SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
DC 20549
FORM
6-K
REPORT
OF FOREIGN PRIVATE ISSUER
PURSUANT
TO RULE 13a-16 OR 15d-16 OF
THE
SECURITIES EXCHANGE ACT OF 1934
For the month
of May 2009
Commission File Number 1-14858
CGI
Group Inc.
(Translation
of Registrant’s Name Into
English)
1130 Sherbrooke
Street West
7th
Floor
Montréal,
Québec
Canada H3A
2M8
(Address
of Principal Executive Offices)
Indicate by check
mark whether the registrant files or will file annual reports under cover of
Form 20-F or Form 40-F.
Form 20-F Form
40-F ü
Indicate by check
mark if the registrant is submitting the Form 6-K in paper as permitted by
Regulation S-T Rule 101(b)(1): ____
Note:
Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K
if submitted solely to provide an attached annual report to security
holders.
Indicate by check
mark if the registrant is submitting the Form 6-K in paper as permitted by
Regulation S-T Rule 101(b)(7): ____
Note:
Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K
if submitted to furnish a report or other document that the registrant foreign
private issuer must furnish and make public under the laws of the jurisdiction
in which the registrant is incorporated, domiciled or legally organized (the
registrant's "home country"), or under the rules of the home country exchange on
which the registrant's securities are traded, as long as the report or other
document is not a press release, is not required to be and has not been
distributed to the registrant's security holders, and, if discussing a material
event, has already been the subject of a Form 6-K submission or other Commission
filing on EDGAR.
Indicate by check
mark whether the registrant by furnishing the information contained in this form
is also thereby furnishing the information to the Commission pursuant to Rule
12g3-2(b) under the Securities Exchange Act of 1934.
Yes No ü_
If “Yes” is
marked, indicate below the file number assigned to the registrant in connection
with Rule 12g3-2(b): 82-___.
Enclosure: Press
Release dated May 6, 2009.
This Form 6-K
shall be deemed incorporated by reference in the Registrant’s Registration
Statement on Form S-8, Reg. Nos. 333-13350, 333-66044, 333-74932 , 333-112021
and 333-146175.
PRESS
RELEASE
Stock
Market Symbols
GIB.A
(TSX)
GIB
(NYSE)
www.cgi.com/newsroom
CGI
REPORTS REVENUE GROWTH WHILE EXPANDING EPS BY 19%
AND
SIGNS $1.68 BILLION IN NEW CONTRACTS IN Q2-2009
Generates
$187.3 million in cash from operations
Q2-2009
year-over-year highlights:
|
·
|
Revenue of
$948.3 million, up 1.9%;
|
|
·
|
Bookings of
$1.68 billion or 177% of revenue;
|
|
·
|
Net
earnings of $77.5 million, up
12.7%;
|
|
·
|
Net
earnings margin of 8.2%;
|
|
·
|
EPS of 25
cents, up 19%;
|
|
·
|
Cash
generated from operating activities of $187.3 million, up
308%;
|
|
·
|
Backlog
reaches $12.0 billion.
|
Note: All figures
are in Canadian dollars. Q2-2009 MD&A, financial statements and accompanying
notes can be found at www.cgi.com and have
been filed with both SEDAR in Canada and EDGAR in the U.S.
Montreal, Quebec, May 6, 2009
– CGI Group Inc. (TSX: GIB.A; NYSE: GIB) reported fiscal 2009 second quarter
revenue today of $948.3 million. This represents 1.9% revenue growth compared
with the second quarter of 2008. Approximately 44% of the quarter’s revenue was
generated outside of Canada, up from 36% in the same quarter last year in line
with the Company’s business strategy.
Earnings from
continuing operations before taxes and non-controlling interest were
$101.7 million, or 10.7% of revenue, compared with $101.1 in the second
quarter of 2008.
Net earnings in
Q2-2009 were $77.5 million or 8.2% of revenue compared with earnings of $68.8
million in the same quarter last year, representing a 12.7% year-over-year
increase.
