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BDM International Inc/DE – ‘10-Q’ for 3/31/96

As of: Thursday, 5/2/96 · For: 3/31/96 · Accession #: 870763-96-5 · File #: 0-23966

  As Of                Filer                Filing    For·On·As Docs:Size

 5/02/96  BDM International Inc/DE          10-Q        3/31/96    3:26K

Quarterly Report — Form 10-Q
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-Q        Quarterly Report                                      14     51K 
 2: EX-11.1     Statement re: Computation of Earnings Per Share        1      5K 
 3: EX-27       Financial Data Schedule (Pre-XBRL)                     1      5K

10-Q — Quarterly Report
Document Table of Contents

Page	(sequential)	\|	(alphabetic)	Top
			Alternative Formats (Word, et al.) Exhibits and Reports on Form 8-K Financial Statements Managements' Discussion and Analysis
1	1st Page - Filing Submission
2	Item 1. Financial Statements
8	Item 2. Managements' Discussion and Analysis
12	Item 6. Exhibits and Reports on Form 8-K

10-Q 1st Page of 14 TOC ↑Top Previous Next ↓Bottom Just 1st
 
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 Form 10-Q

 QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF
EXCHANGE ACT OF 1934

For the quarter                             Commission File   
ended:   March 31, 1996                     Number:  000-23966

 BDM International, Inc.
(Exact name of registrant as specified in its charter)

  Delaware                            54-1561881
(State or other jurisdiction of              (I.R.S. Employer 
  incorporation or organization)               Identification No.)

1501 BDM Way, McLean, Virginia               22102-3204       
(Address of principal executive office)      (Zip Code)       

 Registrant's telephone number
 including area code: 703-848-5000

Not Applicable
(Former name, former address, and former fiscal year, if
changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  registrant  was
required  to file  such  reports),  and  (2) has  been  subject  to such  filing
requirements for the past 90 days. Yes X No                                     

As of the close of business on April 26, 1996, the  registrant  had  outstanding
13,950,507 shares of Common Stock, par value $.01 per share.                    

10-Q 2nd Page of 14 TOC 1st Previous Next ↓Bottom Just 2nd
PART I

Item 1.  Financial Statements.                                                  
-------  ---------------------                                                  

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

BDM International, Inc.:                                                        

Consolidated Balance Sheets as of                             
                 March 31, 1996 (Unaudited) and December 31, 1995............2

Consolidated Statements of Operations for the                 
                 Three Months Ended March 31, 1996 and 1995 (Unaudited) .....3

Condensed Consolidated Statements of Cash Flow for the        
                 Three Months Ended March 31, 1996 and 1995 (Unaudited) .....4

        Notes to Consolidated Financial Statements (Unaudited) ..............5

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                                                        [Enlarge/Download Table]


                             BDM INTERNATIONAL, INC.                                        
                           CONSOLIDATED BALANCE SHEETS                                      
                        (in thousands, except share data)                                   

                                                                                            

                                                            March 31,          December 31, 
                                                               1996               1995      
                                                         -----------------  ----------------
                                                            (unaudited)                     

ASSETS                                                                                      

Current assets:                                                                             
Cash and cash equivalents                                $         66,152    $       69,143 
Accounts receivable, net                                          205,029           219,354 
Prepaid expenses and other                                          3,496             6,157 
                                                         -----------------  ----------------
  Total current assets                                            247,677           294,654 

Property and equipment, net                                        46,524            45,722 
Intangible assets, net                                             26,181             9,615 
Deposits and other                                                  8,054             8,580 
Equity in and advances to affiliates                                5,149             5,222 
                                                         -----------------  ----------------
  Total assets                                           $        360,585    $      363,793 
                                                         =================  ================

LIABILITIES AND STOCKHOLDERS' EQUITY                                                        

Current liabilities:                                                                        
Accounts payable and accrued expenses                    $        149,245    $      168,253 
Debt currently payable                                              3,295               449 
Income taxes payable                                                1,972             3,465 
Deferred tax liability                                              5,588             6,363 
                                                         -----------------  ----------------
  Total current liabilities                                       160,100           178,530 

Deferred tax liability                                              3,518             3,638 
Long term debt                                                      9,941            25,900 
Severance and other                                                13,474            12,099 
Minority interest                                                  28,500            28,157 
                                                         -----------------  ----------------
  Total liabilities                                               215,533           248,324 
                                                         -----------------  ----------------

