Charles River Associates (NASDAQ: CRAI), a worldwide leader in providing management, economic and financial consulting services, today announced second quarter financial results for the quarter ended June 30, 2012.
Revenue for the second quarter of fiscal 2012 was $67.8 million, compared with $80.6 million for the second quarter of fiscal 2011 – the quarter ended July 2, 2011. Non-GAAP revenue for the second quarter of fiscal 2012 was $66.3 million, compared with $79.6 million for the second quarter of fiscal 2011.
Net income for the second quarter of fiscal 2012 was $0.7 million, or $0.07 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. Non-GAAP net income for the second quarter of fiscal 2012 was $2.1 million, or $0.20 per diluted share , compared with $5.2 million, or $0.48 per diluted share, for the second quarter of fiscal 2011 .
A complete reconciliation between revenue, net income and net income per diluted share, on a GAAP and non-GAAP basis, for the second quarters and six month year-to-date periods of fiscal 2012 and fiscal 2011 are provided in the financial tables at the end of this release.Management Comments “Our performance in the second quarter of fiscal 2012 reflected strong contributions by select core practices—notably the Competition and Marakon practices,” said Paul Maleh, CRA’s President and Chief Executive Officer. “However, our second-quarter results were below expectations as several underperforming practice areas affected CRA’s overall performance. The utilization this quarter was 70%, up from 68% in the sequential first quarter but lower than the 74% level in the second quarter of fiscal 2011. To better position the Company for growth, we are taking decisive actions which should intensify the focus of our portfolio, increase the cohesiveness of our services, and significantly improve our margins and profitability. We are in the process of eliminating two underperforming business units while restructuring others.”