Charles River Associates
(NASDAQ: CRAI), a worldwide leader in providing
management, economic and financial consulting services
, today announced fourth-quarter financial results for the 13 weeks ended December 31, 2011. Fourth-quarter 2011 revenue was $75.0 million compared with $71.0 million for the 13-week third quarter of fiscal 2011 and $75.9 million for the 12-week fourth quarter of fiscal 2010, ended November 27, 2010. Non-GAAP revenue for the fourth quarter of 2011 was $73.1 million compared with $69.4 million for the third quarter of fiscal 2011 and $74.5 million for the 12-week fourth quarter of fiscal 2010.
Net income for the fourth quarter of fiscal 2011 was $4.4 million, or $0.42 per diluted share. This compares with net income for the third quarter of fiscal 2011 of $3.7 million, or $0.34 per diluted share, and net income of $1.8 million, or $0.17 per diluted share, for the fourth quarter of fiscal 2010. Non-GAAP net income for the fourth quarter of fiscal 2011 was $4.3 million, or $0.40 per diluted share, compared with $3.3 million, or $0.31 per diluted share, for the third quarter of fiscal 2011 and $3.7 million, or $0.35 per diluted share, for the fourth 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 fourth quarters of fiscal 2011 and fiscal 2010, the third quarter of fiscal 2011, and for fiscal 2011 and fiscal 2010 is provided in the financial tables at the end of this release.
Comments on the Fourth Quarter
“We concluded fiscal 2011 with a solid fourth-quarter performance and sequential revenue growth across both our Litigation and Management Consulting businesses,” said Paul Maleh, CRA’s President and Chief Executive Officer. “Within the Litigation business, our Competition, Finance and Life Sciences practices were standout performers in the quarter reflecting ongoing assignments and new project wins. The performance of the Management Consulting business improved in the fourth quarter due to new engagements and growth across the portfolio.”