Earnings per
share in the second quarter were 25 cents up 19%, compared with 21 cents in the
same period last year.
The Company
generated $187.3 million in cash from its operating activities, or 19.8% of
revenue. In the first half of fiscal 2009, CGI has generated $266.9 million or
$0.86 in cash per diluted share from its operating activities, or 13.7% of
revenue. This represents an improvement of $99.9 million compared with the first
half of fiscal 2008.
At the end of the
fiscal second quarter, the Company had access to more than $1.5 billion in
capital, including $186.4 million in cash and an unused $1.36 billion under its
line of credit secured through 2012. Debt repayments in the three month period
totaled $213.9 million, leaving net debt at the end of the second quarter at
$105.4 million for a net debt to capitalization ratio of 4.0%, reduced from
15.2% in Q2-2008.
|
In
millions of Canadian dollars except EPS and when noted
|
||||||||||||||||
| Q2 F2009 |
YTD
F2009
|
Q2 F2008 |
YTD
F2008
|
|||||||||||||
|
Revenue
|
948.3 | 1,948.7 | 930.8 | 1,826.2 | ||||||||||||
|
Adjusted
EBIT
|
107.0 | 221.1 | 108.4 | 213.9 | ||||||||||||
|
Margin
|
11.3 | % | 11.3 | % | 11.6 | % | 11.7 | % | ||||||||
|
Earnings
from continuing operations before taxes and non-controlling
interest
|
101.7 | 207.3 | 101.1 | 200.5 | ||||||||||||
|
Margin
|
10.7 | % | 10.6 | % | 10.9 | % | 11.0 | % | ||||||||
|
Net
Earnings
|
77.5 | 157.1 | 68.8 | 141.4 | ||||||||||||
|
Margin
|
8.2 | % | 8.1 | % | 7.4 | % | 7.7 | % | ||||||||
|
Earnings
per share (diluted)
|
0.25 | 0.50 | 0.21 | 0.43 | ||||||||||||
|
Cash
provided by operating activities
|
187.3 | 266.9 | 45.9 | 167.0 | ||||||||||||
|
Weighted
average number of outstanding shares (diluted)
|
311,411,994 | 311,129,594 | 326,942,285 | 328,368,726 | ||||||||||||
|
Interest on
long-term debt
|
5.3 | 12.0 | 7.2 | 14.5 | ||||||||||||
|
Net
debt
|
105.4 | 105.4 | 361.9 | 361.9 | ||||||||||||
|
Net debt to
capitalization ratio
|
4.0 | % | 4.0 | % | 15.2 | % | 15.2 | % | ||||||||
|
Days of
sales outstanding (DSO)
|
42 | 42 | 44 | 44 | ||||||||||||
|
Bookings
|
1,676 | 2,451 | 1,043 | 2,177 | ||||||||||||
|
Backlog
|
12,019 | 12,019 | 11,672 | 11,672 | ||||||||||||
During the
quarter, the Company booked $1.68 billion in new contract wins, or 177% of
revenue. Bookings in each of Canada, the US and Europe exceeded 100% of revenue
with the government and healthcare as well as financial services verticals
accounting for 89% of worldwide bookings. This brings the value of CGI’s signed
contracts over the last twelve months to $4.4 billion, or 115% of revenue. At
the end of March 2009, the Company’s backlog of signed orders stood at $12.0
billion or 3.2 times annual revenue.
“We remain
focused on helping clients through these challenging market conditions,” said
Michael E. Roach, President and Chief Executive Officer. “Our managed services
offering combined with our business solutions and unique global delivery
capabilities continue to deliver incremental value to clients in terms of cost
savings and efficiency improvements throughout their operations.”
“The market
response to our solutions accelerated during the quarter, as evidenced by $1.68
billion in new bookings, up 116% from the first quarter. I was very pleased with
the ongoing ability of all business units to execute to our plan in the quarter,
improving EPS and generating $187.3 million in cash from operations allowing us
to lower our net debt to $105.4 million, our lowest level in 13 quarters. We
continue to have the operational and the financial capability to fully realize
our profitable growth strategy,” concluded Mr. Roach.
