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Huron Consulting Group Announces Third Quarter 2013 Financial Results

Huron Consulting Group Inc. (NASDAQ: HURN), a leading provider of business consulting services, today announced financial results for the third quarter ended September 30, 2013.

"Huron’s third quarter performance, highlighted by strong demand for our healthcare solutions, continues to demonstrate the value our consultants provide to clients who are highly focused on improving their strategic and operational performance,” said James H. Roth, chief executive officer and president, Huron Consulting Group. “The outlook across our businesses remains positive, and we are well positioned to drive future growth in those markets.”

Third Quarter 2013 Results

Revenues for the third quarter of 2013 were $174.7 million, an increase of 7.9%, compared to $161.9 million for the third quarter of 2012. The Company's third quarter 2013 operating income increased 51.3% to $31.1 million, compared to $20.6 million in the third quarter of 2012. Net income from continuing operations was $17.2 million, or $0.75 per diluted share, for the third quarter of 2013 compared to $10.4 million, or $0.47 per diluted share, for the same period last year. Net income was $17.2 million, or $0.75 per diluted share, for the third quarter of 2013, compared to $10.5 million, or $0.47 per diluted share, for the same period last year.

Third quarter 2013 earnings before interest, taxes, depreciation and amortization ("EBITDA") (6) increased 40.2% to $36.8 million, or 21.0% of revenues, compared to $26.2 million, or 16.2% of revenues, in the comparable quarter last year.

In evaluating the Company’s financial performance, management uses non-GAAP financial measures including Adjusted EBITDA (6) and Adjusted net income from continuing operations (6) that exclude the effect of the following items (in thousands):

  Three Months Ended September 30,
  2013       2012  
Amortization of intangible assets $ 1,440 $ 1,923
Restructuring charges $ $ 2,194
Restatement related expenses $ $ 68
Litigation settlement (gain) loss $ (5,300 ) $
Goodwill impairment charge $ $ 13,083
Tax effect $ 1,544 $ (6,840 )

During the third quarter of 2013, the Company reached a settlement agreement to resolve a lawsuit brought by Huron, resulting in a gain of $5.3 million being recorded. Huron collected $2.6 million of the settlement amount during the fourth quarter of 2013, and the Company anticipates the remaining amount will be collected during the first quarter of 2014.

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