UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): June 30, 2004

 

 

MAXIMUS, INC.

(Exact name of registrant as specified in its charter)

 

 

Registrant’s telephone number, including area code: (703) 251-8500

 

 

Not Applicable

(Former name or former address, if changed since last report)

 

 

Item 5.  Other Events and Regulation FD Disclosure.

 

We are filing this Current Report on Form 8-K to disclose segment financial information reflecting recent organizational changes within our Company.

 

Effective April 1, 2004, we implemented certain internal organizational changes to better manage our business. These organizational changes necessitated an assessment of our reportable segments under Financial Accounting Standard No. 131, Disclosures about Segments of an Enterprise and Related Information. As a result, we are now reporting each of our three Strategic Business Units (i.e., Health Services, Human Services, and Technical Services) as separate external reporting segments. A brief description of these segments is as follows:

 

•                  Our Health Services Segment delivers administrative services and provides medical management services for federal and state public health programs, as well as provides system development, integration and implementation for public health services agencies. The Health Services Segment consists of the Eastern Region Division, the Central Region Division, the Western Region division, the Center for Health Dispute Resolutions Division (which now includes certain contracts of our former Federal Services Division which were previously reported under the Management Services Segment), and the Health Systems Division.

 

•                  Our Human Services Segment specializes in the administration and management of government human services programs, as well as in assisting state and local governments in maximizing federal funding for these human service programs. The Human Services Segment consists of the Workforce Services Division, the Child Support Division, the Correctional Services Division, as well as the divisions that were previously reported under the former Financial Services Segment including the Educational Services Division, the Revenue Services Division, the Child Welfare Division, and the Cost Services Division (which now also includes the former Management Solutions Division which was previously reported under the Management Services Segment), and the Unison Division (which was previously reported within the Management Solutions Division).

 

•                  Our Technical Services Segment provides state and local government agencies with software solutions and systems design and implementation to improve efficiency and cost-effectiveness of their program administration. The Technical Services Segment consists of the ERP Solutions Division, the Technology Support Division (which was previously reported under the Management Services Segment), the Enterprise Solutions Division (which now includes certain contracts of our former Federal Services Division which were previously reported under the Management Services Segment), the Educational Systems Division, the Justice Solutions Division, the Asset Solutions Division, and the Asset Services Division (which was previously reported under the Management Services Segment).

 

We are herein providing certain financial segment information for earlier periods to reflect this change in the composition of our reportable segments as if we had operated under the new organizational structure during the last two full fiscal years and the first two quarters of our current fiscal year. The consolidated financial information in this report is unchanged from that previously reported. This data is being provided for informational purposes only.

 

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(in thousands)		Dec. 31, 2001			Mar. 31, 2002			June 30, 2002			Sept. 30, 2002			Dec. 31, 2002			Mar. 31, 2003			June 30, 2003			Sept. 30, 2003			Dec. 31, 2003			Mar. 31, 2004
Revenue:
Health Services		$	41,306		$	34,973		$	42,704		$	42,169		$	40,991		$	41,118		$	40,923		$	39,471		$	39,595		$	50,717
Human Services		57,239			58,196			60,735			59,214			56,982			55,198			60,363			73,704			62,571			60,215
Technical Services		31,025			28,784			29,651			32,702			34,718			34,347			40,455			40,013			36,728			39,775
Total		$	129,570		$	121,953		$	133,090		$	134,085		$	132,691		$	130,663		$	141,741		$	153,188		$	138,894		$	150,707
Gross profit:
Health Services		$	8,872		$	2,621		$	8,588		$	8,712		$	10,351		$	9,591		$	8,532		$	9,353		$	9,941		$	11,339
Human Services		17,054			18,554			19,972			18,979			14,867			14,309			17,851			18,152			18,289			18,092
Technical Services		13,650			14,029			14,371			16,260			17,043			14,686			16,037			15,804			14,353			15,200
Total		$	39,576		$	35,204		$	42,931		$	43,951		$	42,261		$	38,586		$	42,420		$	43,309		$	42,583		$	44,631
Income (loss) from operations:
Health Services		$	4,970		$	(1,738	)	$	4,475		$	4,791		$	6,253		$	5,039		$	4,034		$	4,755		$	5,791		$	6,419
Human Services		8,347			8,531			8,317			7,391			4,714			4,002			6,925			6,825			6,499			5,188
Technical Services		4,350			3,990			4,226			4,567			4,943			1,441			3,218			3,781			2,479			3,340
Consolidating adjustments		326			582			787			427			198			516			310			88			162			431
Total		$	17,993		$	11,365		$	17,805		$	17,176		$	16,108		$	10,998		$	14,487		$	15,449		$	14,931		$	15,378

 

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SIGNATURE

 

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 hereunto duly authorized.

 

 

		MAXIMUS, Inc.
Date:   June 30, 2004	By:	/s/ Richard A. Montoni
		Richard A. Montoni, Chief Financial Officer

 

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