Commitments and contingencies                                                               

Stockholders' equity:                                                                       
Preferred stock, $.01 par value;                                                            
  500,000 shares authorized, none issued                               -                 -  
Common  stock,  $.01 par value;                                                             
  13,897,290  and  12,962,342  shares                                                       
  issued and outstanding at March 31,                                                       
  1996 and December 31, 1995,                                                               
  respectively                                                        139               130 
Additional paid in capital                                         91,635            68,535 
Retained earnings                                                  52,197            46,790 
Deferred compensation                                               (293)              (395)
Cumulative translation adjustment                                   1,374               409 
                                                         -----------------  ----------------
  Total stockholders' equity                                      145,052           115,469 
                                                         -----------------  ----------------
  Total liabilities and stockholders' equity             $        360,585    $      363,793 
                                                         =================  ================

              The accompanying notes are an integral part of these                          
                             financial statements.                                          


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                       BDM INTERNATIONAL, INC.                                           
                CONSOLIDATED STATEMENTS OF OPERATIONS                                    
           (in thousands, except earnings per share data)                                
                             (unaudited)                                                 

                                                              For the three months       
                                                                 ended March 31,         
                                                             ----------------------      

                                                              1996              1995     
                                                         ------------      ------------  
                                                                                         

Revenue                                                  $    225,107      $    191,901  
                                                         ------------      ------------  

Cost of sales                                                 188,892           156,989  
Selling, general and administrative                            20,441            19,385  
Depreciation, amortization and other                            4,058             5,622  
                                                          ------------      ------------ 

      Operating profit                                         11,716             9,905  

Interest (income) expense, net                                   (248)            1,121  
Equity in earnings of affiliates                                 (451)            (332)  
Minority interest                                                2,921            2,227  

                                                          ------------       ------------
       Income before income taxes                               9,494             6,889  

Provision for income taxes                                      4,087             3,555  

                                                          ------------       ------------

         Net income                                     $       5,407       $     3,334  
                                                         =============       ============

 Earnings per common and                                                                 
    common equivalent share:                                                             
  Net income per share                                  $        0.39       $      0.33  
                                                         ============        ============

   Weighted average common                                                               
       shares outstanding                                      13,978             9,979  
                                                        =============        ============

        The accompanying notes are an integral part of these                             
                       financial statements.                                             


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                        BDM INTERNATIONAL, INC.                                              
            CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW                                   
          For the three months ended March 31, 1996 and 1995                                 
                       (unaudited, in thousands)                                             

                                                                                             

                                                                   1996            1995      
                                                               --------------  --------------

Cash flow from operating activities:                                                         
  Net cash provided by operating activities                    $     12,155    $      10,683 

                                                               -------------   ------------- 

Cash flow from investing activities:                                                         
  Additions to property and equipment                                (4,349)         (1,832) 
  Purchase of businesses, net of cash acquired                       (8,695)             --  
  Reimbursement of acquisition costs                                     --           1,143  
  Contributions from minority owners                                     --           1,862  
  Distributions from unconsolidated affiliates                          300             500  
  Investment in unconsolidated affiliates                                --            (100) 
                                                               -------------   --------------

  Net cash (used in) provided by investing activities               (12,744)          1,573  
                                                               --------------   ------------ 

Cash flow from financing activities:                                                         
  Net repayments of revolving borrowings                            (22,754)        (19,000) 
  Proceeds from issuance of common stock                             22,215             588  
  Acquisition of treasury stock                                          --          (1,026) 
                                                               -------------   ------------- 

  Net cash used in financing activities                                (539)        (19,438) 
                                                               --------------   ------------ 

Effect of exchange rate changes on cash                              (1,862)          4,753  
                                                               --------------   ------------ 

Net decrease in cash and cash equivalents                            (2,991)         (2,429) 

Cash and cash equivalents, beginning of period                       69,143          45,314  
                                                               -------------   ------------- 

Cash and cash equivalents, end of period                        $    66,152    $     42,885  
                                                               ==============  ============= 

         The accompanying notes are in integral part of these                                
                        financial statements.                                                


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 BDM INTERNATIONAL, INC.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 (UNAUDITED)

(1)      General                                                                
-------                                                       

