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.”