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Huron Consulting Group Announces Third Quarter 2012 Financial Results

Third quarter 2012 earnings before interest, taxes, depreciation and amortization ("EBITDA") (7) increased 161.8% to $26.2 million, or 16.2% of revenues, compared to $10.0 million, or 6.5% of revenues, in the comparable quarter last year.

In evaluating the Company’s financial performance, management uses non-GAAP financial measures including Adjusted EBITDA (7) and Adjusted net income from continuing operations (7) that exclude the effect of the following items (in thousands):
  Three Months Ended September 30,
  2012       2011  
Amortization of intangible assets $ 1,923 $ 1,986
Restatement related expenses $ 68 $ 845
Restructuring charges $ 2,194 $ 394
Goodwill impairment charge $ 13,083 $ 21,973
Tax effect $ (6,840 ) $ (10,079 )

Adjusted EBITDA (7) rose 25.1% to $41.6 million, or 25.7% of revenues, in the third quarter of 2012, compared to $33.2 million, or 21.6% of revenues, in the comparable quarter last year. Adjusted net income from continuing operations (7) rose 28.9% to $20.8 million, or $0.93 per diluted share, for the third quarter of 2012 compared to $16.2 million, or $0.74 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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