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Huron Consulting Group Announces Second Quarter 2012 Financial Results

Huron Consulting Group Inc. (NASDAQ: HURN), a leading provider of business consulting services, today announced financial results for the second quarter ended June 30, 2012.

“Huron’s two largest business segments continued to benefit from attractive market conditions,” said James H. Roth, chief executive officer and president, Huron Consulting Group. “Our Health and Education Consulting segment again had solid utilization in the second quarter, and we continue to be successful in hiring new personnel to meet market demand. As expected, performance-based fees in the healthcare practice were lower in Q2 2012 compared to second quarter last year, when performance-based revenue was the highest of any quarter. Our Legal Consulting segment continues to benefit from e-discovery needs among global corporations resulting from large-scale litigation and investigations. We expect this segment to be further strengthened by the recently announced acquisitions of AdamsGrayson and Ascertus. The market for Huron’s services remains vibrant, and we are looking forward to a strong second half as we assist our clients with the complexities and challenges stemming from this uncertain economy.”

Second Quarter 2012 Results

The following information is reported on a “continuing operations” basis unless otherwise noted.

Revenues for the second quarter of 2012 were $144.7 million compared to $153.1 million for the second quarter of 2011. The Company's second quarter 2012 operating income was $14.7 million compared to $22.3 million in the second quarter of 2011. Net income from continuing operations was $6.3 million, or diluted earnings per share of $0.28, for the second quarter of 2012 compared to $9.2 million, or $0.43 per diluted share, for the same period last year. Net income was $6.5 million, or $0.29 per diluted share, for the second quarter of 2012 compared to $9.5 million, or $0.44 per diluted share, for the same period last year.

Second quarter 2012 earnings before interest, taxes, depreciation and amortization ("EBITDA") (6) was $19.9 million, or 13.8% of revenues, compared to $28.0 million, or 18.3% of revenues, in the comparable quarter last year.

In evaluating the Company’s financial performance, management uses non-GAAP financial measures, which exclude the effect of the following items (in thousands):

 

Three Months Ended June 30,

2012   2011
Amortization of intangible assets $ 1,607 $ 2,067
Restatement related expenses $ 212 $ 1,785
Restructuring charges $ 229 $ 461
Litigation settlements, net $ 1,150 $ 508
Tax effect $ (1,279 ) $ (1,928 )

Adjusted EBITDA (6) was $21.5 million, or 14.9% of revenues, in the second quarter of 2012 compared to $30.8 million, or 20.1% of revenues, in the comparable quarter last year. Adjusted Net Income from continuing operations (6) was $8.2 million, or $0.37 per diluted share, for the second quarter of 2012 compared to $12.1 million, or $0.56 per diluted share, for the comparable period in 2011.

Reconciliations of the aforementioned non-GAAP financial measures to comparable GAAP measures are provided in the financial schedules accompanying this news release.

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