         The accompanying  financial  statements of BDM International,  Inc. and
its  subsidiaries  (BDM or the  Company)  as of March 31,  1996 and for  interim
periods  ended March 31, 1996 and 1995,  are  unaudited  and have been  prepared
pursuant to the rules and regulations of the Securities and Exchange Commission.
The balance  sheet data as of December 31, 1995,  was derived from the Company's
audited financial  statements,  but does not include all disclosures required by
generally  accepted  accounting   principles.   Certain  other  information  and
disclosures  included in the Company's annual financial  statements  prepared in
accordance with generally accepted accounting  principles have been condensed or
omitted pursuant to the above referenced rules and regulations.  It is suggested
that these  financial  statements be read in conjunction  with the  consolidated
financial  statements  and the notes thereto  included in the  Company's  latest
annual report to the Securities and Exchange Commission on Form 10-K.           

         The  accompanying  financial  statements  reflect all  adjustments  and
reclassifications  that, in the opinion of management,  are necessary for a fair
presentation.  All such adjustments and reclassifications have been deemed to be
of recurring  nature,  except for the  write-off  of goodwill in March 1995,  as
discussed below.                                                                

(2)      Income Taxes                                                           
------------                                                  

         The Company uses the estimated annual effective rate method for interim
income tax  purposes.  The Company also  recognizes  an expense for U.S.  income
taxes on  undistributed  earnings  of its  foreign  subsidiaries  as though  the
earnings had been distributed.                                                  

         The difference  between the combined statutory federal and state income
tax rate of 42% and the Company's  actual  effective  income tax rate of 43% for
the three  months ended March 31, 1996,  is primarily  attributable  to goodwill
amortization  which is not  deductible  for federal  income tax  purposes,  thus
resulting in the higher effective tax rate. The difference  between the combined
statutory  federal  and state  income tax rate of 41% and the  Company's  actual
effective  income tax rate of 52% for the three months ended March 31, 1995,  is
primarily  attributable  to a charge  of $1.6  million  recognized  in the first
quarter  of 1995 to  reflect  management's  estimate  of the  recoverability  of
unamortized goodwill generated in an earlier business acquisition.  This charge,
as well as the majority of the Company's other goodwill  amortization during the
three months  ended March 31, 1995,  is not  deductible  for federal  income tax
purposes, thus resulting in the higher effective tax rate.                      

(3)      Earnings Per Share                                                     
------------------                                            

         Net  income  per common  share is net  income  divided by the  weighted
average number of common shares and common share equivalents  outstanding during
the period.  The Company's  common share  equivalents  consist entirely of stock
options.                                                                        

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 BDM INTERNATIONAL, INC.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 (UNAUDITED)

(4)      Capital stock transactions                                             
--------------------------                                    

         On March 27, 1996, the Company completed a secondary offering of common
stock to the  public in which  3,220,000  shares of  Common  Stock  were sold at
$36.50 per share.  Of the total  3,220,000  shares  sold,  450,000  were primary
shares and the remaining  2,770,000 shares were sold by certain of the Company's
shareholders,  including  400,000  of Class B shares,  which were  converted  to
Common  Stock  immediately  prior to the  offering.  The net  proceeds  of $15.3
million  will be used for  general  corporate  purposes  and to  finance  future
acquisitions.                                                                   

(5)      Acquisition                                                            
-----------                                                   

         On February 20, 1996,  the Company  completed the  acquisition of three
affiliated  companies - CW Systems,  Inc., IG Systems,  Inc. and Melco  Systems,
Inc.  - for $18.5  million.  The  acquired  companies  specialize  in  providing
information technology systems and services to large commercial organizations in
various  industries,  as well as to various state  agencies.  The acquisition of
these  companies has been accounted for as a purchase,  and the results of their
operations have been included in the Company's  consolidated statement of income
since the date of  acquisition.  Of the total purchase  price,  $8.8 million was
paid out of existing cash  balances and $9.7 million was financed  through notes
payable to the previous owners. The notes are payable over two years and bear an
interest  rate equal to the  prevailing  yield rate on  twenty-six  week  United
States Treasury  Bills,  determined  every six months.  Interest is payable on a
quarterly basis.  Resulting goodwill totaled $16 million,  and will be amortized
on a straight-line  basis over 15 years.  Other intangible  assets,  relating to
non-compete  agreements,  totaled $1.4  million and will be  amortized  over two
years.                                                                          

