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Charles River Associates (CRA) Announces Fourth-Quarter And Full-Year Fiscal 2012 Financial Results

Stocks in this article: CRAI

Charles River Associates (NASDAQ: CRAI), a worldwide leader in providing management, economic and financial consulting services, today announced financial results for the fiscal fourth quarter and year ended December 29, 2012.

Revenue for the fourth quarter of fiscal 2012 was $67.5 million, compared with $75.0 million for the fourth quarter of fiscal 2011, ended December 31, 2011. Non-GAAP revenue for the fourth quarter of fiscal 2012 was $66.0 million, compared with $73.1 million for the fourth quarter of fiscal 2011.

The net loss for the fourth quarter of fiscal 2012 was $53.5 million, or $5.33 per share, which includes a net of tax, non-cash goodwill impairment charge of $57.8 million. This compares with net income for the fourth quarter of fiscal 2011 of $4.4 million, or $0.42 per diluted share. Non-GAAP net income for the fourth quarter of fiscal 2012 was $4.3 million, or $0.43 per diluted share , compared with $4.3 million, or $0.40 per diluted share, for the fourth quarter of fiscal 2011 .

A complete reconciliation between revenue, net income or loss (as applicable) and net income or loss per diluted share (as applicable), on a GAAP and non-GAAP basis, for the fourth quarters of fiscal 2012 and fiscal 2011, and for fiscal years 2012 and 2011, are provided in the financial tables at the end of this release.

Comments on the Fourth Quarter

“CRA’s fourth quarter performance was on track as we delivered sequential revenue growth and experienced steady demand for our services,” said Paul Maleh, CRA’s President and Chief Executive Officer. “We achieved our established target for the fourth quarter of double-digit non-GAAP operating margin, which reached 10%. At the same time, we increased our sequential non-GAAP profitability in the fourth quarter. We remain on target to realize the previously announced annualized cost of service and SG&A savings from our 2012 restructuring actions.”

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