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Huron Consulting Group Announces Fourth Quarter And Full Year 2012 Financial Results

Huron Consulting Group Inc. (NASDAQ: HURN), a leading provider of business consulting services, today announced its financial results for the fourth quarter and full year ended December 31, 2012.

“Continued market demand for our services enabled us to report fourth quarter results with the highest quarterly revenues in Huron’s history. The pace and depth of change in many of our core markets is dramatic, and Huron remains well positioned to help our clients as they transition through uncertain times. In particular, our Health and Education practices are thriving in an environment that reflects the pressures on hospitals and universities to reduce cost and increase quality. We expect the demand for our portfolio of services to be strong throughout 2013,” said James H. Roth, chief executive officer and president, Huron Consulting Group.

Fourth Quarter 2012 Results

Revenues for the fourth quarter of 2012 were $180.8 million compared to $163.0 million for the fourth quarter of 2011. The Company's fourth quarter 2012 operating income was $34.5 million compared to $18.6 million in the fourth quarter of 2011. Net income from continuing operations was $18.6 million, or $0.83 per diluted share, for the fourth quarter of 2012 compared to $7.8 million, or $0.35 per diluted share, for the same period last year. Operating income and net income from continuing operations in the fourth quarter of 2012 and 2011 include $0.8 million and $2.5 million, respectively, of restructuring charges.

Fourth quarter 2012 earnings before interest, taxes, depreciation and amortization ("EBITDA") (7) was $40.2 million, compared to $24.8 million in the comparable quarter last year.

In evaluating the Company’s financial performance, management uses non-GAAP financial measures, which exclude the effect of the following items (in thousands):

     

Three Months Ended December 31,

2012   2011
Amortization of intangible assets $ 1,838 $ 1,896
Restatement related expenses $ ------- $ 709
Restructuring charges $ 751 $ 2,450
Tax effect $ (1,036 ) $ (1,622 )
 

Adjusted EBITDA (7) was $41.0 million, or 22.7% of revenues, in the fourth quarter of 2012 compared to $28.0 million, or 17.2% of revenues, in the comparable quarter last year. Adjusted net income from continuing operations (7) was $20.2 million, or $0.90 per diluted share, for the fourth quarter of 2012 compared to $11.2 million, or $0.51 per diluted share, for the comparable period in 2011.

The average number of full-time billable consultants (2) was 1,417 in the fourth quarter of 2012 compared to 1,230 in the same quarter last year. Full-time billable consultant utilization rate (3) was 76.4% during the fourth quarter of 2012 compared with 74.6% during the same period last year. Average billing rate per hour for full-time billable consultants (4) was $251 for the fourth quarter of 2012 compared to $260 for the fourth quarter of 2011. The average number of full-time equivalent professionals (5) was 1,452 in the fourth quarter of 2012 compared to 1,354 in the comparable period in 2011.

Full Year 2012 Results

Revenues were $626.0 million for the full year 2012 compared to $606.3 million for the full year 2011. The Company's operating income for the full year 2012 was $73.4 million compared to $55.4 million for the full year 2011. Net income from continuing operations was $36.0 million, or $1.61 per diluted share, for the full year 2012 compared to $21.5 million, or $0.99 per diluted share, for the same period last year. Operating income and net income from continuing operations for 2012 include a $13.1 million goodwill impairment charge, $4.0 million in restructuring charges and $1.8 million in restatement related expenses. Operating income and net income from continuing operations for 2011 include a $22.0 million goodwill impairment charge, $3.8 million in restructuring charges and $4.6 million in restatement related expenses.

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