This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
See Cramer's multi-million dollar portfolio for FREE and get his new book Get Rich Carefully! Learn More

The Hackett Group Announces Fourth Quarter Results And $55 Million Stock Repurchase Tender Offer

The Hackett Group, Inc. (NASDAQ: HCKT), a global strategic advisory and operations improvement consulting firm, today announced its financial results for the fourth quarter and fiscal year 2011, which ended December 30, 2011.

Fourth quarter 2011 revenue was $55.5 million, a 14% increase from the same period in 2010. Pro forma diluted earnings per share were $0.09 for the fourth quarter of 2011, as compared to $0.07 for the same period in 2010. Pro forma information is provided to enhance the understanding of the Company’s financial performance and is reconciled to the Company’s GAAP information in the accompanying tables.

GAAP diluted earnings per share were $0.23 for the fourth quarter of 2011, as compared to $0.07 in the fourth quarter of 2010. GAAP net earnings for the fourth quarter of 2011 included a $5.3 million tax benefit, or $0.13 per dilutive share, for the release of a deferred tax valuation allowance.

The Company also announced today its plan to launch a modified “Dutch auction” tender offer to purchase up to $55 million in value of its common stock, at a price ranging from $4.25 to $5.00. The tender offer would allow the Company to repurchase approximately 27% of its outstanding common shares at the high-end of the pricing range. The Company intends to pay for the share repurchase from its existing cash and cash equivalents balances, which were approximately $33 million as of December 30, 2011, and with a new $50 million credit facility.

Fiscal year 2011 revenue was $225.1 million, an increase of 12% from the previous fiscal year. Pro forma diluted net earnings per share for 2011 was $0.33, as compared to $0.27 in fiscal year 2010. GAAP diluted earnings per share in fiscal 2011 was $0.52, as compared to net income per share of $0.34 in the previous fiscal year. GAAP net income for 2011 includes a $5.3 million tax benefit, or $0.13 per dilutive share, for the release of a deferred tax valuation allowance. GAAP net income for 2010 includes a non-cash acquisition earn-out shares re-measurement gain of $1.7 million or $0.04 per dilutive share.

Stock quotes in this article: HCKT 

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
DOW 16,408.54 -16.31 -0.10%
S&P 500 1,864.85 +2.54 0.14%
NASDAQ 4,095.5160 +9.2910 0.23%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs