic and diluted earnings per share were $0.03 per share compared with a basic and diluted loss per share of $0.02 per share for the same prior year period in 2012. Adjusted EBITDA, a non-GAAP measure of $5.0 million compared with $3.0 million in the first quarter 2012, an increase of 62% on a constant currency basis. Income before taxes was $1.936 million against loss before taxes of $0.648 million a year ago. Net income $0.969 million against net loss of $0.572 million a year ago. The company spends $426,000 on CapEx in the first quarter.
About $3 million the company would expects year 2013. The company’s full year revenues will be between $200 million and $208 million, an adjusted EBITDA of $19 million to $21 million, excluding the impact of currency, again, when report second-quarter earnings. The company expects to spend CapEx around $2 million for the full year 2013, consistent with prior years.
Information Services Group, Inc. Executes New $70 Million, Five-Year Credit Agreement with Extended Maturity to Mid-2018
May 7 13
Information Services Group, Inc. announced it has executed a new $70 million, five-year credit agreement with more favorable terms and extended maturity to mid-2018. The new senior secured credit facility, arranged by Bank of America, is comprised of a $45 million term loan facility and a $25 million revolving credit facility. Interest rate spreads will range between 2.0% to 3.5% over LIBOR in the new credit facility depending on the company's leverage ratio compared to a fixed interest rate spread of 3.5% over LIBOR under its previous credit facility. ISG borrowed $55 million at closing to refinance its existing debt. ISG also retired $1.144 million or 18% of Convertible Notes outstanding at a 45% discount ($650,000 to pay off $1.144 million). As such the company will book a non-operating gain of approximately $0.5 million in the second quarter. This gain will be offset by an approximately $0.6 million noncash charge associated with the early retirement of the existing term loan.
Atos S.A., Vega and Information Services Group, Inc. Win Major New Contract with the UK Ministry of Defence
Apr 19 13
Atos has announced that it will lead a team, comprising Vega and Information Services Group (ISG), to become the UK Ministry of Defence's (UK MOD), Defence Communications Networks Services Strategic Partner (DCNS SP). The contract is for £25 million over three years with potential to extend to seven and will see the team working closely with the UK MOD's Defence Equipment and Support Information Systems & Services (ISS) team. The DCNS programme will develop the services and organisational strategy for future information and communications systems delivering continuity of service, value for money and enhancing the information services that support UK Armed Forces operations worldwide.
Information Services Group Launches Innovative AccessISG(TM) Sourcing Portal
Apr 18 13
Information Services Group announced the launch of the innovative AccessISG(TM) Sourcing Portal, which provides sourcing professionals with on-demand market intelligence, research and interactive tools. The new suite of online information resources is available to AccessISG knowledge service subscribers. A limited version is also available to the general public. Sourcing Portal features and benefits available to AccessISG subscribers include, provider Profiles that detail experience and capabilities of more than 100 service providers by business domain, industry and global regions; Service Provider Search Tools that allow users to apply search filters to find providers that meet specific criteria and project requirements; Sourcing Toolkits to support organizations with a combination of tools and guidance to meet their unique needs; Market Tutorials designed to help business leaders master the critical concepts required to effectively source business processes or information technology functions; and a Research Library that provides access to premium content, including ISG market, industry and geography research reports and analyses.