CGI Group Inc. (TSX: GIB.A) (NYSE: GIB) reported fiscal 2013 third quarter revenue of $2.57 billion, up 1.6% on a sequential basis and up 141.1% compared with the year ago period.
Adjusted EBIT was $291.2 million, representing a margin of 11.3%. This compares with $136.3 million in the year ago period.
Net earnings were $200.4 million, or 63 cents per diluted share, before integration costs of $53.5 million and a one-time tax benefit of $14.9 million. This compares with $93.0 million or 35 cents per diluted share in Q3-F2012. Including the integration costs and the tax benefit, on a GAAP basis, net earnings were $178.2 million and diluted earnings per share were 56 cents.
The Company generated $133.2 million in cash from operating activities during the quarter. Excluding acquisition and integration related cash disbursements, CGI has generated $804 million in cash from operating activities through the first nine months of F2013, or $2.54 per diluted share.
During the quarter, the Company booked $2.8 billion in new contract wins, extensions and renewals for a book to bill of 107%, bringing the last twelve months total bookings to $9.3 billion, or 101% of revenue. At the end of June 2013, the Company's backlog of signed orders stood at $18.7 billion, up $5.1 billion compared with the same period last year and up $728 million sequentially.
"As we approach the first anniversary of our Logica merger, I am very pleased with the continued strengthening of our business performance and the ongoing progress we are making with respect to implementing our integration plan. We delivered significant margin expansion, accelerating our EPS accretion before acquisition-related and integration costs, above our original 25-30% commitment," said Michael E. Roach, President and Chief Executive Officer. "Bookings in the quarter were solid, reflecting our focus on business development through increasing client awareness of our expanded and enhanced value-proposition."
During the quarter, net debt was reduced by $41.3 million to $2.87 billion, representing a net debt to capitalization of 41.1% at the end of June 2013. At the end of Q3-2013, the Company had approximately $1.2 billion in available cash and unused credit facilities.
CGI reports its financial results in accordance with IFRS. However, management believes that these 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. Additional details for these non-GAAP measures can be found on page 2 of our MD&A which is posted on CGI's website, and filed with SEDAR and EDGAR.