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Charles River Associates (NASDAQ: CRAI), a worldwide leader in providing
management, economic and financial consulting services, today announced third-quarter financial results for the 13 weeks ended October 1, 2011. Third-quarter revenue was $71.0 million compared with $80.6 million for the 13-week second quarter of fiscal 2011 and $84.6 million for the 16-week third quarter of fiscal 2010. Non-GAAP revenue for the third quarter was $69.4 million compared with $79.6 million for the 13-week second quarter of fiscal 2011 and $82.4 million for the 16-week third quarter of fiscal 2010.
Net income for the third quarter of fiscal 2011 was $3.7 million, or $0.34 per diluted share. This compares with net income for the second quarter of fiscal 2011 of $4.3 million, or $0.40 per diluted share, and net income of $2.1 million, or $0.19 per diluted share, for the third quarter of fiscal 2010. Non-GAAP net income for the third quarter of fiscal 2011 was $3.3 million, or $0.31 per diluted share, compared with $5.2 million, or $0.48 per diluted share, for the second quarter of fiscal 2011 and $3.2 million, or $0.30 per diluted share, for the third quarter of fiscal 2010.
A complete reconciliation between revenue, net income and net income per share on a GAAP and non-GAAP basis for the third quarters of fiscal 2011 and fiscal 2010, the second quarter of fiscal 2011, and the year-to-date periods for fiscal 2011 and fiscal 2010 is provided in the financial tables at the end of this release.
Financial Results Comments
“During the third quarter, we experienced lower-than-expected revenue due to project completions and slowdown in activity of several large projects within our Management Consulting business,” said Paul Maleh, CRA’s President and Chief Executive Officer. “As a result of the scale of these engagements, the contribution of the Management Consulting business was below expectations for the quarter, particularly in our overseas business. International revenue accounted for 24% of the quarter’s revenue compared with 29% in the first half of fiscal 2011 and 28% in the third quarter of fiscal 2010.”