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TheStreet Open House

The Hackett Group Announces Fourth Quarter 2012 Results

Stocks in this article: HCKT

The Hackett Group, Inc. (NASDAQ: HCKT), a global strategic advisory and business transformation consulting firm, today announced its financial results for the fourth quarter and fiscal year 2012, which ended December 28, 2012.

Fourth quarter 2012 revenue was $57.1 million, a 3% increase (4% on a constant currency basis) from the same period in 2011. Pro forma diluted earnings per share were $0.11 for the fourth quarter of 2012, as compared to $0.09 for the same period in 2011. Fiscal year 2012 revenue was $234.1 million, an increase of 4% (5% on a constant currency basis) from the previous fiscal year. Pro forma diluted net earnings per share for 2012 was $0.40, as compared to $0.33 in fiscal year 2011. Pro forma information is provided to enhance the understanding of the Company's financial performance and is reconciled to the Company's GAAP information in the accompanying tables.

GAAP diluted earnings per share was $0.21 for the fourth quarter of 2012, as compared to $0.23 in the same period in 2011. GAAP net income for the fourth quarter of 2012 and 2011 included a net tax benefit of $2.7 million, or $0.09 cents per diluted share, and $4.9 million, or $0.12 per dilutive share, respectively, due to the release of deferred tax valuation allowance. GAAP diluted earnings per share in fiscal 2012 was $0.50, as compared to $0.52 in the previous fiscal year. GAAP net income for 2012 and 2011 includes a net tax benefit of $0.5 million, or $0.01 per diluted share, and $4.5 million, or $0.11 per diluted share, respectively, due to the release of deferred tax valuation allowance.

At the end of the fourth quarter of 2012, the Company’s cash balances were $17.6 million. During the fourth quarter, the Company announced and paid a $3.1 million dividend, and paid down $3.0 million of its credit facility, leaving a $25.0 million balance at quarter end. Subsequent to quarter end, the Company paid down an additional $4.5 million on the credit facility.

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