The Hackett Group, Inc. (NASDAQ: HCKT), a global strategic advisory and operations improvement consulting firm, today announced its financial results for the second quarter of 2012, which ended June 29, 2012.
Second quarter 2012 revenue was $61.3 million, a 4% increase (6% on a constant currency basis) from the same period in 2011. Pro forma diluted earnings per share were $0.11 for the second quarter of 2012, as compared to $0.09 for the same period in 2011. 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 $0.12 for the second quarter of 2012, as compared to $0.10 from the same period in 2011. For comparison purposes, the second quarter of 2012 GAAP earnings per share were unfavorably impacted by a penny, when compared to the same quarter in 2011, as a result of the 2011 year end release of the deferred tax valuation allowance.
"The momentum that we built entering the second quarter was tempered only by the higher than expected impact of foreign exchange fluctuations on our earnings," stated Ted A. Fernandez, Chairman and CEO of The Hackett Group. "Even though our third quarter results will be unfavorably impacted by our European Operations, we continue to believe our focus on Operating Excellence and Enterprise Performance Management is well aligned with the complexity of the global economy."At the end of the second quarter of 2012, the Company’s cash balances were $14.5 million. During the second quarter of 2012, the Company repaid $8.0 million of its new credit facility, leaving a $32.0 million balance at quarter end. Based on the current economic outlook, the Company estimates total revenue for the third quarter of 2012 to be in the range of $56.0 million to $58.0 million, and estimates pro forma diluted earnings per share to be in the range of $0.09 to $0.11.