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Huron Consulting Group Announces Second Quarter 2014 Financial Results

Huron Consulting Group Inc. (NASDAQ: HURN), a leading provider of business consulting services, today announced financial results for the second quarter ended June 30, 2014.

"Strong second quarter results capped off a solid first half of the year for the Company. Both the Huron Healthcare and Huron Legal segments, which comprise approximately 75% of the Company’s revenue, generated strong growth," said James H. Roth, chief executive officer and president, Huron Consulting Group. "Our business continues to be driven by the complex and rapidly-changing business environment facing clients across our primary markets. We expect that these pressures on our clients will remain or increase during the coming years, and we are encouraged by our ability in all of our operating segments to continue to provide value to our clients as they address a difficult array of challenges.”

Second Quarter 2014 Results

Revenues for the second quarter of 2014 were $209.4 million, an increase of 22.9% compared to $170.4 million for the second quarter of 2013. The Company's second quarter 2014 operating income was $34.0 million, compared to $30.5 million in the second quarter of 2013. Net income from continuing operations was $19.9 million, or $0.86 per diluted share, for the second quarter of 2014, compared to $15.8 million, or $0.69 per diluted share, for the same period last year.

Second quarter 2014 earnings before interest, taxes, depreciation and amortization ("EBITDA") (6) was $41.6 million, or 19.9% of revenues, compared to $36.1 million, or 21.2% of revenues, in the comparable quarter last year.

In addition to using EBITDA to evaluate the Company’s financial performance, management uses certain other non-GAAP financial measures, which exclude the effect of the following items (in thousands):

  Three Months Ended June 30,
2014   2013
Amortization of intangible assets $ 2,912 $ 1,451
Restructuring charges $ 1,034 $ 596
Other gain $ (440 ) $
Tax effect $ (1,402 ) $ (819 )

Adjusted EBITDA (6) was $42.2 million, or 20.1% of revenues, in the second quarter of 2014, compared to $36.7 million, or 21.5% of revenues, in the comparable quarter last year. Adjusted net income from continuing operations (6) was $22.0 million, or $0.95 per diluted share, for the second quarter of 2014 compared to $17.0 million, or $0.75 per diluted share, for the comparable period in 2013.

The average number of full-time billable consultants (1) was 1,784 in the second quarter of 2014 compared to 1,532 in the same quarter last year. Full-time billable consultant utilization rate (2) was 77.8% during the second quarter of 2014 compared with 76.9% during the same period last year. Average billing rate per hour for full-time billable consultants (3) was $232 for the second quarter of 2014 compared to $213 for the second quarter of 2013. The average number of full-time equivalent professionals (4) totaled 1,157 in the second quarter of 2014 compared to 1,087 for the comparable period in 2013.

Year-to-Date Results

Revenues for the first six months of 2014 were $420.1 million, an increase of 25.6% compared to $334.4 million for the first half of 2013. The Company's operating income for the first six months of 2014 was $75.8 million compared to $51.9 million in the first six months of 2013. Net income from continuing operations was $54.0 million, or $2.34 per diluted share, for the first six months of 2014 compared to $27.2 million, or $1.20 per diluted share, for the same period last year.

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