Charles River Associates (NASDAQ: CRAI), a worldwide leader in providing management, economic and financial consulting services, today announced financial results for the fiscal second quarter ended June 29, 2013.
Revenue for the second quarter of fiscal 2013 was $65.2 million, compared with $67.8 million for the fiscal second quarter ended June 30, 2012. Non-GAAP revenue for the second quarter of fiscal 2013 was $64.1 million, compared with $66.3 million for the second quarter of fiscal 2012.
Net income for the second quarter of fiscal 2013 was $1.4 million, or $0.14 per diluted share. This compares with net income for the second quarter of fiscal 2012 of $0.7 million, or $0.07 per diluted share. Non-GAAP net income for the second quarter of fiscal 2013 was $1.5 million, or $0.15 per diluted share , compared with $2.1 million, or $0.20 per diluted share, for the second quarter of fiscal 2012 .
With the recent increase in the Company’s use of forgivable loans as a recruitment and retention tool for key revenue generators, cash flow measures for the Company’s business have become even more relevant. Accordingly, for the first time the Company has included the calculation of “Adjusted EBITDA.” For the second quarter of fiscal 2013, the Adjusted EBITDA based on GAAP and non-GAAP results was $8.8 million and $8.9 million, respectively, or 13.5% and 13.8% of revenues, respectively. For the second quarter of fiscal 2012, the Adjusted EBITDA based on GAAP and non-GAAP results was $7.9 million and $7.8 million, respectively, or 11.6% and 11.8% of revenues, respectively.A complete reconciliation between revenue, net income and net income per diluted share, and the calculation of Adjusted EBITDA, on a GAAP and non-GAAP basis, for the second quarters of fiscal 2013 and fiscal 2012 is provided in the financial tables at the end of this release.
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