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Huron Consulting Group Announces Third Quarter 2012 Financial Results

Stocks in this article: HURN

EBITDA (7) was $55.6 million, or 12.5% of revenues, for the first nine months of 2012, compared to $54.5 million, or 12.3% of revenues, for the same period in 2011.

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):


Nine Months Ended September 30,

  2012       2011  
Amortization of intangible assets $ 5,149 $ 6,270
Restatement related expenses $ 1,785 $ 3,870
Restructuring charges $ 3,253 $ 1,379
Litigation settlements $ 1,150 $ 1,096
Goodwill impairment charge $ 13,083 $ 21,973
Tax effect $ (9,701 ) $ (13,835 )

Adjusted EBITDA (7) was $74.8 million, or 16.8% of revenues, in the first nine months of 2012 compared to $82.8 million, or 18.7% of revenues, in the comparable period last year. Adjusted net income from continuing operations (7) was $32.0 million, or $1.44 per diluted share, for the first nine months of 2012 compared to $34.4 million, or $1.60 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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