Second
Quarter F2009 Results Conference Call
Management will
host a conference call to discuss results at 9:00 a.m. Eastern time this
morning. Participants may access the call by dialing (866) 223-7781 or on the
Web at www.cgi.com/investors.
Supporting slides for the call will also be available. For those unable to
participate on the live call, a podcast and copy of the slides will be archived
for download at www.cgi.com/investors.
About
CGI
Founded in 1976,
CGI Group Inc. is one of the largest independent information technology and
business process services firms in the world. CGI and its affiliated companies
employ approximately 25,500 professionals in over 100 offices across 16
countries. CGI provides end-to-end IT and business process services to clients
worldwide from offices in Canada,
2
the United States, Europe, Asia Pacific
as well as from centers of excellence in North America, Europe and India. CGI's
annual revenue run rate stands at $3.8 billion and at March 31, 2009, CGI's
order backlog was $12.0 billion. CGI shares are listed on the TSX (GIB.A) and
the NYSE (GIB) and are included in the S&P/TSX Composite Index as well as
the S&P/TSX Capped Information Technology and MidCap Indices.
Website: www.cgi.com.
Use
of Non-GAAP Financial Information
CGI reports its
financial results in accordance with GAAP. However, management believes that
certain non-GAAP measures provide useful information to investors regarding the
Company’s financial condition and results of operations as they provide
additional measures of its performance. Explanations as well as a reconciliation
of these non-GAAP measures with GAAP financial statements are provided in the
MD&A which is posted on CGI’s website, and filed with SEDAR and
EDGAR.
Forward-Looking
Statements
All statements in
this press release that do not directly and exclusively relate to historical
facts constitute “forward-looking statements” within the meaning of that term in
Section 27A of the United States Securities Act of 1933, as amended, and Section
21E of the United States Securities Exchange Act of 1934, as amended, and are
“forward-looking information” within the meaning of sections 138.3 and following
of the Ontario Securities Act, as amended. These statements and this information
represent CGI Group Inc.’s (“CGI”) intentions, plans, expectations and beliefs,
and are subject to risks, uncertainties and other factors, of which many are
beyond the control of the Company. These factors could cause actual results to
differ materially from such forward-looking statements or forward-looking
information. These factors include and are not restricted to the timing and size
of new contracts, acquisitions and other corporate developments; the ability to
attract and retain qualified members; market competition in the rapidly-evolving
information technology industry; general economic and business conditions,
foreign exchange and other risks identified in the Management’s Discussion and
Analysis (“MD&A”) in CGI’s Annual Report on Form 40-F filed with the U.S.
Securities and Exchange Commission (filed on EDGAR at www.sec.gov),
and in CGI’s annual and quarterly MD&A and Annual Information Form filed
with the Canadian securities authorities (filed on SEDAR at www.sedar.com),
as well as assumptions regarding the foregoing. The words “believe,” “estimate,”
“expect,” “intend,” “anticipate,” “foresee,” “plan,” and similar expressions and
variations thereof, identify certain of such forward-looking statements or
forward-looking information, which speak only as of the date on which they are
made. In particular, statements relating to future performance are
forward-looking statements and forward-looking information. CGI disclaims any
intention or obligation to publicly update or revise any forward-looking
statements or forward-looking information, whether as a result of new
information, future events or otherwise, except as required by applicable law.
Readers are cautioned not to place undue reliance on these forward-looking
statements or on this forward-looking information.
-30-
For
more information:
Lorne
Gorber
Vice-President
Global
Communications and Investor Relations
514-841-3355
lorne.gorber@cgi.com
3
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, thereunto duly
authorized.
|
CGI
Group Inc.
|
||
|
(Registrant)
|
||
|
Date: May
6, 2009
|
By /s/ Beniot Dubé
|
|
|
Name:
Beniot Dubé
Title: Vice-President, Corporate
Legal Affiairs
|
||