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 $24.8 million in the comparable quarter last year. In evaluating the Company’s financial performance, management uses non-GAAP financial measures, which exclude the effect of the following items (in thousands):
Three Months Ended December 31,
|Amortization of intangible assets||$||1,838||$||1,896|
|Restatement related expenses||$||-------||$||709|