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Item 2.  Managements' Discussion and Analysis                                   
-------  ------------------------------------                                   

Overview                                                                        

         The Company maintained its strong growth rates for the first quarter of
1996 with an increase over the comparable  period in 1995 in revenue of 17%, net
income of 62% and  earnings  per share of 18%.  Contract  backlog  and  proposal
backlog  have  remained   fairly  stable  at  $1.6  billion  and  $1.2  billion,
respectively.   However,  a  number  of  significant  proposals  were  submitted
subsequent to quarter end which increased the proposal  backlog to approximately
$2 billion  as of April 18,  1996.  Several  contract  wins in early  April also
boosted the contract backlog.                                                   

         The Company  also  acquired  three  affiliated  information  technology
companies and completed a secondary  offering to the public of 3,220,000  shares
of common stock, including 450,000 primary shares, at $36.50 per share          

Revenue                                                                         

                                                                [Download Table]

                                              Three Months Ended March 31,      
                                              ----------------------------      
                                              1996                   1995       
                                              ----                   ----       
                                           (in millions, except percentages)    
                                                                                

     Clients Served                                                             
     --------------                                                             
U.S. Department of Defense             $82.8         37%          $67.0     35% 
International Defense                   58.9         26            46.5     24  
Civil Government                        45.5         20            48.9     26  
Commercial                              37.9         17            29.5     15  
                                      ------        ---          ------    ---  
       Total                          $225.1        100%         $191.9    100% 
                                      ======        ===          ======    ===  

     Services Provided                                                          
     -----------------                                                          
Systems and Software Integration      $ 83.9         37%         $ 54.4     28 %
Computer and Technical Services        119.9         53           116.8     61  
Enterprise Management and Operations    21.3         10            20.7     11  
                                      ------        ---          ------    ---  
       Total                          $225.1        100%         $191.9    100 %
                                      ======        ====         ======    ===  

     Subsidiaries                                                               
     ------------                                                               
BDM Federal                           $119.0         53%         $ 97.5     51% 
BDM Technologies                        17.1          8            12.2      6  
BDM Europe                              52.2         23            48.8     26  
Vinnell Corporation                     36.8         16            33.4     17  
                                      ------        ---          -------   ---  
     Total                             $225.1      100%          $191.9    100% 
                                       ======      ====          ======    ===  


Clients Served                                                                  
--------------                                                                  
         Revenue  for the three  months  ended  March 31,  1996,  increased  $33
million  (17%) over the  comparable  period in 1995.  The 23%  increase  in U.S.
Defense  revenue was  attributable  to the  continued  expansion of BDM's system
development  and  integration  work for various  Defense  clients under the DEIS
contract.  The 26%  international  defense  increase was due to growth of IABG's
contracts with the German Ministry of Defense,  as well as higher revenue earned
on BDM  Federal's  contract  with the Royal  Saudi Air Force.  The 7% decline in
civil government  revenue reflects  reductions in BDM's civil government work in
Germany  and the  impact of budget  cuts in 1995 on work for the  Department  of
Energy.  These reductions were partially offset by growth in Vinnell's Job Corps
Center  contracts and BDM  Technologies'  state  government  contracts.  The 29%
increase in  commercial  work  reflected  the growth of  commercial  information
technology (IT) work, as well as the acquisition completed in late February.    

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Services Provided                                                               
-----------------                                                               
         The 54% increase in systems and software integration revenue was driven
by BDM  Federal and BDM  Technologies  contracts  with the  Defense  Information
Systems  Agency (the DEIS  contract),  the  American  Red Cross and a variety of
commercial  clients.  The computer and technical services growth was largely due
to the expansion of work for the Royal Saudi Land Forces,  as well as added work
performed by IABG for the German Defense Ministry.                              

Subsidiaries                                                                    
------------                                                                    
         Revenue  at BDM  Federal  grew 22% due to  growth  in its IT  business,
primarily  related to work performed for the Department of Defense.  The revenue
increase at BDM  Technologies  was largely  due to growth in its  commercial  IT
work, as well as the  acquisition  completed in late February.  Additional  work
performed for the German Ministry of Defense and commercial clients  contributed
to BDM Europe's higher revenue.  Finally,  Vinnell's revenue increase was driven
by its  contracts  for the newer Job Corps  Centers and work for the Royal Saudi
Land Forces,  although these  increases  were partially  offset by a decrease in
revenue for a contract with the Saudi Arabian National Guard.                   

