This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Charles River Associates (CRA) Announces Third Quarter 2013 Financial Results

Charles River Associates (NASDAQ: CRAI), a worldwide leader in providing management, economic and financial consulting services, today announced financial results for the fiscal third quarter ended September 28, 2013.

Revenue for the third quarter of fiscal 2013 was $74.4 million, compared with $65.9 million for the fiscal third quarter ended September 29, 2012. Non-GAAP revenue for the third quarter of fiscal 2013 was $72.9 million, compared with $64.7 million for the third quarter of fiscal 2012.

Net income for the third quarter of fiscal 2013 was $3.3 million, or $0.32 per diluted share. This compares with a net loss for the third quarter of fiscal 2012 of $0.7 million, or $0.07 per share. Non-GAAP net income for the third quarter of fiscal 2013 was $3.2 million, or $0.31 per diluted share , compared with $2.8 million, or $0.27 per diluted share, for the third quarter of fiscal 2012 .

The Adjusted EBITDA for the third quarter of fiscal 2013 was $12.4 million, or 16.6% of revenues, compared with $5.4 million, or 8.2% of revenues, for the third quarter of fiscal 2012. On a non-GAAP basis, the Adjusted EBITDA for the third quarter of fiscal 2013 was $12.2 million, or 16.7% of revenues, compared with $9.6 million, or 14.8% of revenues, for the third quarter of fiscal 2012.

A complete reconciliation between revenue, net income/loss and net income/loss per diluted share, and the calculation of Adjusted EBITDA, on a GAAP and non-GAAP basis, for the third quarters of fiscal 2013 and fiscal 2012 is provided in the financial tables at the end of this release.

Management Comments

“We are pleased with the broad-based performance improvement across our portfolio during the third quarter of fiscal 2013,” said Paul Maleh, CRA’s President and Chief Executive Officer. “Third quarter contributions from both Litigation/Regulatory and Management Consulting resulted in 13.8% sequential revenue growth and 12.8% year-over-year revenue growth, on a non-GAAP basis. Our practices delivered strong performance during the quarter, led by Antitrust & Competition Economics, Auctions & Competitive Bidding, Finance, Intellectual Property, Marakon, and Transfer Pricing, and most practices benefitted from ongoing assignments and new projects. The improvement in project activity and increased utilization that began at the end of the second quarter of 2013 continued through the third quarter and resulted in companywide utilization of 78%.”

“We remain focused on leveraging our infrastructure. For the third quarter of fiscal 2013, non-GAAP SG&A expenses, after adjusting for commissions to non-employee experts, decreased to 17.6% of revenue compared with 21.4% for the third quarter of the last fiscal year. We believe there is opportunity to further improve margins as we grow our top line.”

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,088.25 +50.28 0.28%
S&P 500 2,113.83 +4.91 0.23%
NASDAQ 5,060.0990 -0.1470 -0.00%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs