Navigant (NYSE:NCI) today announced financial results for the fourth quarter and full year ended December 31, 2013. The Company also provided its business and financial outlook for 2014.
Financial Summary and Highlights:
- Fourth quarter revenues before reimbursements (RBR) of $177.8 million and total revenues of $204.8 million; net income from continuing operations of $14.2 million or $0.28 per share; adjusted EPS of $0.25; adjusted EBITDA of $29.8 million and adjusted EBITDA margin of 17%.
- Full year revenues before reimbursements improved 2% on a year-over-year basis to $734.4 million and total revenues also improved 2% year-over-year to $835.6 million; net income from continuing operations increased 25% year-over-year to $55.1 million or $1.08 per share; adjusted EPS increased 14% year-over-year to $1.06; adjusted EBITDA increased 14% year-over-year to $124.1 million resulting in an adjusted EBITDA margin of 17% for full year 2013.
- Full year free cash flow increased 38% year-over-year to $78.8 million.
- Lowered bank debt by 58% to $56.7 million at December 31, 2013 compared to $134.2 million at December 31, 2012.
- Repurchased 339,315 shares of common stock in fourth quarter 2013 at an average cost of $17.69 per share for a total of approximately 2.1 million shares repurchased in 2013 at an average cost of $13.76 per share. Company announces an increase and extension of share repurchase authorization. As increased and extended, the Company is authorized to repurchase up to $100 million during the two year period ending December 31, 2015.
Navigant reported fourth quarter 2013 revenues before reimbursements of $177.8 million compared to $189.3 million for fourth quarter 2012. Total revenues for the Company were $204.8 million for fourth quarter 2013 compared to $218.9 million for fourth quarter 2012. Net income from continuing operations for fourth quarter 2013 increased 8% to $14.2 million, or $0.28 per share, compared to $13.2 million, or $0.26 per share, in the prior year quarter. Adjusted EPS was $0.25 for fourth quarter 2013 compared to $0.29 for fourth quarter 2012. Adjusted EBITDA was $29.8 million for fourth quarter 2013 compared to $33.0 million for the same period in 2012. Adjusted EBITDA margin (adjusted EBITDA as a percentage of RBR) was 17% for fourth quarter 2013.