Navigant (NYSE:NCI) today announced financial results for the third quarter ended September 30, 2013. Unless otherwise indicated, all references are to results from continuing operations which exclude the results from the previously announced July 2013 sale of the United Kingdom portion of Navigant’s financial services advisory business which are presented as discontinued operations. Amounts previously reported have been reclassified to conform to the current presentation.
Navigant reported third quarter 2013 revenues before reimbursements (RBR) of $186.4 million, compared to $176.4 million for third quarter 2012, a 6% increase. The growth in third quarter RBR was driven by a 31% increase in the Healthcare segment and 17% growth in the Financial, Risk & Compliance segment that was partially offset by lower RBR in the Disputes, Investigations & Economics segment. RBR performance in the Energy segment was relatively unchanged from the prior year quarter. Total revenues for the Company were $211.6 million for third quarter 2013, compared to $202.1 million for third quarter 2012, an increase of 5%.
Adjusted EBITDA of $30.8 million for third quarter 2013 rose 19% compared to $26.0 million for third quarter 2012, with an Adjusted EBITDA margin (Adjusted EBITDA as a percentage of RBR) of 17% for third quarter 2013, compared to 15% for the same period in 2012. A 9% increase in segment operating profit and a 100 basis point improvement in general and administrative expenses as a percentage of RBR contributed to the year-over-year growth in margin for the quarter.
Net income from continuing operations for third quarter 2013 was $13.5 million, compared to $11.2 million in the prior year quarter, an increase of 21%. The effective income tax rate was 47% for third quarter 2013 compared to 41% for third quarter 2012, due to a change in the mix of pre-tax income from lower tax rate jurisdictions to higher rate U.S. jurisdictions as well as increased valuation allowances related to losses generated in foreign jurisdictions for which Navigant does not anticipate realizing a benefit in future periods.
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