Charles River Associates (NASDAQ: CRAI), a worldwide leader in providing management, economic and financial consulting services, today announced third quarter financial results for the quarter ended September 29, 2012.
Revenue for the third quarter of fiscal 2012 was $65.9 million, compared with $71.0 million for the third quarter of fiscal 2011. Non-GAAP revenue for the third quarter of fiscal 2012 was $64.7 million, compared with $69.4 million for the third quarter of fiscal 2011.
Net loss for the third quarter of fiscal 2012 was $0.7 million, or $0.07 per share. This compares with net income for the third quarter of fiscal 2011 of $3.7 million, or $0.34 per diluted share. Results for the third quarter of fiscal 2012 include a pre-tax restructuring charge of $4.4 million. Non-GAAP net income for the third quarter of fiscal 2012 was $2.8 million, or $0.27 per diluted share , compared with $3.3 million, or $0.31 per diluted share, for the third quarter of fiscal 2011 .
A complete reconciliation between revenue, net income/loss and net income/loss per diluted share, on a GAAP and non-GAAP basis, for the third quarters and nine 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 “As previously announced, during the third quarter we eliminated two underperforming businesses and restructured select practices,” said Paul Maleh, CRA’s President and Chief Executive Officer. “These comprehensive actions should intensify the focus of our portfolio, increase the cohesiveness of our services, significantly enhance our margins, lessen the drag on our overall tax rate, and improve profitability. Our third-quarter results reflect some of the benefits associated with the restructuring actions and a solid performance by a number of our practices.” “During the quarter, our Litigation business delivered good results despite some general industry headwinds,” said Maleh. “The Litigation business was led by strong contributions from our Intellectual Property, Competition, and Labor & Employment practices, among others. At the same time, demand for our Management Consulting services continued to improve from its slow start at the beginning of the year led by our Marakon practice, which achieved year-over-year growth in the third quarter.”