EPAM Systems Announces CFO Transition - Raises Third Quarter and Full Year Guidance
(Thomson Reuters ONE) -
Newtown, PA - October 8, 2013 - EPAM Systems, Inc. (NYSE: EPAM), a leading
software engineering and IT outsourcing (ITO) provider with development centers
across Central and Eastern Europe (CEE), today announced that it has named
Anthony J. Conte as Chief Financial Officer effective November 8, 2013. Anthony
will replace Ilya Cantor who will be joining a global technology company as
Executive Vice President and Chief Financial Officer.
Anthony J. Conte, 42, who currently serves as Vice President of Finance and
compliance officer, has spent over 6 years with the Company in various positions
of increasing responsibility within the finance and administration areas, and
was instrumental to the IPO process. Before joining EPAM, Anthony held several
senior finance roles within the McGraw Hill organization. Mr. Conte is a CPA and
started his career with Coopers & Lybrand and brings over 20 years of senior-
level financial management experience. He holds a B.S. in Accounting and an
M.B.A. from Northeastern University.
Arkadiy Dobkin, CEO and President commented, "I am very pleased to have Anthony
ready to take over the CFO responsibilities. He has worked closely with Ilya for
years in building and preparing the finance function for the transition to a
public company, and helping EPAM successfully execute its strategic plan. The
breadth and depth of Anthony's experience, and his intimate knowledge of EPAM's
business and operations, makes him the ideal candidate to manage our financial
organization and execute the next phase of our strategic objectives."
Arkadiy added, "Ilya has been an important contributor to our growth and
development over the past seven years, highlighted by EPAM's successful IPO in
2012. He has strengthened our financial foundation and built a competent and
deep organization, which will continue to serve our company well under Anthony's
leadership. We thank Ilya for helping shape EPAM and wish him the greatest
success in his future."
"While it was a difficult decision for me to leave EPAM as the business is just
beginning to realize its potential, this is the right time for me to take on a
different set of challenges," said Mr. Cantor. "The past 7 years has been an
exciting time to be a part of the EPAM team as we grew from just over 1,000
engineers to 9,000 today. My confidence in the Company's leadership and its
potential has never been higher, and I continue to be a supporter and believer
of EPAM."
Financial Outlook
Based on current conditions and visibility, EPAM is raising full year guidance
of expected year-over-year revenue growth to $542 million to $545 million from
the previously announced 23% to 25% ($533 million to $542 million).
Non-GAAP net income growth for 2013 is now expected to be in the range of 15% to
20% year-over-year from the 12% to 15% anticipated earlier, with an effective
tax rate of approximately 19%.
For the third quarter of 2013, EPAM is raising revenue guidance to between $139
million and $140 million from the previously announced range of $135 million to
$137 million, representing a growth rate of 26% to 27% over third quarter 2012
revenues. Third quarter 2013 non-GAAP diluted EPS is now expected to be in the
range of $0.42 to $0.43 from the $0.41 to $0.42 anticipated earlier based on an
estimated third quarter 2013 weighted average of 48.7 million diluted shares.
EPAM will report third quarter 2013 financial results on November 7(th), 2013.
About EPAM Systems
Established in 1993, EPAM Systems, Inc. (NYSE: EPAM), provides complex
software engineering solutions through its award-winning Central and Eastern
European service delivery platform. Headquartered in the United States, EPAM
employs approximately 9,000 IT professionals and serves clients worldwide from
its locations in the United States, Canada, UK, Switzerland, Germany, Sweden,
Netherlands, Belarus, Hungary, Russia, Ukraine, Kazakhstan, and Poland.
EPAM is ranked #6 on the 2013 Forbes "America's 25 Fastest-Growing Tech
Companies" list and is recognized among the leaders in software product
development services by Forrester and Zinnov analysts. The company is also
included in the top 30 outsourcing service providers in IAOP's "The 2013 Global
Outsourcing 100" list.
Adjusted (Non-GAAP) Financial Measures
EPAM supplements results reported in accordance with principles generally
accepted in the United States, referred to as GAAP, with non-GAAP financial
measures. Management believes these measures help illustrate underlying trends
in the company's business and uses the measures to establish budgets and
operational goals, communicated internally and externally, for managing the
company's business and evaluating its performance. Management also believes
these measures help investors compare EPAM's operating performance with its
results in prior periods and compare EPAM and similar companies. EPAM
anticipates that it will continue to report both GAAP and certain non-GAAP
financial measures in its financial results, including non- GAAP results that
exclude stock-based compensation expense, write-off and recovery, amortization
of purchased intangible assets, goodwill impairment, legal settlement, foreign
exchange gains and losses, and M&A costs. However, because EPAM's reported non-
GAAP financial measures are not calculated according to GAAP, these measures are
not comparable to GAAP and may not necessarily be comparable to similarly
described non-GAAP measures reported by other companies within the company's
industry. Consequently, EPAM's non-GAAP financial measures should not be
evaluated in isolation or supplant comparable GAAP measures, but, rather, should
be considered together with its consolidated financial statements, which are
prepared according to GAAP.
Forward-Looking Statements
This press release may include statements that constitute forward-looking
statements within the meaning of the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking statements are
inherently subject to risks and uncertainties, some of which cannot be predicted
or quantified. These risks and other factors include, but are not limited to,
those described under the caption "Risk Factors" in our most recent Annual
Report on Form 10-K and in our other filings with the Securities and Exchange
Commission. In some cases, you can identify forward-looking statements by
terminology such as "may," "will," "should," "could," "expect," "plan,"
"anticipate," "believe," "estimate," "predict," "intend," "potential," "might,"
"would," "continue" or the negative of these terms or other comparable
terminology. Actual results, level of activity, performance or achievements may
differ materially from the results, level of activity, performance or
achievements expressed or implied by the forward-looking statements, and these
differences may be material and adverse. EPAM undertakes no obligation to update
or revise any forward-looking statements, whether as a result of new
information, future events, or otherwise, except as may be required under
applicable law.
Contact:
EPAM Systems, Inc.
Ilya Cantor, Chief Financial Officer
Anthony Conte, VP-Finance
Phone +1-267-759-9000 x64588
investor_relations(at)epam.com
This announcement is distributed by Thomson Reuters on behalf of
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other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: EPAM Systems, Inc. via Thomson Reuters ONE
[HUG#1734466]
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Datum: 09.10.2013 - 02:50 Uhr
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News-ID 304080
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