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Huron Consulting Group Inc. (NASDAQ: HURN), a leading provider of business consulting services, today announced financial results for the third quarter ended September 30, 2012.
“Huron reported its second strongest revenue quarter ever as the Company’s two largest segments – Health and Education Consulting and Legal Consulting – continued to benefit from attractive market conditions,” said James H. Roth, chief executive officer and president, Huron Consulting Group. “Performance-based fees in the healthcare practice nearly doubled in the third quarter compared with the second quarter, contributing to strong margins for our largest segment. Our Legal Consulting segment also performed well, despite lower than anticipated revenue from several engagements. We expect the recent launch of Huron Legal’s innovative Integrated Analytics offering to enhance revenue in future quarters as it gains market acceptance.”
Third Quarter 2012 Results
Revenues for the third quarter of 2012 were $161.9 million, an increase of 5.4% compared to $153.6 million for the third quarter of 2011, and increased 11.9% from $144.7 million in Q2 2012. The Company's third quarter 2012 operating income was $20.6 million, compared to $3.7 million in the third quarter of 2011. Third quarter 2012 results reflect a non-cash pretax charge of $13.1 million, or $0.35 per diluted share, to reduce the carrying value of goodwill in the Company’s Financial Consulting segment. In the third quarter of 2011 the Company recorded a non-cash pretax charge of $22.0 million, or $0.60 per diluted share, in the same segment. The impairment charges are non-cash in nature and do not affect the Company’s liquidity or debt covenants. Net income from continuing operations was $10.4 million, or $0.47 per diluted share, for the third quarter of 2012 compared to $1.1 million, or $0.05 per diluted share, for the same period last year. Net income was $10.5 million, or $0.47 per diluted share, for the third quarter of 2012, compared to $0.5 million, or $0.02 per diluted share, for the same period last year.