Edgewater Technology (EDGW) revenue expanded 5% Y/Y to $25.4M on the back of a 5.9% increase in Service revenue to $21.4M
Gross margin expanded 1.5% Y/Y to 38%, with utilization at 71.1% from 69.5%.
Adjusted EBITDA was $2.5M (9.9% of revenue), increasing from $1.4M (5.8% of revenue) in Q3 2012. Operating cash flow was $5.9M.
CEO Shirley Singleton: "Our EPM-related service offering, which represents our largest percentage of revenues, tends to be more affected by seasonality ... as clients typically delay or shutdown projects near the holidays ... [W]e still anticipate fourth quarter service revenue to experience high single-digit growth compared to the fourth quarter of 2012." Analysts expect revenue of $26.1M (+7.8% Y/Y)
PR, conference call at 10 am ET