         The following table sets forth selected financial data,  expressed as a
percentage of revenue:                                                          

                                                                [Download Table]

                                       For the three months ended
                                                March 31,        
                                         -------------------     
                                       1996                1995  
                                       ----                ----  
                                                                 
Revenue                                100.0 %             100.0%
Cost of sales                           83.9                81.8 
Selling, general and administrative      9.1                10.1 
Depreciation, amortization and other     1.8                 2.9 
                                      ------               ----- 

     Operating profit                    5.2                 5.2 

Interest (income) expense, net          (0.1)                0.6 
Equity in earnings of affiliates        (0.2)               (0.2)
Minority interest                        1.3                 1.2 
                                      ------               ----- 

     Income before taxes                 4.2                 3.6 

Provision for income taxes               1.8                 1.9 
                                      ------               ----- 

     Net income                          2.4%                1.7%
                                      ======               ===== 

Cost of Sales                                                                   
         Cost  of  sales,  which  includes  salaries,  benefits,   subcontractor
expenses,  and material and overhead costs, increased as a percentage of revenue
for the three months ended March 31, 1996,  compared to the same period in 1995.
This increase results primarily from a one-time profit recognition in March 1995
as a result  of  negotiations  on a Vinnell  contract,  applicable  to  services
provided since the inception of the contract in May 1994, which lowered the 1995
cost of sales percentage.                                                       

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Selling, General and Administrative                                             
         The decrease in selling, general and administrative (SG&A) expense as a
percentage  of revenue in the first  quarter of 1996 compared to the same period
in 1995 reflects  revenue  growth  accompanied  by fairly stable SG&A costs.  In
addition,  the Company  continues to achieve overhead cost savings in several of
its subsidiaries.                                                               

Depreciation, Amortization and Other                                            
         Depreciation, amortization and other costs decreased as a percentage of
revenue for the three months  ended March 31, 1996,  compared to the same period
in 1995,  largely  due to a $1.6  million  write-off  of  goodwill  in the first
quarter of 1995  related to the FACE  acquisition.  In addition,  the  Company's
higher  revenue  base  has been  accompanied  by  relatively  flat  costs,  also
contributing  to  the  lower   percentage.   Amortization   expense  related  to
acquisitions completed in the first quarter of 1996 was not significant.        

Interest (Income) Expense, net                                                  
         The  Company  had net  interest  income of $0.3  million  for the three
months  ended March 31, 1996,  compared to net interest  expense of $1.1 million
for the same  period in 1995.  This  resulted  from  applying  $49.4  million of
proceeds  in July 1995 from the  initial  public  offering of stock (the IPO) to
reduce outstanding borrowings.                                                  

Minority Interest                                                               
         The minority  interest  share of earnings  increased as a percentage of
revenue for the first quarter of 1996 compared to the same period in 1995.  This
increase reflects improved  profitability of the Company's German subsidiary and
Vinnell's  joint  ventures in the Middle East. In addition,  Vinnell's  contract
with the Saudi  Arabian  National  Guard  was  performed  under a joint  venture
beginning in July 1995, in which  Vinnell is a 51% partner.  The results of this
operation are included in the Company's consolidated financial statements,  with
the other partner's 49% ownership interest reflected as minority interest.  This
contract was performed solely by Vinnell in the first quarter of 1995, and thus,
reported  no minority  interest at that time.  These  increases  were  partially
offset by a reduction in minority  interest  from 1995 to 1996 due to a one-time
profit  recognition in March 1995 as a result of negotiations on a Vinnell joint
venture in Saudi Arabia.                                                        

Provision for Income Taxes                                                      
         The  provision  for income taxes  decreased  as a percentage  of income
before  income taxes for the three  months  ended March 31, 1996,  over the same
period in 1995.  The effective  rate  decrease  related to the write-off of $1.6
million in  goodwill  from the FACE  acquisition  in the first  quarter of 1995,
which was not deductible for income tax purposes.  Offsetting  this somewhat was
an increase in the Company's statutory tax rate from 41% in 1995 to 42% in 1996,
reflecting  the impact of the Company's  international  expansion into countries
with higher income tax rates than in the United  States.  This higher income tax
rate considers foreign tax credits which may expire prior to their use.         

