Exponent Reports Second Quarter 2010 Results

MENLO PARK, Calif., July 21, 2010 (GLOBE NEWSWIRE) -- Exponent, Inc. (Nasdaq:EXPO) today reported financial results for the second quarter ended July 2, 2010.

For the second quarter of 2010, revenues before reimbursements increased 5% to $55,128,000, as compared to $52,429,000 in the second quarter of 2009. Total revenues were $60,439,000, as compared to $60,862,000 in the same period one year ago.

Net income for the second quarter of 2010 increased 21% to $7,280,000, or $0.48 per diluted share, as compared to $6,025,000, or $0.40 per diluted share, reported in the second quarter of 2009. EBITDA ¹ in the second quarter of 2010 increased 22% to $13,293,000, as compared to $10,938,000 in the second quarter of 2009.

During the second quarter of 2010, Exponent repurchased $2.3 million of its common stock, and closed the quarter with $76.4 million in cash, cash equivalents and short-term investments.

For the first half of 2010, revenues before reimbursements increased 3% to $110,329,000, as compared to $107,360,000, in the same period of 2009. Total revenues were $119,845,000, as compared to $120,658,000 in the same period of last year.

Net income for the first half of 2010 improved 15% to $13,519,000, or $0.90 per diluted share, as compared to $11,783,000, or $0.79 per diluted share, reported in the prior year period. EBITDA ¹ in the first half of 2010 improved 16% to $24,833,000, as compared to $21,350,000, in the first half of 2009.

"We are pleased to report strong financial results in the quarter as a result of improved utilization and careful management of expenses," commented Dr. Paul Johnston, President and CEO. "During the quarter we continued to experience a steady flow of reactive projects related to litigation, insurance claims and product recalls for which we were able to perform in-depth scientific research and analysis to determine what happened. Additionally, we have continued to assist clients in complying with regulations pertaining to the registration of chemicals used throughout the world. As a result, we had strong performances in our human factors and mechanics and materials practices, as well as our environmental and health groups.