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Liquidity and Financial Condition                                               
---------------------------------                                               

         In an effort to  increase  the  number  of  shares  which are  publicly
traded, the Company completed a secondary offering of common stock to the public
on March 27, 1996 in which 3,220,000  shares of common stock were sold at $36.50
per share. Of the total 3,220,000  shares sold,  450,000 were primary shares and
the  remaining   2,770,000   shares  were  sold  by  certain  of  the  Company's
stockholders,  including  400,000  of Class B shares,  which were  converted  to
Common  Stock  immediately  prior to the  offering.  The net  proceeds  of $15.3
million  will be used for  general  corporate  purposes  and to  finance  future
acquisitions.                                                                   

         Other  significant  sources of liquidity  continue to be cash flow from
operations  ($9.2 million for the first quarter of 1996) and the Company's  $150
million revolving credit agreement.                                             

         Cash flow related to  investing  activities  primarily  consists of the
investment made for the acquisition of three affiliated  companies.  On February
20, 1996, the Company completed the acquisition of CW Systems, Inc., IG Systems,
Inc. and Melco Systems,  Inc. for $18.5 million,  $8.8 million of which was paid
out of existing  cash  balances  and $9.7  million was  financed  through  notes
payable to the previous owners. The acquired  companies  specialize in providing
information technology systems and services to large commercial organizations in
several industries,  as well as to certain state agencies.  Goodwill totaled $16
million,  and will be amortized on a  straight-line  basis over 15 years.  Other
intangible assets, relating to non-compete agreements,  totaled $1.4 million and
will be amortized over two years.                                               

         Other investing  activities included capital  expenditures,  which have
increased due to the  implementation of a new enterprise  reporting system (SAP)
at BDM Federal, and working capital infusions to and earnings distributions from
Vinnell's unconsolidated joint ventures.                                        

         Financing  activities include the net proceeds from the secondary stock
offering of $15.3  million and the reduction of the  Company's  working  capital
facility by $22.9  million.  In addition,  the Company  continued to benefit its
employees  by enabling  them to purchase  shares of common stock  through  stock
option exercises and the employee stock purchase plan.                          

         During the three months ended March 31, 1996,  the  fluctuation  in the
value of the German mark to the U.S. dollar resulted in a $1.9 million  decrease
in cash as reported in U.S. dollars in the accompanying financial statements due
to the significant balance of cash maintained by IABG.                          

General                                                                         

         Management  believes the Company has  sufficient  liquidity and working
capital resources necessary to conduct planned business operations, debt service
requirements,   planned  investments,   capital  expenditures,   and  to  ensure
compliance with bank covenants for the foreseeable future.                      

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 PART II

Item 6.   Exhibits and Reports on Form 8-K.                                     
-------   ---------------------------------                                     

(a)   Exhibits:                                               

11.   Statement of Computation of Earnings Per Share          

(b)   Reports on Form 8-K:                                    

                  The Company  filed a Form 8-K dated  February 20, 1996 related
                  to the acquisition of three affiliated companies:  CW Systems,
   Inc., IG Systems, Inc., and Melco Systems, Inc.

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 BDM INTERNATIONAL, INC.

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.                                          

April 30, 1996                           BDM INTERNATIONAL, INC.                

                             C. Thomas Faulders, III
                               -------------------------
                             C. Thomas Faulders, III
                                         Executive Vice President, Treasurer
                                       and Chief Financial Officer

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BDM INTERNATIONAL, INC. 

 INDEX TO EXHIBITS

Exhibit No.                                                                     

11.      Statement of Computation of Earnings Per Share

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Dates Referenced Herein and Documents Incorporated by Reference

		Referenced-On Page
This ‘10-Q’ Filing	Date	First	Last	Other Filings

Filed on:	5/2/96
	4/30/96	13
	4/26/96	1
	4/18/96	8
For Period End:	3/31/96	1	11
	3/27/96	7	11
	2/20/96	7	12	8-K
	12/31/95	2	6	10-K
	3/31/95	2	6	10-Q
				List all Filings

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Filing Submission 0000870763-96-000005 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

BDM International Inc/DE – ‘10-Q’ for 3/31/96

As of: Thursday, 5/2/96 · For: 3/31/96 · Accession #: 870763-96-5 · File #: 0-23966

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Dates Referenced Herein and Documents Incorporated by Reference

Quarterly Report — Form 10-Q
Filing Table of Contents

10-Q — Quarterly Report
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